Employer: Is the Cyclescheme Certificate a single or multi purpose voucher?

Cyclescheme works on the principle that the e-Certificate issued to participants is a Single Purpose Voucher (SPV) given that it is ring-fenced to specifically to cycle retailers who are under instruction from Cyclescheme to only redeem the value for bicycles and allowable safety equipment under the scheme.

Therefore, it's provision is subject to VAT at the standard rate.

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