Cycle to work schemes have become increasingly popular; boasting financial savings, promoting a healthier lifestyle, happier employees and reduced parking/congestion problems.
When it comes to implementing staff benefit schemes for your employees, you need to choose a provider who you can trust to keep up with any legislative changes - for example the changes made to cycle to work schemes in 2019.
Wider Plan understands the importance of maintaining the trust our clients put into us, and we go the extra mile to comprehend and implement relevant changes to our schemes as a result of legislative change.
Following the release of information regarding the £1000 limit on cycles and equipment, we actively partook in research and exchanges with the Financial Conduct Association (FCA).
Local authorities are, and have been, exempt from the £1000 limit on cycles and equipment. For other employers, authorisation from the FCA to raise the limit over £1000 is generally only required where the employer is running the scheme “by way of business”, eg. making a profit. Therefore, although an employer may wish to run their scheme under a specified limit, this generally does not need to be £1000.
Our expertise in understanding legislation has enabled us to generate HMRC compliant salary sacrifice agreements and end of hire agreements that you can trust. Our niche for a personal service also means that additional rules specific to each client can be incorporated into your scheme.
For more information about our cycle to work scheme, Workplace Bikes, and to speak to a member of our team, please contact us.