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Cyclescheme Response to HMRC Advice (December 2009)

Under 18 Employees

Cyclescheme is pleased to announce we now have a compliant solution in place for the processing of voucher requests for Under 18 year-old scheme participants.

As of 24th December 2009 all employees requesting a voucher on our Extranet system are asked the question ‘Are you aged 18 or over?’.  If the answer is ‘No’, the employee is directed to an on-line request process culminating in a downloadable Loan Agreement & Guarantor Form.

Cyclescheme then handles the administration of the signed paper agreements on behalf of the Employer, and a separate invoice and report is sent to the Employer’s administrators for any Under 18 participants.  Voucher issuing and redemption is handled in the normal manner.

Furthermore, Employers do not need to make any changes to their schemes until an Under 18 employee requests a voucher on our Extranet.  When this occurs Cyclescheme will send the scheme administrator further details of the process and a copy of the Loan Agreement & Guarantor Form complete with terms and conditions. As in all cases this application is subject to final approval by the employer.

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