|text view||Transport strategy | Transport news|
Staff can benefit from tax incentives included in the Government’s Green Travel initiative. The university has entered into a partnership with local company, Cyclescheme (www.cyclescheme.co.uk) so that employees can purchase bicycles and approved accessories free of Income Tax and National Insurance contributions. This is a saving of 33 per cent for basic rate tax payers and more for those on higher rates. The University’s tax status means VAT cannot be reclaimed.
A salary sacrifice scheme has been set up. The University will purchase cycles and accessories of an employee’s choice up to a maximum value of £1000. These will be loaned to the employee for travel to work. Repayments from gross salary are spread over 24 months. At the end of the loan period, an employee can purchase the cycle at market value - currently around 5 per cent of the original cost.
Approved accessories include:
The University accepts no responsibility if a cycle is lost or stolen.
Repayments will still be required until the end of the agreement.
For more information contact