Cycle to work scheme setup

robthehungrymonkey

Morning folks,

I'm thinking about trying to set up a cycle to work scheme for my company.

Is it literally as easy as filling out a form with your chosen scheme, paying for the bike, they then send you a voucher wich then gets handed to the employee?

What sort of admin is involved?

It all seems a bit too easy...

We're a relatively small company, I assume there are no minimum employees or anything else to consider?

Thanks in advance

carlstone

Hi

Yes it is that easy. It is better obviously if your company is VAT registered because the employees get the bikes VAT free as well as PAYE and NI free. Just follow the rules about not agreeing to any final value (as this makes it a hire purchase agreement and does not qualify) and don't allow purchases over £1,000 unless you want to apply for a consumer credit licence. Also ensure that it is advertised in your company and available to everyone.

Carl.

robthehungrymonkey

Excellent, thanks.

We are VAT registered, so that isn't a problem.

alfablue

The best way is to do it yourself (as I think you are proposing) rather than using the likes of Halfords/Evans/Cyclescheme/Wiggle etc, this means your staff can buy any bike from any shop. However, to make your life easier you can freely download the paperwork from Wiggle or similar and use it as a template and modify it to meet your own requirements.

alfablue

The best way is to do it yourself (as I think you are proposing) rather than using the likes of Halfords/Evans/Cyclescheme/Wiggle etc, this means your staff can buy any bike from any shop. However, to make your life easier you can freely download the paperwork from Wiggle or similar and use it as a template and modify it to meet your own requirements.