Cycle2work and CyclePlus
Tax Free Bikes - "Cycle to Work" scheme
The “window" will be open 18th September – 8th October 2017
Are you considering a healthier, more sustainable way of travelling? If so then De Montfort University cycle2work scheme may be just what you are looking for! We are delighted to announce that there will be an opportunity for you to sign up for the Tax Free Bike Scheme, which will be run in conjunction with our partner P&MM Ltd.
P&MM are one of the largest employee benefits providers in the UK, and are working to provide tax free bike schemes (also known as cycle2work/cycleplus schemes) for a number of other organisations around the UK. Staff will be able to apply online at DMU Rewards or by calling 01908 303 498 from 18th September – 8th October 2017. Alternatively, if you would like someone to call you to discuss the scheme, just text cycles and your name to 81025.
What is a tax free bike (cycle2work) scheme?
The cycle to work scheme is a tax and National Insurance free scheme set up by the Government and the Department for Transport to help promote healthier journeys to work and reduce pollution and congestion
How to apply?
Further information on how to apply for the scheme.
Frequently Asked Questions about the scheme.
How does the scheme work?
You will have the opportunity to hire a cycle from De Montfort University, and you can choose a cycle and cycle equipment to the value of between £100 and £1,000. At the end of the hire agreement, De Montfort University may give you the opportunity to take ownership of the cycle at fair market value Please note any arrangements that may be made regarding purchase of the bike at that time will be the subject of a separate agreement. As stated above, you do not pay tax or National Insurance contributions on the value of the salary you sacrifice for this agreement. For example, if you choose a cycle and safety equipment to the value of £400 and are a lower rate tax payer, you could save up to £128* on the total cost, and if you are a higher rate tax payer you could save up to £168*.
*exact savings are subject to your individual tax and national insurance calculations