Employer: 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).
Cyclescheme can also enable employers to offer 'no limit' schemes via our 'Freedom to ride' program.
'Freedom to ride' is Cyclescheme's normal scheme for all employers that have registered on the scheme since 2nd of October, 2019.
Employers who have the appropriate Consumer Credit Authorisation from the FCA can also allow employees to request Certificates of a higher value.
If you haven't yet switched over to 'Freedom to ride', don't worry, 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 get you up and running in a jiffy. You just need to contact us and request the upgrade.
For the most up to date information on this, please visit:
cyclescheme.co.uk/cycle-to-work-scheme-any-price
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.
For further details on how to obtain Authorisation or to determine which category is required, please visit the FCA website HERE or email our Contact Centre on info@cyclescheme.co.uk.