Other employee friends I know work for companies which run the Cycle To Work scheme (http://www.cyclescheme.co.uk).
This means that the company buys the bike, but it is taken out of your pay every month but you don't eventually pay tax, VAT etc on it, and you can save about a third.
I am looking at buying a bike for personal use (as people I know who are on the scheme don't have to provide evidence that they cycle to work) however I'm told that it would take me below the minimum wage if the bike is subtracted from my salary.
Has anyone bought a personal bike through their own limited company using the cycle to work scheme? What are the legalities around this and is it worthwhile as the sole directory of your own limited business?
This means that the company buys the bike, but it is taken out of your pay every month but you don't eventually pay tax, VAT etc on it, and you can save about a third.
I am looking at buying a bike for personal use (as people I know who are on the scheme don't have to provide evidence that they cycle to work) however I'm told that it would take me below the minimum wage if the bike is subtracted from my salary.
Has anyone bought a personal bike through their own limited company using the cycle to work scheme? What are the legalities around this and is it worthwhile as the sole directory of your own limited business?
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