Bonus at work - tax efficient to get bikes?

[mr_dombat]

My employer has refused to do the cycle to work scheme (basically because they cant be arsed).

There is talk of a small bonus on the project I'm doing.

Lets say it is £1000. If it's paid in my pay slip then it will be taxed. If they buy bike(s), could they claim the tax in a similar way to the cycle to work scheme (so it will be worth more than £1000)?

 

[CopperCyclist]

Only if the bike is only going to be used in conjunction with that business I think... only guessing though

 

[MacB]

If you have the cash and you're not particular about getting the very latest model, then you can get some pretty good deals on older models. Due to the weird calendar the bike world adheres to the 2011 bike range is on sale at present, there are some serious discounts.

 

[DrSquirrel]

If they could do this companies would be offering bonuses like this all over the shop.

But they don't.

You will be taxed for it. The company can give it to you for business use, or sell it to you for fair market value - akin to cycle 2 work scheme.

I don't see how a company that can't be arsed to do C2W would do the above.

Take the money, buy a bike. Win.

Only if the bike is only going to be used in conjunction with that business I think... only guessing though

 

[ASC1951]

If they could do this companies would be offering bonuses like this all over the shop.

But they don't.

You will be taxed for it.

If it is your bike i.e. provided just for you, it will always be taxed unless it comes within the CtW scheme - that was why a separate scheme was needed. (If you get one without accounting for PAYE and NI, that is tax evasion, which is always a hanging offence when other people do it.)

There has never been anything to stop an employer providing non-exclusive bikes as business equipment; and such bikes are tax free for the employees using them so long as they are mainly used for work. See http://www.hmrc.gov..../c/cyclists.htm