Bangor University Tax Free Bike Schemes - How to Apply
- Visit one of your local independent stores or your local Halfords store participating in the scheme.
- Decide what value you want to spend on your bike and safety equipment.
You can choose to take between £100 and £3,000 in increments of £5. Please note safety equipment can also be bought via the scheme, without having to buy a bike
Please note you will need to have a copy of your payslip to hand as you will be asked for details contained within this. Please fill in all the details as instructed, choosing the value of Letter of Collection (LoC) you require.
- After your registration has been approved by HR, your LoC will be emailed to you , normally 2 - 5 working days after approval. Then take your LoC to your chosen store and exchange it for the bike and safety equipment of your choice.
- The scheme will run for 12 months and the first deduction from salary will be made on the first available pay date after your application has been approved by HR.
- You can find a full breakdown on how much money you can save on the website detailed above, however we have provided some example figures below.
- For detailed Frequently Asked Questions about the scheme please click here.
|Gross Monthly Reduction||£8.33||£16.67||£33.33||£41.67||£58.33||£75.00||£83.33|
|BASIC RATE TAXPAYER|
|Net Cost Per Month||£5.67||£11.33||£22.67||£28.33||£39.67||£51.00||£56.67|
|Total Cost over 12 Months||£68.00||£136.00||£272.00||£340.00||£476.00||£612.00||£680.00|
|Total Savings made per month||£2.67||£5.33||£10.67||£13.33||£18.67||£24.00||£26.67|
|Total Savings made over 12 months||£32.00||£64.00||£128.00||£160.00||£224.00||£288.00||£320.00|
|HIGHER RATE TAXPAYER|
|Net Cost Per Month||£4.83||£9.67||£19.33||£24.17||£33.83||£43.50||£48.33|
|Total Cost over 12 Months||£58.00||£116.00||£232.00||£290.00||£406.00||£522.00||£580.00|
|Total Savings made per month||£3.50||£7.00||£14.00||£17.50||£24.50||£31.50||£35.00|
|Total Savings made over 12 months||£42.00||£84.00||£168.00||£210.00||£294.00||£378.00||£420.00|
|ADDITIONAL RATE TAXPAYER|
|Net Cost Per Month||£4.42||£8.83||£17.67||£22.08||£30.92||£39.75||£44.17|
|Total Cost over 12 Months||£53.00||£106.00||£212.00||£265.00||£371.00||£477.00||£530.00|
|Total Savings made per month||£3.92||£7.83||£15.67||£19.58||£27.42||£35.25||£39.17|
|Total Savings made over 12 months||£47.00||£94.00||£188.00||£235.00||£329.00||£423.00||£470.00|
Please note all examples are illustrative only. Tax rates based on 20% and 40%. NI rates based on 12% and 2%.
The bike must be used by you to mainly ride to and from work, although it can be used for leisure purposes providing this is not in excess of 50% of the overall usage. Scheme regulations do not allow you to top up the value of the LoC.