Managed by Evans – Recommended as the most flexible, hassle-free option!
You decide on a scheme limit between £1,000 and £15,000 You select a repayment term from 12 months to 72 months Employees sign into a 72 month hire agreement directly with Evans Cycles at the point of application, meaning no more cumbersome hire extensions to sign and you have no additional admin after salary sacrifice completes. Employees incur no additional deposit charges or ownership fees either.
Transfer4You – Recommended option for traditional scheme users retaining £1,000 cap.
Employees currently enrolled in the scheme will receive their end of scheme options email from Evans Cycles at the end of the salary sacrifice period and will be able to select from: A free extended hire option directly with Evans Cycles Pay the Fair Market Value and take ownership early Return the bike to Evans Cycles
Benefit in Kind (P11d).
The employer may transfer ownership with the Fair Market Value reported on a P11d form, making the transfer a benefit in kind with tax payable on the valuation, rather than the full cost of the equipment.
Fair Market Value (FMV).
The employee may be given the option to purchase the equipment at the end of the salary sacrifice term with the value of the equipment calculated using the Fair Market Value table as below. This option will considerably reduce the employee’s overall savings.
Company Option to Extend.
Administer your own extension of the hire agreement with the employee and charge the applicable FMV if the employee leaves your employment before the value of the bike is negligible.
Evans Cycles Limited is an Appointed Representative of Consumer Credit Compliance Limited who are authorised and regulated by the Financial Conduct Authority FRN 631736. The permissions of Consumer Credit Compliance Limited as a Principal firm allow Evans Cycles Limited to undertake Consumer Hire activities. Evans Cycles Limited can be viewed on the FCA Register here, our FRN is 845262.
