Cycle to Work Scheme
The Academy runs a Cycle to Work Scheme for its staff and we have had great take-up. Road bikes, mountain bikes, folding bikes and hybrid bikes are all on offer.
The scheme enables you to obtain a bike and/or cycling accessories to use for riding to work whilst making tax and National Insurance savings. You rent your chosen bike and cycling equipment through salary sacrifice from the Academy.
A salary sacrifice happens when you give up the right to receive part of your salary due. The salary sacrifice enables you to pay back the loan on your bike, accessories and safety equipment from gross rather than net pay for the hire period, allowing you to benefit from income tax and NI relief which is where savings are accrued. Typical savings on the scheme can be up to 39% for basic rate tax payers, and 48% for higher rate tax payers, but the actual amount you pay depends on your personal tax band and higher rate taxpayers will save more.