What is the maximum certificate value employees can select through the cycle to work scheme?
Employers can implement Cycle to Work schemes and offer a maximum certificate value of £1,000 inc. VAT per employee, thanks to a Cycle to Work exemption issued by the Financial Conduct Authority (FCA).
Employers who have the appropriate Consumer Credit Authorisation from the FCA can allow employees to request Certificates of a higher value.
In addition, the Government has recently updated the cycle to work scheme guidance to make it easier for employers to increase their limit by using Cyclescheme's own FCA Authorisation.
The process of switching you over to Cyclescheme's new scheme (where you can use our FCA Authorisation to increase your organisation's limit to over £1,000) is easy.
Cyclescheme will be able to update your scheme settings and and get you up and running in a jiffy. You just need to contact us and request the upgrade.
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When an employer has a limit over £1,000, their employees can enjoy the Income Tax and NIC benefit for the full value of the equipment they obtain and the employer will also benefit from increased employers' National Insurance Contributions (NICs) savings.