1. Green Commute Initiative Ltd. Not only does this save . I'm an employee I'm an employer Let's get started. You might have heard of the Cycle to Work scheme, but how does it work and can you really get a new commuting bike without having to pay for it up front?This usually works out around 7%, though the Green Commute Initiative only charges £1.With most providers, there is an end-of-scheme payment, as technically you have been loaned the bike and you have to buy it at what HMRC call a fair market value.Green Commute Initiative allows for the repayments to be spread over 12-48 months (as agreed with the employer), and they are registered with the FCA for Consumer Hire.This means that at the end of the scheme you’ll have saved up to 32% of the actual cost of the bike for basic-rate taxpayers.Sustrans is a registered charity in England and Wales (number 326550) and Scotland (SC039263) and a company limited by guarantee registered in England No 1797726 at 2 Cathedral Square, Bristol, BS1 5DD.If you’ve decided to get fit and save money by starting to cycle to work then a brand new bike isn’t essential.Work in partnership with us to tackle the challenges of congestion, air pollution, physical inactivity, and social inequality, by making it easier for people to walk and cycle.And even more for higher rate ones (and you’ll have spread the cost into manageable monthly payments too).There’s a financial benefit for your employer too.Maybe you’ve got a trusty old bike in the shed or can arrange to borrow one from a friend so you can try commuting by bike.They end up paying less employer national insurance contribution so they save about 13% on the cost of the bike.Find out what we stand for and how our work around the UK is making a difference.The Cycle to Work scheme is designed to help you save money on a new work bike and spread the cost of the bike over monthly tax-free instalments through your employer.So your employer pays for the bike from you in monthly instalments, and saves 13% in the process and gets a healthier, happier more productive staff member who doesn’t need a parking space.There are a few different scheme providers out there each with their own variations but the basic idea is the same.You’ll be paying less tax and National Insurance every month that you’re paying off the bike.Help us to continue to care for the National Cycle Network and support our work to improve walking and cycling for everyone.Salary sacrifice periods are for a minimum of 12 months (but can be for longer) and your employer can advise on the spending limit.Explore fantastic walking and cycling routes across the UKMonthly payments for the new bike are taken from the employee’s gross salary i.e. However, depending on your employer it is not always possible to make a second application so you must always check with your HR Department first. You choose a bike, hire it for an agreed length of time, then snap it up for a fraction of its original value. As long as you don’t exceed the maximum limit you can technically apply more than once – providing the deductions from your payslip don't take you below the National Minimum/Living Wage. The Salary Sacrifice period can range from anything between 1 – 12 months and is at your employer’s discretion.
Yes. Your employer has registered with Cyclescheme. It's like a year-round sale, with interest free credit available in over 2,000 retailers nationwide.