Cycle scheme tax free bikes
The cycle to work scheme is now taking applications. Here are the main facts:
You need to get a paper quote (for a cycle and accessories) from a CYCLE SCHEME STORE - use their shop finder on the homepage to see which stores you can use.
There is the facility to go up to a maximum value of £2,000. Please be aware that the Trust will make sure that you are able to make the payments and not go below the national minimum wage by taking part. They will only let high value applications through if they are satisfied that payments can be made. Once you have your paper quote, enter the employer code (from Staff Benefits) into the site and press return/refresh. Then you should be able to click on 'request a voucher' in the bottom left and enter the quote and your details. You will get an email acknowledgement and an approval/decline email once HR has checked you are ok to take part. Then a voucher will be sent to your home address which you can exchange for the bike and accessories. After that payments will take place for 12 months from your gross salary. At the end of the 'hire period' you will have the option to transfer ownership to yourself. As I understand it, this be set at 5% (+VAT on the 5%) of the original value. Please do get a really good quality lock and take out insurance (away from home too. Either add to your home insurance or get a specific policy).
Once fully live the scheme will be advertised to all MFT staff (remember you have to be on MFT payroll).
Any more queries do try Cycle Scheme's FAQs
Click here for details on the Staff Benefits page.
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