The implications of this official change are manifold as personnel in different work/life situations can take advantage of a better mode of travelling. AXcess electric bikes can’t wait to see where, with the provision of our electric bikes Devon, these guidelines can take us as a society.
As government tax exemption initiative, the Cycle to Work Scheme was borne out of the idea to reduce pollution and congestion by getting more people to use more natural modes of transport, such as e-Bikes. It allows employers to loan their staff bikes/e-Bikes and ebike accessories, initially on an annual basis.
However, employees do have the option to extend to the point where they can buy the bike from their employer for a nominal sum, or so they can extend the hire for a percentage of the bike’s value. Our range of foldable electric bikes are ideal for commuting.
It was believed that a £1000 cap existed on the cost of the bike and any accessories, however it has now been clarified that the cap only applied to organisations that had not registered with the Financial Conduct Authority. Previously, some employers – typically SMEs with larger organisations being better placed to giving the green light, financially – had not entertained the Cycle to Work Scheme for bikes and e-Bikes costing in excess of £1000. The government, with their refreshed guidance, hope to see many more employers contribute to more two-wheeled commuters on our roads.
Cycle to Work Scheme is now authorised by the Financial Conduct Authority and to implement the changes, all employers will shortly be offered a new contract with the Cycle to Work Scheme. Now, it will not be possible for participants to pay amounts over £1000 themselves, while the range of equipment and clothing that can be included in the scheme has been widened.
With the majority of e-Bikes costing in excess of the sum of £1000, e-Bikes’ involvement in the Cycle To Work Scheme has been sparse up to this point. Yet this development means that employers will be able to take advantage of tax exemptions, while providing employees with a healthy, fun way to travel to work. The changes in guidelines also presents elderly and disabled people, as well as those on a lower income and those who live further away, a better means of getting to work.
Contact our team of biking experts to talk about this subject in further detail and to discuss getting one of our e-Bikes on the Cycle To Work Scheme. As an electric bike shop Exeter, We look forward to playing our role in providing practical, health and financial improvements for the hardworking people of Devon and the UK.