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The University of Southampton
Human Resources

Cycle to work scheme

The University offers a cycle to work scheme for staff run by Cyclescheme. This scheme gives you the opportunity to take advantage of tax and National Insurance savings on the purchase of a bike, while keeping fit and contributing to a greener economy.

Save 25-39% on a new bike for work

Tax is complicated; the cycle to work scheme is not. You choose a bike, hire it for an agreed length of time, then snap it up for a fraction of its original value. It's like a year-round sale, with interest free credit available in over 2,000 retailers nationwide, including stores across Southampton including Decathlon, Cycleworld, Hargroves Cycles, and Cycle Republic.

What happens at the end of the hire agreement?  

The Reward and Recognition Team will contact you towards the end of the hire agreement and the University may offer to transfer the ownership of the bike to you for 3% of the original value of the bike, plus VAT.  As 3% of the original value is lower than the HMRC's recommended percentage you will be required to pay tax on the difference between 3% of the original value and the HMRC recommended percentage of original value.  At the end of the financial tax year, a P11d form will be completed by Payroll to tell HMRC about the value of any 'benefits in kind' you have received during the tax year.  A copy of the form will be sent to both you and HMRC.  HMRC will then take this matter into account when calculating the tax code for the new financial year. Further details can be found here.  Please note that the University does not participate in Cyclescheme's Extended Use Agreement. 

Please see further information and how to apply in the FAQ section below.

Join the Love to Ride network

What is Love to Ride?

Love to Ride is an online engagement platform which encourages and rewards cycling.  Through the platform, colleagues can set goals, record rides, earn badges and unlock competitions and discounts.  Join at the website, https://www.lovetoride.net/cyclescheme/.

 

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