Cycle to Work Scheme
Cycle to Work Scheme
The Scheme is open from Wednesday 11 September to Wednesday 2 October 2019. It will be closed again from Thursday 3 October until Spring 2020.
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 next opportunity for you to sign up for the Tax Free Bike Scheme, which will again 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.
Even if you have registered on this site in the past, you may have to re-register.
When you are applying
You’ll need to:
- Know the total cost of the cycle including any accessories (this can’t be amended once you’ve submitted your application)
- Know which scheme you are applying under
- Halfords = Cycle2Work
- Independent = Cycle to Work by Sodexo
- Ensure you have read the FAQs and How To Apply documents
· Applications until Wednesday 2nd October 2019
· Letter of Collection: w/e Friday 18th October
· First payment from salary: November pay
You’ll be able to apply online or by phone. See publication below for 'How to Apply'. Do not apply after 2 October.
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.
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.