Bicycle Purchasing Scheme
Are you considering a healthier, more sustainable way of travelling?
The Bangor University cycle to work scheme may be just what you are looking for! We are delighted to announce that you can sign up for the Cycle to Work Scheme, which will be run in conjunction with P&MM Ltd.
What is a Cycle to Work 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 may hire a bike from Bangor University, which allows you to choose a bike or a bike and cycling equipment to the value of between £100 and £1,000. (It is not possible to choose safety equipment only.)You won’t pay tax or National Insurance contributions on the value of the salary you sacrifice for this agreement.
For example, if you choose a bike and safety equipment to the value of £400 and are a lower rate tax payer, you could save up to £128.00* on the total cost. If you are a higher rate tax payer you could save up to £168.00*.
How to obtain further information and to apply?
You can hire at certain ‘windows’ during the year. For further information please click here.
*exact savings are subject to your individual tax and national insurance calculations