Financial benefits for staff
There are two main ways staff members can benefit from cycling at UCL. First, by getting business by bike reimbursed. And secondly, through the Cycle Scheme, which allows staff to sacrifice some of their salary each month to go towards a tax-free bike.
Claim back business cycling travel
If you use a bicycle on a business trip you can claim a mileage allowance - that is, a sum of money for every business mile you travel. UCL has standard rates for these allowances, depending on the circumstances surrounding the trip. You should only claim any actual additional costs you incur, above what you would normally spend for commuting to work (which you cannot claim as a business expense). Mileage rates for bicycles are at a rate of 20p per mile. Find out more.
UCL's Cycle Scheme
The Cycle Scheme is administered through a salary sacrifice / hire agreement and is run in accordance with the Government’s Green Travel Plan. This scheme offers an attractive employee benefit by encouraging staff to maintain a healthy and active lifestyle whilst making substantial savings on the cost of a bike and safety equipment. You can select any make/model bike up to a value of £1000 through independent bike shops taking part in this scheme thereby providing business to local communities.
How do I go about getting a tax-free bike through the scheme?
The scheme is a voucher scheme and you will need to apply for a voucher to redeem against your goods when you collect them from the bike shop. To obtain your voucher you need to:
- Visit your local participating bicycle shop to choose your equipment and obtain a written quote
- Go to the Cyclescheme website and complete an online voucher request form
- Sign the online Hire-Agreement (by signing the Hire Agreement you are accepting the Terms & Conditions of the scheme)
- Contact Cyclescheme on 0844 879 5101 if you are not a computer user and want your order placed for you. UCL will in turn, approve the request providing you have met UCL’s eligibility criteria.
- UCL pays the invoice for the cost of your bike and any accessories
- Voucher posted to your home address on receipt of payment
- Redeem your voucher at the bike shop and collect your goods (you must provide your UCL photo ID card to do this).
- Start reductions to gross salary, via salary sacrifice. (This will be effective from the next available pay date).
Find out more
Page last modified on 06 may 14 15:40