Buying Bicycles through the company

[James McDonagh]

Hi

Can my LTD company, buy a bicycle through expenses without incurring the wrath of the HMRC

Cheers

James

[r0bly0ns]

Hi

Can my LTD company, buy a bicycle through expenses without incurring the wrath of the HMRC

Cheers

James

are you going to use it "Wholey an exclusively" for business use?

If not then it's a BIK

[Fishface]

I belive there is some kind of government scheme to buy a bicycle through your company. It is run with certain bike shops and you have to register etc.

[Sockpuppet]

Yeah there is a scheme that allows you to do it as part of your PAYE settlement.

[Sockpuppet]

http://www.cyclescheme.co.uk/

and

http://www.bikeforall.net/content/cy...ork_scheme.php

[The Master]

are you going to use it "Wholey an exclusively" for business use?

If not then it's a BIK

There is an approved scheme for this. Some permie colleagues have used it. Also worth noting that even so it is only a BIK if YourCo gives it to you gratis. If you pay a "market rate" to YourCo to use it there is no BIK to pay.

[bellymonster]

I beleive that the scheme allows you to purchase a bike out of your wages before tax is taken (hence the bike is tax free).

You must use it to cycle to work 50% of the time to qualify if my memory serves me right. Not sure who checks up on you tho'.

[lilelvis2000]

Would you not be best looking this up on HMRC website. I think there is something mentioning bicycles there. Your company can buy you one within limits I think, as long as it is majority used for work purposes.

[Marina]

You must use it to cycle to work 50% of the time to qualify if my memory serves me right. Not sure who checks up on you tho'.

So if you own a Ltd company, whose registered office is your home address, couldn't you just cycle round the block where you live, five times over the weekend?

[DimPrawn]

So if you own a Ltd company, whose registered office is your home address, couldn't you just cycle round the block where you live, five times over the weekend?

"personal services" tax vehicle.

HTH

Gordon.