Cycle to Work Scheme Guidance Update
Great News – the Cycle to Work scheme guidance has been refreshed with immediate effect making the scheme limit flexible for employers
Traditionally the scheme has always been capped at £1,000.00 as a maximum package value but thanks to the Cycle 2 Work Alliance
this has now been changed to allow employers to choose their own limit to better suit the needs of their employees.
As we hold our own Consumer Credit Authorisation, we are able to provide the authorisation for scheme packages above the £1,000
threshold allowing the organisations we work with to set their own limits, while being fully compliant with DfT and HMRC (whose schemes we also run).
The Cycle to Work scheme now allows you to choose what package value limit you want for your scheme. This change in guidance
means you can provide a Cycle to Work scheme that’s more inclusive than ever before, allowing you to cater for every
type of cyclist in your workplace. When an enhanced scheme limit is used, Cycle Solutions retain ownership of the bike
but issue a Salary Sacrifice Agreement to both the employee and employer, along with a Hire Agreement for the employee
to approve before goods are released.
Employee ordering and approval process
End of scheme process (standard scheme v enhanced limit)
The refreshed scheme guidance means that the increased limit and process is optional to employers and if you wish to run a "standard"
Cycle to Work scheme then this option is always available.
If you would like some more information about how to run a higher limit Cycle to Work scheme please contact us on 0330 100 2480
or on email@example.com