Health and Wellbeing

Next window open 11th June to 17th August 2012

Employer code: (available here in June)

NUH have partnered with Halfords to offer a staff Cycle2work scheme. The scheme allows you to hire a new bike and the appropriate cycling safety accessories and, what's best, you will incur no tax or National Insurance on the benefit. This means you'll save considerable money compared to purchasing a bike outright yourself on the high street. Also, by paying for this monthly from your salary (over a period of 12 months), you'll hardly notice the cost!  At the end of the hire period, you have the option to purchase the bike at a much reduced rate (please see below for more details).

You can spend as little as £100 on a new bike (and accessories) or up to £1000. A few examples of savings you can make can be found below.

Examples of savings

LoC Value(Total cost of bike & accessories)	£100	£300	£500	£700	£1000
Gross monthly reduction	£8.33	£25.00	£41.67	£58.33	£83.33
Total cost over 12 months	£68.00	£204.00	£340.00	£476.00	£680.00
Total savings made	£32.00	£96.00	£160.00	£224.00	£320.00

  The above figures are approximate numbers and are based on a standard rate tax payer (20%). Please note that higher rate tax payers will save even more. Please see "What happens at the end of the hire period?" below for details of the additional income tax implications when taking ownership of the bike after 12 months.

When you join the scheme you also get all the below thrown in for free too:

• Free bike care plan (over £100 of servicing/repair benefits)
• 20% off Apollo - ‘Family Cycling voucher’
• Magazine subscription - Trial offer for £1
• Free Sustrans cycle maps

What’s more: ALL NUH employees can get 10% off in all Halfords stores!
(offer not to be used in conjunction with cycle2work - available on full priced items only)

Don’t forget that you could also be making further savings on soaring fuel costs, parking fees, congestion charges as well as doing away with your gym membership.

The scheme is only open during particular months of the year.  The next Cycle2work "window" is available between 11th June and 17th August 2012. More 'election windows' will be open later in the year.

When the window opens, for more details and/or to register, visit http://www.cycle2work.info/siteemployeegettingstarted 
and use the employer code which will be published here.

Any questions please contact cycling@nuh.nhs.uk or phone ext 64771, or call the Halfords Cycle2work helpline on 0845 077 8850.

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FAQs

For more FAQs please visit http://www.cycle2work.info/siteemployeefaqs

Can I join the scheme?

Please read the following criteria carefully to see if you are eligible for the scheme:

• You must be on the main salaries payroll and have a contract that has at least 12 months to run

How much can I save through the scheme?

On average, you can save up to 31% on a new bike and accessories. Please use the Halfords Cycle2work savings calculator to work out how much you can save and how you will be paying per month out of your salary

http://www.cycle2work.info/savingcalsummary

Please note that NUH cannot claim back VAT.

Where do I send my Hire Agreement?

Please send via first class post (NOT internal post) to Alice Jones - HR (Recruitment), St Francis House, St Francis Way, City Hospital, NG5 1PB

What happens at the end of the hire period?

Halfords will contact you to offer you two choices: transfer the ownership of the bike so that it is yours or you can return the bike to NUH/Halfords

If you decide to transfer ownership, there is a nominal fee involved. Read below for further information. If you require further clarification then please get in contact with us (see above).

NUH aims to ensure that your savings are maximised through the scheme. At the end of your Hire Term, NUH may offer the option to take ownership of the equipment. If the employer transfers ownership to you at no cost you would be receiving a benefit in kind, which is taxable. P11D facilitates the payment of tax whilst maximising the savings. By applying the amount to your P11D you will only pay tax on the market value as calculated from the HMRC guidance.

HMRC guidance enables your employer to calculate the value of your selection at the end of the Hire term. The guidance states a selection valued under £500 will be worth 18% after 12 months, where as a selection over £500 will be worth 25% of its original value. For example: - If you select £650, the market value would be calculated as £162.50 (25% of £650). The £162.50 is then reported on your P11D which will allow you to pay the tax on that value. Based on a 20% basic rate tax payer the cost to you will total £32.50.

What do I do if I want a different bike which is not available through the regular Halfords selection (Ie. Boardman, Carrera, Apollo)?

NUH's Cycle2work scheme provides the widest possible range of bikes at unbeatable value for money since employees are not limited to the Halfords range alone.

A number of options are available:

1. Visits a Halfords store or browse online at www.halfords.com to see if you can see anything you fancy.

2. If you fail to see anything that interests you, you can ring the 'Special Order Helpdesk' on 08450 77 88 50 and Halfords can help you to source that Specialized or Trek model for you through their links with Partner Independent Bike Shops. Click here to see an example of what brands are available at Halfords.

How do I get started?

Visit here for more information: https://cycle2work.secure.force.com/siteemployeegettingstarted

Or read this handy step-by-step guide to getting started.

Where is my nearest Halfords store?

Click here to view your nearest Halfords store. Alternatively, please see below.

Sutton in Ashfield	Unit 2, Forest Road, Sutton in Ashfield	01632 510590
Mansfield	Baums Lane, Nottingham Road, Mansfield	01623 410570
Newark	92 Northgate, Newark	01636 612337
Grantham	London Road	01476 591434
Nottingham, Netherfield	Victoria Retail Park	0115 940 0811
Nottingham, Arnold	116 Front Street	0115 926 9566
Nottingham, Nuthall	355 Nuthall Road, Nottingham	0115 970 7330
Nottingham, Chilwell	Chilwell Retail Park, Beeston	0115 946 2820

Halfords is a nationwide cycle retailer with 460+ stores across the UK. 97% of the population lives within 30 minutes of a Halfords store. Open when other retailers are closed, every day of the year except for Christmas Day. Monday - Friday 09:00 - 20:00, Saturday 09:00 - 18:00, 10:00 - 17:00, Halfords stores are easily accessible - this equates to an extra 30 hours a week by comparison to an average local dealer, allowing employees exceptional product access.

Click here for the Cycle2work Scheme website.