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Cycle Scheme £1000 Limit

by jmm
Sun, Feb 02, 2014 21:35
3

Hello everyone. I wonder if there is any way to exceed the £1000 limit that is put in place by the group licence that was issued.

But first things first: Since I am CEO and Co-Founder of my company, it is no problem for me to set company policy however I like to scope with this. Since we are also still very young and small I am the first one anyways to try it out, together with a second employee. But the bike and accessories I want to get is together about £4000 and I am not really keen on paying £3000 on top.

I wondered about a few options I might have (and also give to other employees since I love holding small informal meetings on the bike while doing a nice ride or to have a training ride with some coworkers in the lunch break)
1. To take 4 £1000 certificates but I am not sure if the bike dealer will accept that and also I read this doesn't work with the group licence.
2. To try to file an exemption with OFT. Any ideas what my chances are?
3. Find a group of companies and acquire a Cat B licence together so we all profit of the higher limit and can share the cost so we don't take such a hit on it.
4. Simply try to Issue a £4000 voucher without a Cat B licence and hope it works out. I wonder if it would be pursued at all? But I don't want to try it out without knowing what would happen in that case.

I am thankful for all ideas. I really really want that bike and worst case I will simply buy it from my own money and take a winter bike over Cycle Scheme.

If you're new please join in and if you have questions pop them below and the forum regulars will answer as best we can.

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3 comments

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Tjuice | 11 years ago
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The Office of Fair Trading (OFT) has issued a group consumer credit licence to cover Employers implementing Cycle to Work Schemes that are limited at £1000 inc. VAT per Certificate. To view and download a copy of the licence please click here.

Employers who have their own Consumer Credit Licence Category B (consumer hire) can allow employees to request Certificates of a higher value. Alternatively, employers wishing to increase the Cycle to Work Certificate value can apply for their own individual Consumer Credit Licence from the Office of Fair Trading.

From the cyclescheme.co.uk website

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jollygoodvelo replied to Tjuice | 11 years ago
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Tjuice wrote:

The Office of Fair Trading (OFT) has issued a group consumer credit licence to cover Employers implementing Cycle to Work Schemes that are limited at £1000 inc. VAT per Certificate. To view and download a copy of the licence please click here.

Employers who have their own Consumer Credit Licence Category B (consumer hire) can allow employees to request Certificates of a higher value. Alternatively, employers wishing to increase the Cycle to Work Certificate value can apply for their own individual Consumer Credit Licence from the Office of Fair Trading.

From the cyclescheme.co.uk website

This. I know of at least one company that has an individual consumer credit licence and allows its employees up to £3k budget. But they're quite big (...and blue).

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ped | 11 years ago
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I know that some bike stores are happy for customers to top up vouchers, and that if a company can offer credit itself then employees can benefit from a higher limit by using that, but some of your suggestions sound a little dodgy to me if I'm being honest!

I'd chat to your LBS—I'm sure they'll be interested in a sale and helping you to to help them.

Do report back, as I'm curious as to what options there are.

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