Tax-free bike for work
This benefit is for eligible employees of Bracknell Forest Council.
The council has partnered with a company called Cyclescheme to provide bikes for staff at big savings.
How it works
You choose a bicycle from one of the approved suppliers that suits you, together with equipment, up to the value of £3000.
The council will then buy the bike and equipment you have chosen and hire it back to you. You will get a voucher to enable you to collect the bike from your chosen approved supplier.
The hire period lasts for 4 years, but you pay for it over the first 12 months via a salary sacrifice scheme. You benefit by not paying tax and national insurance contributions on the salary you have sacrificed, which saves you around 30% of the cost of the bike.
To calculate how much salary you will need to sacrifice, go to the cyclescheme calculator. The employer code is A610F8.
During the hire period you will have sole use of the bike and must maintain it, insure it and store it. At the end of the hire period you may have the opportunity to buy the bike at fair market value.
The scheme is open to all full, part-time and contract staff whose term of employment is more than 12 months.
To take advantage of the tax breaks that result from salary sacrifice you need to be:
- a UK taxpayer via the PAYE system
- over 18 years of age to comply with Consumer Credit Act legislation
- earning more than the National Minimum Wage after your loan repayment has been deducted
Join the scheme
To join the scheme:
- visit a participating cycle shop to choose a bike and equipment up to the value of £3000 – you will get a quote with a unique reference
- enter details of your quote on the Cyclescheme BFC website
- HR will check your eligibility for the scheme
- if you are eligible HR will ask you to sign a hire agreement
- HR will contact you when the voucher for the bike is available
- you return to the bike shop with your voucher and photographic ID to collect the bike
Payment through salary sacrifice
Any deductions or additions to your salary are made monthly. Deductions are made by salary sacrifice. This may affect future levels of maternity, sickness and redundancy benefit.
If you are not eligible for cyclescheme, or the bike you wish to have cannot be purchased through cyclescheme, please contact HR@bracknell-forest.gov.uk for alternative options.