Save up to 42% on a New ElliptiGO through New Cycle to Work Scheme

February 2, 2017

Local employers can now help their employees to join the bike commuting revolution on an ElliptiGO!

The Green Commute Initiative (GCI) has just launched. This Initiative is a better version of the popular Cycle to Work (C2W) scheme, allowing employees to make tax savings on bike purchases through salary sacrifice, but it also has several key improvements:

To find out how you can benefit from this initiative please send us a direct message stating which ElliptiGO model you are interested in, any accessories you want to purchase with the bike, your location, your contact email address, your phone number and the name of your employer. We’ll promptly get back to you to start the process and the Green Commute Intiative will explain your options, do the background work, and get the process started with your employer.

FAQ:

*Employee Briefing:

HOW DOES IT WORK?: We provide you with the ElliptiGO bike and any equipment you choose to purchase with the bike. You sacrifice some of your salary. Because you’re not paying tax or NI on this amount, you’ll make a substantial saving equivalent to the tax you would have earned on that amount of your salary.

WILL I OWN THE BIKE?: Yes, although the scheme has to comply with tax regulations. This is all included in the arrangements and you won’t pay any additional end-of-scheme fees if you buy an ElliptiGO using the GCI.

EXAMPLES FOR HIGHER RATE TAXPAYER: For employees on PAYE who pay higher rate tax it is possible to save up to 42% of the bike price through salary sacrifice. Using the example of a £1,199 ElliptiGO Arc, this gives payments of £29.02 per month across 24 months – with no other payments to make (for the same purchase across a shorter 18-month period, the monthly payments would be £38.69 for the same employee – but the total amount paid is exactly the same and 42% is saved in both scenarios).

EXAMPLES FOR LOWER RATE TAXPAYER: For employees on PAYE who pay lower rate tax it is possible to save up to 32% of the bike price through salary sacrifice. Using the example of a £1,199 ElliptiGO Arc, this gives payments of £34.01 per month across 24 months – with no other payments to make (for the same purchase across a shorter 18-month period, the monthly payments would be £45.35 for the same employee – but the total amount paid is exactly the same and 32% is saved in both scenarios).

WHAT’S THE NEXT STEP? Get in touch! We’ll provide all the information and everything you need to offer a successful scheme or to facilitate a single purchase for a single employee. 

**Employer Briefing:

NO CASH REQUIRED: You don’t need to find any cash to run a GCI scheme, because GCI normally fund the acquisition of the bikes.

AN EMPLOYEE BENEFIT WITH NO COSTS!: It doesn’t cost employers anything to run a GCI scheme. The employer tax savings mean there’s no effect on your bottom line.

MINIMAL ADMINISTRATION: We manage pretty much all the administration for you. You’ll just need to let your payroll know the salary sacrifice information.

I THOUGHT THERE WAS A £1,000 LIMIT?: For old-fashioned C2W schemes there is, but GCI works differently. GCI are authorised by the FCA to their Cycle to Work schemes, including any value of bikes. So you, the employer, don’t need to have FCA authorisation.

WHAT ABOUT HMRC?: The Green Commute Initiative is fully compliant with HMRC regulations and guidance.

WHAT’S THE NEXT STEP? Get in touch! We’ll provide all the information and everything you need to offer a successful scheme or to facilitate a single purchase for a single employee. 

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