Cycle to work scheme - £1000 limit - real or not?

jibberish

Hi

I went into Evans the other day as I can use the cycle to work scheme through them.

They told me I can top up on the £1000 limit. Does anyone know if this is true and if it might cause any problems down the line?

Cheers

Jib

guilliano

You can top it up, but the company will still have full ownership of the bike and you only get the tax benefit on the £1000.

furiousd

I went to a LBS and they told me i could top up, i just had £1000 on the CTW and then paid debit card for the other amount.
D

willbevan

your company can elect to raise the limit, but they also need to get a credit license , think it costs around 700GBP for them to aquire one...

jibberish

Thanks guys :-)

mroli

I topped up, and when it came to pay the 5% paid it on the £1000 which was the voucher.