Cycle to Work Scheme
Are you considering a healthier, more sustainable way of travelling? If so then Fife Council cycle2work scheme may be just what you are looking for! We are delighted to announce the latest opportunity for you to sign up for the Tax Free Bike Scheme, which will be run in conjunction with our partner Sodexo.
Sodexo 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:
www.fifecouncillifestylesavings.co.uk or by calling 01908 303 498. 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.
The “window" is now open. If you wish to apply please do so quickly as the window will be open for only two weeks and will close on 2nd December (there will another chance to join the scheme in Spring 2019).
How does the scheme work?
You will have the opportunity to hire a cycle from Fife Council and you can choose a cycle and safety equipment to the value of between £100 and £2,000 At the end of the hire agreement, Fife Council may give you the opportunity to take ownership and make final payment 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 basic 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 and prior to end of hire payment.
How to apply?
For further information on how to apply for the scheme please click here.
For detailed Frequently Asked Questions about the scheme:
- please click here for the the cycle plus scheme (local stores, Evans and Wiggles online)
- please click here for the cycle2work scheme (Halfords)
Tel: 01592 583200 Contact HR Direct online