Reward Gateway currently offers two versions of Cycle to Work for our customers.
- RG Cycle to Work
- Cycle to Work Plus
The introduction of Cycle to Work Plus follows the updated guidance released by the HMRC in June 2019. More information can be found here.
The below table outlines the main differences between RG Cycle to Work and Cycle to Work Plus.
Clients can get in touch with their Client Success Manager to help determine which would be the right option for their organisation.
|RG Cycle to Work||Cycle to Work Plus|
|LOC Limit||Starting at £100 up to £1000||Starting at £100 to any upper limit defined by employer|
|Bike Ownership||Hired by the employer to employee||Hired by Halfords to the employee|
|Salary Sacrifice||Managed by the employer||Managed by the employer|
|Transfer of Ownership||
Required by employer
|Not required by employer|
|End of Hire||Employer chooses between Managed Extended Hire and P11D||Halfords extend the hire directly with the Employee at zero cost|
|Employee Savings||32% or 42% depending on employee tax bracket||32% or 42% depending on employee tax bracket|
||Sent to employee via email from Halfords instantly after Employer approval|