Canyon has paired up with a cycle to work scheme provider to allow customers to purchase their bikes through the tax saving programme.
The German bike manufacturer has chosen the Green Commute Initiative (GCI) as its provider. The scheme is authorised by the Financial Conduct Authority to finance bikes of any value, which does away with the £1000 ceiling found elsewhere.
You don’t have to use a cycle to work scheme bike for A to B journeys alone, so you could purchase a speed weapon of an Aeroad or an exploration ready Grail, as long as you plan to use it for your commutes as well.
The GCI does not implement any sort of end-of-scheme charge, apart from a £1 charge on handover day, and shoppers can save up to 47 per cent, though as per any such arrangement your savings depend upon your tax band.
The process works like other cycle to work schemes. You’ll be hiring the bike, whilst paying for it in monthly instalments via salary sacrifice from your gross pay, which is what you earn before tax. Therefore, you save on the tax and national insurance that you would pay on the bike – this will be 32 per cent, 42 per cent or 47 per cent depending on how much tax you pay.
Most schemes allow you to make your purchase from a bricks and mortar shop. Since Canyon bikes are direct only, that meant you couldn’t buy one of their bikes via the scheme, until now.
If you’re the employee of a company, your HR department will need to sign up to the GCI scheme, or they can sign off the voucher and let you go on with the process as an individual, as long as they agree.
Anyone who is a Director of their own company can take part, provided doing so won’t take them below the minimum wage. Unfortunately, those who are self employed cannot make use of the scheme.
Commenting on the new partnership, Canyon UK’s Market Manager Nick Allen says: “We are thrilled to be able to offer a cycle to work scheme to our customers through Green Commute Initiative. As a leading supplier in the UK, they were the obvious choice to partner with- offering flexible and accessible schemes for companies and employees.”
Rob Howes, Founder and CEO of Green Commute Initiative, added: “I am delighted Canyon has chosen GCI as its cycle-to-work partner. GCI is the first cycle-to-work provider to work with Canyon in the UK and we are delighted that our portfolio of resellers and manufacturers now includes this innovative and well-loved brand.
“As the UK’s leading cycle-to-work provider with no £1,000 limit, GCI was the clear choice for Canyon whose E-bikes retail for over £3,500. Canyon has a service centre in Surrey so our customers can be sure they will receive excellent after-sales care from the Canyon team.”
Whilst tax free bikes won’t solve the fear element of the equation, they do help to alleviate one more barrier to active commutes.