E-Beic has partnered with the Green Commute Initiative.
A Cycle-to-work scheme with NO employer costs
How the scheme works for the employer
1. Essentially your employee hires the bike through Green Commute Initiative. Why hire and not buy? These are the rules set by HMRC which all cycle-to-work schemes work to. GCI is also authorised and regulated by the Financial Conduct Authority. It’s because of this that GCI can offer bikes over the traditional £1,000 limit. At the end of the scheme, ownership can pass to the employee.
3. Now the rest of the paperwork needs to be completed. Firstly, we need to deal with how the voucher will be paid for. There are two financial mechanisms you can use to acquire the GCI vouchers:
You can pay for the vouchers immediately and then we’ll release the bikes to your employees. It means there might be a slight delay in your employees getting their bikes but if you pay the invoice quickly, this can be minimal and there is no cost to you.
4. Once the voucher has been paid for, you’ll want to know how to get your money back from the employee. It’s quite simple really, they accept a new rewards package where they give up or sacrifice part of their cash salary in exchange for the non-cash benefit of the bike. Hence the term ‘salary sacrifice’. The salary sacrifice arrangement is between you, the employer, and the employee, and is independent of the hire period they will have with GCI. As their employer you can choose a how long the repayment period will be for however it must be for at least 12 months; we suggest that you discuss this with your employee so its agreeable to you both.