JE James Cycles Now Take the Green Commute Initiative Cycle to Work Vouchers. No Limits Cycle to Work.
Any Bike, Any Price
JE James Cycles Now Take the Green Commute Initiative Cycle to Work Vouchers. The Green Commute Initiative (GCI) is much better than the standard Cycle to Work scheme! It has no limit and still offers up to 42% savings.
In a normal C2W scheme the employer hires the equipment to the employee. Unless they are authorised by the Financial Conduct Authority they have to make use of the exemption for C2W schemes which have a limit of £1,000. GCI is the only C2W provider authorised by the Financial Conduct Authority. So we can hire any value bike directly to the employee. You can see our authorisation in the FCA register online.
The employer buys a voucher for the hire of a bike etc. and provides it to the employee. GCI hires the bike directly to the employee. The employee repays all of the cost of the voucher via salary sacrifice. Plus the employer will save 13.8% employer’s NI. The salary sacrifice is made from Gross pay so higher rate taxpayers will save 42% and lower rate taxpayers save 32%.
The employee gets a quote for the equipment they would like to hire from a JE James Cycles Store or online via our Mail order Dept. The quote and the employee information is entered into the InstantGCI form on our website. When the form is submitted it will produce a proforma invoice to the employer for a hire voucher. When the pro-forma is paid GCI will send the employee the salary sacrifice agreement and the hire agreement for electronic signature. It’s easy all you need is a smartphone, tablet or PC. GCI will then authorise the JE James Cycles to release the bike to the employee and send the signed salary sacrifice agreement to the employer along with an invoice, marked paid, for the hire voucher.
GCI make the employee a free loan of the bike and appoint them as our agent to dispose of it to a third party of their choosing. When they do they pay us £1. So there is no benefit in kind charge and no 7% end of scheme sting if you want to own the bike.
GCI is a Social Enterprise and our constitution prevents them from taking on debt so they can’t go bust and their assets are protected. Green Commute Initiative Ltd is authorised and regulated by the Financial Conduct Authority for consumer hire.
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