0:00I'm going to show you our
0:02bike vault here at Cycling
0:03It's where we keep all of our
0:04bikes for testing and I'll be
0:06totally honest every time I
0:08come in here.
0:10It just makes me want to own
0:11more bikes and I'll be
0:13totally honest. I have been thinking about
0:15buying myself a gravel bike
0:17and I found a way to do it
0:20while saving a fair bit of
0:22money but good news because
0:23you can do it too.
0:25It's possible to save at
0:26least 28 percent on the cost
0:28of a bike thanks to the Green
0:30Commute Initiative but the
0:31even better over and above
0:32being able to save all of
0:35that money is that you can
0:37spread that out over a longer
0:39duration.
0:41You'll need your employer on
0:42board because the scheme is
0:45offered as an employee
0:47benefit via the salary
0:52sacrifice mechanism.
0:54In basic terms, they will buy
0:56the scheme voucher on your
0:59behalf and then, you pay them
1:02back via your gross salary
1:06which is the money you've
1:08earned before you've paid
1:10tax.
1:11You'll save the tax and the
1:14national insurance on the
1:17cost of the bike.
1:19So, depending on which tax
1:23band you sit in, could be
1:27anywhere between 28 and 47%
1:30in savings.
1:32So, if you pay basic rate tax
1:35and your next dream bike is
1:384000 pounds, this will reduce
1:42to two thousand eight hundred
1:46and eighty pounds and if you
1:50want to pay that back over
1:54two years, then, you will be
1:57sacrificing about 120 pounds
2:02per month which works out to
2:06be less than six pounds per
2:10working day.
2:12Not bad.
2:14So, if you want to get a new
2:16bike for yourself, then, I
2:19think it's certainly worth trying to
2:22get it on the cycle to work
2:25scheme.
