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Cycle Scheme

Cyclescheme Ltd

University of Dundee will be working in partnership with Cyclescheme throughout the term of the cycle scheme offered. The University is introducing Cyclescheme as a  benefit to employees. Under the Cycle to Work scheme you can hire a bicycle (and associated safety equipment) for 12 months completely free of income tax and National Insurance contributions.

The maximum retail value for the bike and equipment is £1,000.

Scheme participation will be available from 1st September and will re-launch again every 4 months,

i.e. January  then May

 Save money, get fit and reduce your carbon footprint!

The Cycle to Work scheme is a government initiative that encourages alternative travel and reduces our environmental impact. Not only does it reduce your carbon footprint, but also allows you to spread the cost, and save on Income Tax and National Insurance (where applicable).

 This benefit is administered by Cyclescheme Ltd, the leading provider of unique, and innovative Cycle to Work schemes in the UK. 

 How does the scheme work?

The University of Dundee pays for the full cost the bike and any safety equipment you need. This is then paid back by way of a salary sacrifice arrangement under a Hire Agreement between you and the University of Dundee. This means that you agree to forego an amount from your salary each month in return for the benefit of a bicycle and safety equipment.

Savings are made because salary sacrifice reduces your gross pay. This, in turn, reduces the amount of income tax and National Insurance that you pay each month. Savings are dependent on your personal tax code.

  For more information on the process, please see our short video animations:

 http://www.cyclescheme.co.uk/help/introduction-video

 http://www.cyclescheme.co.uk/help/endo-of-hire-process-video

 By using the online savings calculator at www.cyclescheme.co.uk/e43666costs and repayments will be shown for your chosen bike package. 

 To apply for your Cyclescheme certificate, please visit:

www.cyclescheme.co.uk/e43666


Any Questions? Contact The Team at Cyclescheme

T/ 0844 879 5 101

E/ info@cyclescheme.co.uk

!!SPECIAL OFFER!! 2014 Electric Bikes Cyclescheme Offer

  

How Cycle Scheme works

To take part in the cycle scheme you must agree to a reduction in your salary over a fixed period (12 months) equal to the cost to the University of providing the bike and equipment selected. You do not pay tax or National Insurance of this benefit, Cycle scheme can be selected by any employee over the age of 18 who is monthly paid, has at least 12 months remaining on their contract of employment and has been in post for at least 6 months.

Please note that although you do not have legal ownership of the equipment during the 12 months hire agreement, it will be your responsibility to adequately insure the bicycle.

If you were to cease employment before the end of the hire agreement, the outstanding balance would be repayable immediately and, if possible, it would be deducted from your last net salary payment. This means that you would not get Tax and National Insurance savings on the outstanding balance.

The sequence of events is as follows:

Visit your local cyclescheme partner store (bike shop), and ask them for a quotation for your bike.

  1.  Go to the Cyclescheme website to check your potential savings at www.cyclescheme.co.uk/e43666 ;
  2. You find your local Cyclescheme Partner Shop by visiting the Cyclescheme website or by contacting the Cyclescheme helpdesk on 0844 879 5 101 or info@cyclescheme.co.uk; or see list of FAQ's
  3. Visit a shop and choose bike and equipment - the shop will complete a Cyclescheme Quotation form detailing the equipment;
  4. You then enter the details from the shop online via the following link: www.cyclescheme.co.uk/e43666 ;
  5. Your employer will need to approve your request and then pay an invoice form Cyclescheme for the full retail amount of your bike package;
  6. Within 4 weeks, Cyclescheme will email your eCertificate, which includes a redemption code;
  7. You take the eCertificate to the bike shop, along with photographic ID;
  8. Your gross salary is reduced by the salary sacrifice amount and spread over the agreed payment period of 12 months. The salary sacrifice is equal to the quoted (purchase) price, divided by twelve;
  9. On completion of the hire term Cyclescheme will contact you to discuss your end of hire options (see below).

 Further information

 

 

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