cycle-to-work scheme

Green Commute Initiative (GCI) is the industry-leading cycle-to-work scheme which is the best deal for employees, employers and bike shops. GCI’s pioneering scheme was the first to have no £1,000 limit, allowing employers to set their own scheme limits.

 

 

a quick Guide to
how ‘Instant GCI’ works for employees

Firstly, you choose your Gocycle and any accessories you might need. Once you’ve chosen your package and have a price, you will need to submit a quote to GCI. This will generate a Pro forma Invoice for a GCI voucher which will cover the cost of the package. You need to take the Pro forma Invoice to your HR department so payment can be made.

Once GCI has received the payment, they will send you the Salary Sacrifice Agreement and the Hire Agreement for electronic signature via E-Sign. The Salary Sacrifice Agreement is between you and your employer whilst the Hire Agreement is between you and GCI.

When GCI receive your signed documents, they will pay us and send you the Collection Voucher. Email it to us and we will send you a code to use at checkout once your voucher has been validated. Place your order and you will get your Gocycle package delivered.

Since your employer has paid GCI for the voucher, you’ll need to reimburse them. They reduce your gross (before tax) pay by the value of the voucher. This is called salary sacrifice and it means you don’t pay tax and NI on the amount of salary you sacrifice. Depending on your tax rate, you’ll save 33.25%, 43.25% or 48.25% on the cost of the package.

The Salary Sacrifice Agreement will detail the repayment period and the amounts to be taken from your salary each month. The repayment period will be for a minimum of 12 months but may be as long as 60 months; its up to your employer. Have a chat with them to reach a timescale which suits you both.

Due to HMRC rules GCI must hire the bike to you. Their Hire Agreements are always for three months. They’d love to give you the bike at the end of the three month’s hire but if they do, HMRC will make a benefit in kind charge based on 25% of the new value of the bike. So, they make you a free-of-charge loan of everything for 5 years and 9 months. This means you continue to benefit from the tax break with no penalties from HMRC.

After the loan period you can buy the bike from GCI for £1. They only charge the £1 so they can demonstrate to HMRC when the transaction took place to protect you from any claim from them.

In practice the bike is yours to do as you wish from day one and you can enter into additional or new GCI schemes at any time.

Visit the GCI website to learn more

employee Benefits from GCI

• Have a Gocycle with accessories and save up to 48.25%, depending on tax rate

• Actually own the bike at the end of the scheme

• Save money on the cost of running a car; no stress about parking or using public transport

• Cycle to work on your Gocycle without getting hot and sweaty

• Enjoy using the bike at the weekends too

• Improve your health; reduce air pollution; help make the planet a better place to live

easy 5-Step procedure

As an employee, it’s quick and simple to process your Green Commute Initiative cycle-to-work scheme:

1.

Browse our
webstore

Visit our webstore, add your preffered Gocycle & accessories to cart & proceed to checkout.

2.

Place your
order

Select the “Green Commute Initiative” at the payment stage to process your quote.

3.

Apply for
voucher

Using your total price, apply for your voucher online via the scheme providers website.

4.

Email your
voucher

Once approved, you will receive your voucher. Simply email it to us & we will process it.

5.

Get order
delivered

Once we’ve cleared your payment, we will proceed and deliver your new Gocycle.

info for Employees

When applying for your GCI voucher please indicate it for use at our webstore: Gocycle – Unit 30, Barwell Business Park – Chessington.

Apply for your voucher by entering your order details on the ‘Instant GCI’ section of the website. If you employer is registered with ‘Corporate GCI’ then you’ll also need your ‘Employer Code’ (provided by your employer).

info for Employers

New to the GCI cycle-to-work scheme? For small companies, it’s best to use the Instant GCI process. For larger companies, the Corporate GCI.

Did you know that along with saving your employees money, you inspire a healthy workforce. It’s zero cost to you (the employer), low admin & you make 13.8% in national insurance savings too.

Important to know

Unlike some other stores we do NOT charge any administration fees for processing schemes. A quote order does NOT guarantee or hold any stock. We cannot retrospectively apply a voucher or process a scheme once full payment has been made. We are unable to accept cycle to work scheme vouchers alongside our finance partner(s). Still stuck? Get in touch

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