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?
There is now no limit to the price of bike though most companies have chosen to have a maximum price.
You need to speak to your company to find out what the maximum price is.
The monthly payments are normally taken over 12 or 24 months, though again check with your employer to see if that has changed.
The Green Commute Initiative has no cap on the price of the bike or accessories and payments range from 6 to 24 months.
Can I have a used bike on the Cycle Scheme
No, only brand new bikes can be purchased using a scheme and normally only full retail priced bikes. Most shops will not allow discounted bikes to be purchased this way.
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.