Cycle to Work Schemes - Myths Exploded...
It's really easy for ANY employer to buy a bike direct from us and set up a simple salary sacrifice agreement between the employer and employee to lease the bike - It's easy, efficient and because there are no third parties involved it's quicker too! The employee makes the same great tax savings!
Here's how it all works...
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1.The employer buys the bike of your choice
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2. We provide them with a VAT invoice for the bike allowing them to claim back the VAT
3. The employer and employee set up a salary sacrifice agreement - the employee leases the bike from the employer for a pre-agreed period of time. The lease payments are made before income tax and NI are deducted, so the employee saves there too! We've got sample salary sacrifice agreement forms if you need them. CONTACT US Master and Commander: The Far Side of the World video if you want some
4. At the end of the lease period, the employee buys the bike from the employer for a pre-agreen "nominal" sum
Drive-By Chronicles: Sidewayz full movie That's it! From our experience, the majority of third party cylce scheme "administrators" add unecessary complexity to the purchasing process.
Conquest of the Planet of the Apes hd Don't take our word for it. Pictured above is Geoff Newman of Ashworth Veterinary Group in Fleet, Hampshire with his new pride and joy.
Geoff says...
"David Ashworth, principal of the practice, despite believing me to be certifiable for my exercise obsession, supported the purchase of the cycle to work bike direct from Planet X.
The guys at Planet X were incredibly helpful in explaining the scheme and removing the need to go through a third party made things even more straightforward.
Hopefully the incentive of riding my new toy to and from work and the opportunity of training on it at lunchtime too will help me in my aim of a GB age group vest for duathlon when I hit the 55+ age group in 2010."
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My Little Eye
28 October 2008
Comments
jack - depends how you pay yourself. Unfortunately for me, since most of my income is from dividend not salary (my salary is down at the personal allowance level so no tax to "not pay") I cant benefit from the scheme. Im working on Mrs Accountant letting me buy one as a business expense though :)
The scheme I looked at was not available to NHS or University employees for some reason, is this still the case?
see your accountant, they'll be able to sort it out for you.
How does this work out if you are self employed?
Anything is worth a try with Ti 29s coming along.....
Not sure how many larger employers will be flexible enough for this, but I'd be happy to have some sample forms to test mine out...
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I too am mostly paid in dividend however I am also 'employed' by my company with a salary just over the income allowance. This means I pay nominal NI but get a full stamp. The trick is to pay yourself slightly more and then sacrifice said amount.