Umbrellas with cycle to work schemes

[Rafd]

Hi there, I'm currently with Brookson who offer cycle to work with a £4k limit. Has anyone come across an umbrella with a scheme with a higher limit?

Thanks

[northernladuk]

They do? That's odd as their blurb appears to say otherwise

https://www.brooksonfaq.co.uk/knowle...lla-employees/

Who are the GCI?


Green Commute Initiative is the partner we have chosen to help provide our employees with access to the cycle to work scheme.

As one of very few providers to not be restricted by the normal £1,000 limit, (our maximum is set at £4,000) thanks to them being authorised by the Financial Conduct Authority- this allows us to provide you with significant tax savings on your earnings and provide you with a bicycle at a reduced rate.

[eek]

They do? That's odd as their blurb appears to say otherwise

https://www.brooksonfaq.co.uk/knowle...lla-employees/

It says in your quote / preview - our maximum is set at £4,000 rather than the normal £1,000 limit

I suspect that's as high as you will find as the issue is shown further down in the quote (it's a loan facility requiring authorisation by the FCA and a £4,000 limit is high for a lot of such loans)..

My advice would be to search for a cycle to work scheme provider that offers more than £4,000 and once you've found them work backwards from there.

[northernladuk]

It says in your quote / preview - our maximum is set at £4,000 rather than the normal £1,000 limit

I suspect that's as high as you will find as the issue is shown further down in the quote (it's a loan facility requiring authorisation by the FCA and a £4,000 limit is high for a lot of such loans)..

My advice would be to search for a cycle to work scheme provider that offers more than £4,000 and once you've found them work backwards from there.

My assumption is that because they mention the 1k limit it's a little out of date as there is no limit now.

[eek]

My assumption is that because they mention the 1k limit it's a little out of date as there is no limit now.

There's been no limit for a while but the removal of the limit created a whole different set of issues as any loan above £1000 has to come from an FCA approved firm...

And given how few people using this scheme would be looking at bikes over £4,000 (I can't imagine even DaveB has many bikes worth that amount) you can see why the limit is set as it is.

[Rafd]

I emailed Brookson and they told me they were not planning to raise the limit, so I am assuming the £4k is set by them rather than the provider.

Bike prices have shot up over the last year and with more people wanting ebikes, £4k is no longer as ridiculous as you might think... I bought an ebike for £3k about 2 years ago (reduced from £3.7k) and looking now I'd need to spend over £5k to get one with similar spec!

[WTFH]

I emailed Brookson and they told me they were not planning to raise the limit, so I am assuming the £4k is set by them rather than the provider.

Bike prices have shot up over the last year and with more people wanting ebikes, £4k is no longer as ridiculous as you might think... I bought an ebike for £3k about 2 years ago (reduced from £3.7k) and looking now I'd need to spend over £5k to get one with similar spec!

If you bought a bike 2 years ago, why are you looking to replace it now?
What aren't you telling us?

[Rafd]

Haha the level of aggression on this forum is absurd! It's irrelevant to you how often I change bikes. Mind your own business.

[WTFH]

Haha the level of aggression on this forum is absurd! It's irrelevant to you how often I change bikes. Mind your own business.

It's not relevant to me, but will be relevant to the tax man if they feel you are attempting to commit fraud by getting an expensive bike every 2 years, selling it on then buying another one.

[eek]

Haha the level of aggression on this forum is absurd! It's irrelevant to you how often I change bikes. Mind your own business.

While vaguely true, it doesn't solve your problem

The reality is that I suspect Brookson offers the highest limit. So you options will be to go back to your agency, find out what umbrellas are on their PSL and see if any of them offer a high limit. I suspect they won't though...