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Cycle To Work Scheme - Reclaiming Tax ?

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    Cycle To Work Scheme - Reclaiming Tax ?

    Hi,

    Where I am contracting at the moment a lot of the permie staff are buying bikes and cycling to work, they get around 31% off the price of the bikes via the governments cycle to work scheme.

    Is it possible to get a similar discount via your own Ltd company ? As far as I can make out and shop which you purchase a bike from needs a voucher supplied from the employer.

    Cheers

    Steve
    When a man says his word is as good as his bond take his bond.

    #2
    Yeah, I'm interested in this too.

    I splashed out last year on a bottom of the range hybrid. I'm finding that I'm starting to do more and more commuting. If I can get back 31% it might be worth an upgrade....

    Cheers...
    And the lord said unto John; "come forth and receive eternal life." But John came fifth and won a toaster.

    Comment


      #3
      what do your accountants say?
      The proud owner of 125 Xeno Geek Points

      Comment


        #4
        As far as I know the official cycle to work scheme is aimed at large companies. ie they take out the administration element that the company would have to do.

        If like me you're Ltd you can purchase a bike directly with company funds up to a max of £1000 and submit the receipt to your accountant.

        Simple's..

        Comment


          #5
          Well my accountant confirms that the company can by the bike as long as I use it for work. How the hell anyone would know if its used for work or not I've no idea !
          When a man says his word is as good as his bond take his bond.

          Comment


            #6
            Buy a top of the range folding bike for emergencies, and keep it in the boot of the car you use for commuting to work. That should be OK, surely.
            Work in the public sector? Read the IR35 FAQ here

            Comment


              #7
              Not quite on topic, but any of you permies out there beware of the Cycle to Work scheme, as many companies have been using the opportunity to slip in 'other' changes to your work contract.
              Insanity: repeating the same actions, but expecting different results.
              threadeds website, and here's my blog.

              Comment


                #8
                Originally posted by swebb View Post
                Well my accountant confirms that the company can by the bike as long as I use it for work. How the hell anyone would know if its used for work or not I've no idea !
                When you submit a £600 fuel claim?
                Science isn't about why, it's about why not. You ask: why is so much of our science dangerous? I say: why not marry safe science if you love it so much. In fact, why not invent a special safety door that won't hit you in the butt on the way out, because you are fired. - Cave Johnson

                Comment


                  #9
                  Just get a bike via your company

                  Just get a bike via your company and write off against tax. If you get one over 2K you can claim the VAT back, even if on the flat rate scheme. You can also include lights, bags etc., as they count as bringing a capital item into use.

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