Is your employer signed up?
Your company needs to be signed up to use the Cyclescheme, but with the Green Commute Initiative they can either sign up, or it can be operated for a one off transaction. Many companies are not aware of this scheme, but it is very flexible and offers much more than most of the other schemes currently available. It may be worth asking your employer to take a look at the Green Commute Initiative website if they have not already done so.
What price bikes are included in the schemes?
The Cyclescheme is limited to bikes up to £1000 though you can pay any extra yourself, if the bike you want is over that figure.
The monthly payments are taken over 12 months
The Green Commute Initiative has no cap on the price of the bike or accessories and payments range from 6 to 24 months.
How much can I save?
Savings start at a minimum of 25%, but most people save more.
What is the procedure?
Once you have chosen the bike that suits your needs, you need to discuss with your employer which scheme they would like you to use.
There are many advantages of the Green Commute Initiative scheme, and their details can be found here. It is though your companies choice which scheme they would like to use.
Advantages of cycling
Cycling to work helps you stay fit and healthy and reduces your carbon footprint. Using an electric bike also allows you to arrive at work fresh but not hot, tired and requiring a shower. It can also be very cost effective due to savings on fuel, bus fares and parking charges.
How do the schemes work?
Visit the sites above to discover the different features of the two schemes and how to go about taking advantage of the tax savings available.
How does payment work?
Your hire payments are deducted from your gross monthly salary. At the end of the hire period you will be given the option to either hand the bike back or keep it for a further period, with the option eventually to own the bike outright.