Tax Free Cycle Programme?

[Bovvered]

Anyone done this through their Ltd?

http://www.taxfreecycle.com/

<mod>moved to Accounting/Legal</mod>

[Jeebo72]

Yip, bought the wife a bike through it few years back. She is company secretary. Quite limited from what i remember as it was only up to the value of something like £350 ...

[Clare@InTouch]

You don't need to register under a scheme, just have your company buy a bike. As long as it's used for work it'll be 100% deductible in the first year.

If I recall correctly when you cycle to work the company can also buy you breakfast - HMRC's cunning plan to get more people being green!

[Ravello]

Alternatively if you buy the bike yourself you are able to claim 20p/mile cycling allowance for using your own personal bike - that might work out better than the tax deduction (depending on how much the bike is).

edit: incidentally, the reason that the scheme itself is not so beneficial for contractors is that as both employer and employee you're unlikely to benefit quite so much from the NI deductions, particularly if you're paying minimum salary already as you can't deduct below that level.

[rmmc]

As Ravelio pointed out the Cycle scheme works on salary sacrifice. I think it is bit time consuming to run the scheme. I have had just one enquiry since cycle scheme started.