Cycle to work scheme
Bike2Work is designed to get more people cycling to work and living healthier lives.
How does it work?
Bike2Work Scheme is a HMRC approved scheme provider of the Governments Green Transport Plan which aims to reduce environmental pollution, promote healthier lifestyles, and make cycling to work cost-effective by offering tax savings on bikes and cycling equipment.
If you are interested, please click this link
here you will find a calculator and a step-by-step guide on how to register for the scheme.
- Register with Bike2Work here
- The company Pin is: B2W/26889
- Choose your new bike or equipment.
- Sign into Bike2Work and submit your quote/request. This will be reviewed and approved by Central Finance.
- We will then send an invoice and hire agreement to your Employer, which must be signed by both Employer and Employee and kept on your HR file.
- TCSET will make the payment to Bike2Work Scheme on the next available payment run.
- Your voucher will be emailed to you. Print off and take to chosen shop and collect your new bike or equipment.
- Your instalments will be deducted as a salary sacrifice every month from the date of sign up as noted on your hire agreement.
FAQs
All Trust Employees qualify for the scheme, providing that you are a UK taxpayer via the PAYE system. Earnings must remain above the level of national minimum wage after the salary sacrifice has been deducted. Self-employed individuals are not permitted to take part in the scheme.
The scheme allows Employees a tax exemption whereby they save on Income Tax and National Insurance contributions by having the cost of the bike/equipment deducted from their gross salary via salary sacrifice. Payment is to be made in the form of interest free monthly instalments. With transfer of ownership at 3-7% at the very end of the hire agreement.
Employees can spend between £1 - £1,500. All equipment will remain the property of the Employer during the hire agreement.
Once registered, you'll be able to browse over 2,200 partner stores - including leading retailers Evans and Wiggle.
Employees can get more than one bike on the scheme and safety equipment which includes:
Cycle helmets which conform to European standard EN 1078.
Bells and bulb horns Lights, including dynamo packs.
Mirrors and mudguards to ensure riders visibility is not impaired. ·
Cycle clips and dress guards Panniers.
Luggage carriers and straps to allow luggage to be safely carried.
Child safety seats.
Locks and chains to ensure cycle can be safely secured.
Pumps, puncture repair kits, cycle tool kits and tyre sealant to allow for minor repairs.
Reflective clothing along with white front reflectors and spoke reflectors.
