The cycle to work scheme has always been a fantastic way to purchase a bike. With a salary sacrifice and saving a minimum of 25%, it spreads the cost of your new bike and helps you get the bike you’ve always wanted for an amazing deal. The scheme used to have a limiting factor of £1000 being the most you can spend on a bike. The amazing news that has been announced recently is that there is no upper limit.
Will the new changes be an opportunity to invest in an electric bike?
- No more upper limit: you can spend over £1000 on your bike to work scheme allowing you to purchase more expensive bikes including E-Bikes!
- The timeline for this coming into play in the middle of July, with employers able to sign up to the new upper limit.
What happens if you have a voucher for £1000 but would like one with no limit?
There are a few considerations here. Whilst the updates to the cycle to work scheme guidance will allow your employer to increase their limit – they may choose not to straight away or at all.
We recommend talking to your employer to find out what their intentions are. If your employer plans to introduce a new, higher limit (and the time frame for this is appropriate for you), you can cancel your certificate and re-request one when your new scheme limit is live.
Cyclescheme will support you and your employer through this process. If your employer is not in a position to implement the new cycle to work scheme and a higher limit, we will continue to deliver your existing scheme and limit.
Why is this great news for you?
- If you are a committed cyclist and want higher quality components that come with a premium price tag. We can supply you with a full range of high-end gear that is all now available on the cycle to work scheme.
- Do you want to purchase an electric bike? Before you would have never been able to get one with the £1000 limit. Now the world of electric bikes will be obtainable on the bike to work scheme.
Have a look below at some of the great E-bike options available at Primera Sports bike shops in Bournemouth and Poole.