YT-Industries partners with UK firm, the Green Commute Initiative, to offer tax-free savings through your employer
The recent abolishment of the Cycle to Work Scheme £1,000 limit has significantly widened the scope of bikes available to purchase, and now that choice has just got even broader as German direct-sales brand YT-Industries is now available under the scheme. And the scheme is not limited to pure pedal bikes; you can also use it to save money on e-bikes. Interestingly, you can also buy a Canyon through the Green Commute Initiative.
To benefit from the potential savings, your employer must sign up with The Green Commute Initiative, who administer the process. Your employer then buys a voucher from GCI to cover the hire of the bike, and that is paid from your pre-tax salary. Depending on how much tax you pay, the savings here could be up to 47%. After the hire period (commonly 12, 18 or 24 months), GCI offers you an interest-free loan for 5 years and at the end of that time the ownership can be transferred to you for a £1 fee.
Of the initiative, Markus Flossmann, CEO of YT Industries said, “We are stoked to be able to offer this great opportunity to customers in the UK from now on. Thanks to the Green Commute Initiative’s flexible and accessible schemes for companies and employees we look forward to enabling Good Times for even more riders in the UK in future.”
Sounds like a great deal to us, with the only real caveat we can see being that you have to wait at least six years before the bike is legally yours and you can sell it on.
Julie Coxhill, product director for – providers of Cycle Scheme – the UK’s leading cycle scheme benefits package offers commentary on the announcement: “The news of the Cycle to Work Scheme maximum spend cap being removed by Central Government this week is welcomed by all in the benefit provider category.
“Since the scheme began 20 years ago the cost of bikes has increased significantly, but the cap has not. This has meant that less and less people have been able to take advantage of the scheme.”