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).

However, employers who have or obtain the appropriate Consumer Credit Authorisation from the FCA can allow employees to request Certificates of a higher value; this means 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.

If an employer wishes to increase the maximum Certificate value, they can apply for Consumer Credit Authorisation from the FCA. 

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.

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