The Open University has entered into partnership with Cyclescheme for the re-launch of the Tax Free Bike Scheme initiative aimed at getting more people on their bikes to work.
By taking advantage of some unique tax incentives available through The Open University and Cyclescheme you are able to save up to 40% off the cost of a new bike and cycle accessories. Actual savings will depend on your personal circumstances and rate of tax.
On-line registration is now available all year round therefore you can apply for a bike at any time.
Please note that the process can take between 6-8 weeks from application to receiving your Cyclescheme voucher so please be patient.
(If you already have an agreement in place with Cyclescheme, you will need to have completed the 12 months repayments and spoken to Cyclescheme about transferring the ownership of the bike to you before you can apply again).
Online registration is available from 10th March 2014 until 30th September 2014. -->
It is available to most staff on the payroll including Nation and Regional offices.
Unfortunately the scheme is not available to Students or Associate Lecturers or staff on temporary contracts shorter than 12 months (i.e if your contract expires less than 12 months from the point you apply for the voucher. Please be aware that the application process can take between 6-8 weeks so you will need to include that time frame in when calculating if you have 12 months left on your contract).
Please note that although Cyclescheme have increased the limit on the voucher value The Open University has taken the decision to keep it's limit capped at £1,000.
Please also note that the HMRC have removed the top up facility where previously applicants could apply for a voucher for £1,000 and then pay the bike shop the extra money if the item was higher than £1,000.
Bicycles bought under the Cyclescheme programme must be used primarily for travelling to and from work, and they must be suitable for that purpose.
How does it work?
Why are we doing this?