Cycle to work scheme
Save tax and NI
Cycling to Work is one of the measures to encourage healthy living to employees and promote sustainable travel. The Cycle to Work scheme enables you to save money on the purchase of bikes and accessories or just safety equipment only.
The University has teamed up with Cyclescheme, which has a network of over 1300 independent cycle stores nationwide for staff to select a bike and safety equipment that is right for your lifestyle.
For more information read our Cycle to Work guidance.
How are the savings made?
You agree to a reduction in earnings equal to 1/12th of the cost to the University of the bike/equipment each month for one year. This is a 'salary exchange' arrangement, so this reduces the amount of tax and NI paid so that savings of around 25%-35% on the list price of the cycle and safety equipment can be made, depending on your tax band. There is a minimum spend for safety equipment only requests of £100 and a maximum of £1,000 for all types of requests.
Latest news - September 2019
In June, HMRC released updated guidance on Cycle to Work Schemes with the intention to life the current £1,000 cap. This change was positive for the University as we have been considering increasing our limit for some time to enable to purchase of eBikes and bikes for those less able (subject to affordability checks).
However since then Cyclescheme has spotted ambiguity in the wording of the guidance that is preventing the increases being cascaded. As soon as Cyclescheme are able to offer the increased limits the University will seek approval, via the necessary internal channels, to enable our staff to purchase higher priced bikes.
Any change to the current lending limits will be shared via StaffNet and this page. For now the guidance that Cyclescheme are sharing can be found via this link.
How do I apply?
Visit the required link below to Cyclescheme using our University code: b01a32
If you need further information or are needing advice on the purchase of allowable safety equipment not listed above, please contact HR Services at:
- Email: HRServices@manchester.ac.uk
- Tel: 0161 275 4499