UK Cycle To Work


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We operate a Cycle to Work Scheme on behalf of an employer..



List price of an electric bike is £2,600.00 and is to be repaid over the course of 36 months for a monthly-paid employee.



The repayment basis is incorrect as we did not claim the 12% NI relief correctly on the £2600/36 = £72.22 per month repayment (£72.22 x 0.88) for the first 10 months.



We have repaid £710.98 thus far and the current Loan Balance (Incorrect) is: £1,889.02. I have amended the pay schedule and the final loan balance should be: £1,929.80, with a repayment of £670.20 with the NI relief. The Employee should be subject to £40.78 extra in tax relief for the 10 months.



Are you able to advise regarding how I could account for the last 10 months without having to re-run each of the payslips since we began running the scheme?
 
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