What is Cycle2Work?
As an employee, the Cycle2work scheme allows you to make huge savings on a new bike and any safety equipment. You can save up to 42% because the scheme acts as a tax break, which means you can get a brand new bike without paying tax and national insurance on it.
How does the scheme work?
You'll basically be hiring the bike from the scheme in exchange for a small amount of your salary being taken over a monthly basis. It'll be deducted over a 10 (term time & retainer fee) or 12 (all year round) month period, depending on what works best for your budget.
- Term time or Retainer fee employees will be able to apply for the Cycle2work scheme from 1st June to 31st July.
- All year round employees can apply at any stage throughout the year.
What are the benefits?
Cycling takes the stress out of your commute and means you can get to work in a cheap and environmentally-friendly way. Plus, you'll be keeping fit and healthy at the same time.
To qualify for the tax exemption, the cycles and cyclists safety equipment loaned by the employer under the scheme must be available to employees generally and not confined to, nor offered to any particular category on more favourable terms. Accordingly, in EA, the scheme will be open to all employees both teaching and non-teaching on monthly payroll and those paid on a term time basis or who are in receipt of a retainer fee during July and August provided the applicant:-
- is an employee of EA over the age of 18 years or if 17 years of age provided an adult is willing to act as guarantor;
- has satisfactorily completed their probationary period;
- has at least 14 months remaining on their current contract of employment from the date the hire agreement starts, and
- has a salary that after participation in the scheme does not fall below the national minimum wage.
Steps prior to Registration
- Read the EA Policy and Procedure on the Cycle to Work Scheme
- Read the EA Cycle2work Scheme FAQs
- Visit either a Halfords store, in person or online, or one of the other 30 local suppliers involved in the Scheme, along with special order cycles from online retailers that work with Halfords, to select the equipment required and determine how much you want to spend. A full list of suppliers is available on the link below.
- Visit https://www.cycle2work.info/sign-up and click the “employee sign up now” button.
- Enter personal details and employer code – EA10C2W (retainer fee / term time) or EA12C2W (all year round)
- Select a unique username and password as log in details (username must be in an e-mail format)
- Enter an email address you can access. A validation email will be sent to this address.
- Click the validation link within the email and complete the online form (address, payroll number (payslip), post location (payslip), NI Number and the amount you wish to spend will be required).
Contact Details : email@example.com