Bikes for work
If you cycle to work or are thinking about it, Bikes for work saves on the cost of a new bike from Cyclescheme or Evans Cycles. You can choose a bike worth up to £1,000 and they have a huge range to choose from – many of which you can view online at www.evanscycles.com/stores or www.cyclescheme.co.uk/f53fb3 – or pop into your local store to have a look.
So whether you want to get fit, save on the cost of commuting, or just do your bit for the environment, you can get a bike and benefit from the tax advantages available*, as well as accessories and safety equipment.
Key points to consider
- Click on the button at the top of the page to login and select the benefit online.
- At the end of the selection window you will receive an email confirming your selection.
- The bike is leased from Aviva over 36 months; you pay the costs over 12 months.
- You save Income tax and National Insurance on the 12 monthly payments; savings are between 32% and 47% depending on your marginal tax rate.
- At the end of the 36 month lease period Aviva may gift the bike to you.
- You are allowed one bicycle only and one current hire agreement. So if you have an existing hire agreement, you will need to wait until it finishes before selecting a new bike under my Aviva flex.
Saves on tax?*
Saves on NI?
* at the end of the lease period, Aviva may choose to gift this bike to you in which case you will be required to meet any tax liability based on the fair market value of the bike in line with the HMRC guidelines. If this is the case, the value will be included on your P11D and the HMRC may adjust your tax code to meet this payment. Please ensure that you read the terms and conditions for the detail.
Bikes for work through my Aviva flex is a salary sacrifice arrangement.**
How it works
- We recommend you read all of the information available including the terms and conditions below before selecting this benefit.
- Take a look at the bikes on offer, decide how much you want to spend and which supplier you want to use. As well as a bike, you can select accessories such as a bike helmet and lights.
- Go to the flex selection page and select vouchers for the amount you want to spend. Vouchers come in £50 denominations. You can add cash to make up any small balance, but you cannot have cash back on any value of the voucher not spent.
- You'll have to agree to a declaration that you intend to use the bike to travel to and from work.
- Download a Hire Agreement (PDF 104KB), complete the details and return to the address provided. You will receive an acknowledgement from the provider that the agreement has been received.
- Return the correctly completed Hire Agreement by the end of the month in which you make the selection; otherwise you will be required to start the process again.
- You can either post it to the address on the form or scan it and e–mail the form to email@example.com
- When you receive your voucher, take it to your local store and exchange it for your bike. Deductions will start from your next salary.
- It is your responsibility to insure the bike – check with your insurer if you are not sure.
- After 12 months deductions will stop but you can carry on using the bike.
- After 36 months Aviva may gift the bike to you. If they do, the gift will be assessed as a benefit in kind and you may be liable for an additional tax payment through the P11D process.
- If you leave Aviva before completing your 12 monthly payments, the remaining payments will be deducted from your final salary payment.
* If you choose to select a Bike for work through my Aviva flex then you will do so under a salary sacrifice arrangement. This will result in a reduction in your contractual salary of the agreed amount in return for the provision of the agreed benefit by Aviva. Once selected, you will have no right to revisit your choice until:
- the end of the agreed rental period, or
- you experience a qualifying life event as defined in the my Aviva flex scheme rules.
Participating in salary sacrifice may also impact your entitlement to certain state benefits.
For general questions about this benefit, you can call the my Aviva flex helpline on 0800 917 2310.
- Download the bikes for work terms and conditions (PDF, 34KB)
What happens next?
- Login and select this benefit on the flex system at anytime.
- If you select this benefit you will receive an email at the end of the enrolment period confirming your selection.
- Providing your signed hire agreement is received by the end of the month the first deduction will be made from your salary and you will receive vouchers for the amount selected.