Cycle to work tax question

Aggers

I have a question about my tax free allowance and the bike to work scheme.

I intend of availing of the cycle to work scheme and avail of the tax free benefit of this. However, as I already have a substantial tax free allowance due to paying college fees (I have tax free on 7k worth of fees on top of what a normal PAYE worker gets), i want to know what percentage I would save on a bike. My salary for this year will be in or around 34k (PAYE worker).

Given my already large tax free allowance, would i only save at 21% on the price of the bike? i need to know this so i know how much to spend on a bike. Thanks for any help.

PS I emailed the tax office but never got a response and would find it diffocult to explain over the phone

namenotavailablE

You can download my spreadsheet [Excel 2007 is the best version] and enter your details into it to answer this.

Some guidance for your particular circumstances:

• You'll need to allow macro code to run in your copy of Excel
• For the 'marital status' question, choose the last option and enter both your precise tax credits and standard rate cut-off point values.
• To enter the bike to work scheme details, use the 'Optional information' section- see the "salary sacrifice" part within it.

PM me here/ leave a message on the thread or use the email on the spreadsheet if you need further guidance.