Frequent question: Can you spend more than 1000 on cycle to work scheme?

What is the limit on cycle to work scheme?

The cycle to work scheme does not necessarily have a limit. This is to ensure riders can get the exact bike they need to improve their commute, for example: you may need an e-bike to beat the hills or arrive at work sweat-free, or. you might need a hard-wearing bike with a titanium frame to support you cycling 365, or.

Do I own my bike after cycle to work scheme?

The cycle to work benefit is a tax-efficient hire benefit. As such, you do not own the bike in the first instance (albeit it is in your care and you can use it as if it were your own).

Does the cycle to work scheme cost the employer anything?

Does the scheme cost anything for an Employer to implement? The scheme is free of charge to set up and costs nothing to run. The Employer makes the initial purchase and then leases the bike/equipment to the Employee via a salary sacrifice, until the full amount is recovered.

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Can you get an e bike on cycle to work scheme?

Cyclescheme lets you get an e-bike for under RRP and spread the cost each month. You can save between 25 – 39% depending on your tax rate, employer and the price of your new e-bike.

Is the cycle to work scheme worth it?

The Cycle to Work scheme also allows you to buy accessories alongside the bike and this is definitely something you should take advantage of. In fact, we reckon it is worth using the scheme to buy two bike locks, a good set of lights, a helmet and some high-quality bibshorts.

What happens if I don’t use my cycle to work voucher?

If they don’t process it, the bike scheme don’t release the cash. Ok, your employer is taking payments so, clearly, something has been triggered. Those payments, generally, will be taken from you in order that they can pay the cyclescheme provider for the upfront cost they’ve incurred.

How do I know if my employer is in the cycle to work scheme?

You can search for your employer by name our homepage. If you still cannot find them your best bet is to ask your boss or HR contact or contact Cyclescheme.

What happens at end of cycle to work scheme?

What happens at the end of the Cycle to Work agreement? Technically, you’ve hired your bike from the scheme for the length of your agreement and you’ve got a few options at the end of it: Enter into a new agreement, paying a small deposit to rehire the bike. Buy the bike from the scheme.

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How much do I pay back on cycle to work scheme?

Own it now – you pay either 18 or 25% of the bike’s value (18% if the bike was initially under £500 and 25% if it was initially over £500).