Company bicycle as asset including GPS cycle computer?

[electronicfur]

And what about the main use rule? Are you seriously going to buy a £2k + bike and use it mainly for commuting? HMRC will argue that personal use is the main purpose.

Your prejudice is showing here, plenty of people drive company cars that cost well in excess of such an amount, when a cheaper car will get them there just as well.

All my clients past and present have been within 70 minutes cycling distance, bar one who was abroad. And yes I have commuted to them on my £2k bike, and they all provided secure parking. And plenty of other folk do the same on much more expensive bikes in the City.

Also it is cost effective for my company. The annual season ticket to travel to my various clients would cost my company more than £2.5k. My previous £2k bike has thus saved my company £17.5k in the 7 years it was used. And resulted in a healthier employee to boot. And staff retention has been great due to the perk

[electronicfur]

A related side question: When buying a bike as a company asset, do all accessories need to be purchased at the same time (and lumped together as an asset?) or can you buy accessories at a later date?

My accountant advised me to do so if on the flat rate scheme and wanting to claim the VAT back, which you can do when going over £2k.

[northernladuk]

Dunno why people ask questions and then argue the point to the last when they get advice they didn't want.

[Alan @ BroomeAffinity]

Your prejudice is showing here, plenty of people drive company cars that cost well in excess of such an amount, when a cheaper car will get them there just as well.

Possibly. But I'm a cyclist so I doubt it.

The counter to the company car argument is that the rules are clear on this. If the car is expensive and is available for private use (regardless of actual use) its taxed heavily. To compare the expensive bike you'd need to accept there's going to be a taxable benefit.

[SueEllen]

Mine got stolen last year - £80 new 8 years ago - worth £20 tops
Replaced with cheapest @ Tesco and a bigger lock.

Wonder what canal they threw that in.

I'm being mean.

I know people renting with 1K+ bikes they have to put in their bedroom.

There as others I know with garages/outbuildings attach their 2K+ bikes to locks attached to the wall or floor.

The advantage of me having a cheaper bike is that the thieves in my area make a big effort to steal those bikes and ignore mine attached to the railings.

[SueEllen]

Possibly. But I'm a cyclist so I doubt it.

You are suppose to say "Yes go ahead and of course the cycle computer is safety equipment"

[Contreras]

You are suppose to say "Yes go ahead and of course the cycle computer is safety equipment"

The power of brevity... http://forums.contractoruk.com/accou...ml#post2205273

[electronicfur]

Possibly. But I'm a cyclist so I doubt it.

The counter to the company car argument is that the rules are clear on this. If the car is expensive and is available for private use (regardless of actual use) its taxed heavily. To compare the expensive bike you'd need to accept there's going to be a taxable benefit.

The rules are clear on bicycles when it comes to taxable benefit as well, because the legislation states clearly that no liability to income tax arises when the conditions are met. If you think otherwise what is your basis for saying so?

[Alan @ BroomeAffinity]

Company bicycle as asset including GPS cycle computer?

The rules are clear on bicycles when it comes to taxable benefit as well, because the legislation states clearly that no liability to income tax arises when the conditions are met. If you think otherwise what is your basis for saying so?

That HMRC will argue that the conditions aren't met because the main purpose is private use. Are you honestly saying the bike's main purpose is the commute? If so, I stand corrected.

[electronicfur]

Dunno why people ask questions and then argue the point to the last when they get advice they didn't want.

Because some of the advice is counter to what my accountant has said HMRC accepts, and what I have read myself in the actual legislation.

For example it's worth pointing out that you can buy a bicycle over £2k as a company asset. And that the legislation is clear that there is no liability to income tax arises when the conditions are met, in respect of the provision for an employee of a cycle or cyclist’s safety equipment

Dunno why some northernlads just think everything they say should be taken as gospel, and then don't provide the relevant facts to back it up...