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.
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: Cycle To Work Scheme - Reclaiming Tax ?
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Cycle To Work Scheme - Reclaiming Tax ?"
Collapse
-
Originally posted by swebb View PostWell 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 !
Leave a comment:
-
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.
Leave a comment:
-
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.
Leave a comment:
-
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 !
Leave a comment:
-
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..
Leave a comment:
-
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...
Leave a comment:
-
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
SteveTags: None
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: