|Name||Address||City/ Town||Postcode||Tel No.|
|Velo Cycles||1 Sprowston Road||Norwich||NR3 4QL||01603424499|
|R W Freeman||1 Heigham Street||Norwich||NR2 4TE||01603626602|
23 Earlham West Ctr. and 1 Penn Grove
01603452224 or 01603418999
|Borwell Cycles||108 Spencer Street||Norwich||NR3 4PF||01603787736|
|Howard Cycles||63 Back Lane||Wymondham||NR18 0LB||01953607127|
|Pauls Cycles||Unit A, Yaxham Road||Dereham||NR19 1HB||01362696276 or 01362690958|
|Leisure Cycles||12 Chalfont Walk, Eaton||Norwich||NR4 7NH||01603455111|
|Soren Cycles||17 Drayton Wood Rd.||Norwich||NR6 5BY||01603400764|
|Madgetts Cycles||8 Shelfanger Road||Diss||IP22 4EH||01379650419|
|Costessey Cycle Centre||47 Three Mile Lane||Costessey, Norwich||NR5 0RR||01603743363|
|Pedal Revolution||63-67 Bethel Street||Norwich||NR2 1NR||01603614400|
|Lifecycle UK||108 High Street||Bildeston, Suffolk||IP7 7EB||0144974467|
|Electrifying Cycles||4 Old Station Yard||Norwich Road||Cromer NR27 0HF||01263 513631|
|Cycles UK||15 London Street||Norwich||NR2 1JE||01603 624253|
Eligible equipment includes cycles and cyclists' safety equipment. The tax exemption defines a "cycle" as 'a bicycle, a tricycle, or a cycle having four or more wheels, not being in any case a motor vehicle' (192(1) of the Road Traffic Act 1988 (c.52)). An electrically assisted pedal cycle can be included under the scheme.
Cyclists' safety equipment is not similarly defined in the legislation and a common sense approach should be taken to the equipment provided.
This could include:
- Cycle helmets which conform to European standard EN 1078
- Bells and bulb horns
- Lights, including dynamo packs
- Mirrors and mudguards to ensure riders visibility is not impaired
- Cycle clips and dress guards
- Panniers, luggage carriers and straps to allow luggage to be safely carried
- Locks and chains to ensure cycle can be safely secured
- Pumps, puncture repair kits, cycle tool kits and tye sealant to allow for minor repairs
- Reflective clothing along with white front reflectors and spoke reflectors
- Cycle computers
- Waterproof clothing that is not reflective clothing
- Cycle Training
Example 1: Employee pays 40% tax and contributes into pension scheme
If your monthly salary is £4340.50 and your tax code is 1060L, you pay 40% tax and you're a member of USS PensionExtra, (or PensEx UEASSS) then should you purchase a cycle and cyclist's safety equipment with a shop price including VAT of £1000.00, you will sacrifice £62.50 per month for 12 months.
|Monthly Salary||C2W||USS FSB Pensions||Gross Pay||Tax Paid||NI C/O||Net Pay||Net Saving||Net Cost||Yearly Net Amount|
At the end of the loan period, the cycle's market value as per HMRC will be £250.00. If you purchase the cycle for £250 then the total cost - in net pay terms - will be £687.40 an estimated saving of £312.60.
Example 2: Employee pays 20% tax and is not in a pension scheme
If your monthly salary is £1,500.00, your tax code 1060L, you pay 20% tax and then should you purchase a cycle and cyclist's safety equipment with a shop price including VAT of £300.00, you will sacrifice £20.50 per month for 12 months.
|Monthly Salary||C2W||Gross Pay||Tax Paid||NI C/O||Net Pay||Net Saving||Net Cost||Yearly Net Amount|
At the end of the loan period, the cycle's market value as per HMRC will be £54.00. If you purchase the cycle for £54.00 then the total cost - in net pay terms - will be £222.48 an estimated saving of £77.52.
Example 3: Employee pays 20% tax and contributes into pension scheme
If your monthly salary is £1,513.75 and your tax code is 1060L, you pay 20% tax and you're a member of USS Care PensionExtra, then should you purchase a cycle and cyclist's safety equipment with a shop price including VAT of £500.00, you will sacrifice £31.25 per month for 12 months.
|Monthly Salary||C2W||PensEX CRB||Gross Pay||Tax Paid||NI C/O||Net Pay||Net Saving||Net Cost||Yearly Net Amount|
At the end of the loan period, the cycle's market value as per HMRC will be £125.00. If you purchase the cycle for £125.00 then the total cost - in net pay terms - will be £385.76 an estimated saving of £114.24.
Please note that the C2W Salary Sacrifice cannot reduce your pay below the National Minimum Wage and you are advised not to go below the level that National Insurance contributions are deducted from your pay as you could lose entitlement to some state benefits. If you have any concerns please discuss with a member of the payroll office.