Cycle to work scheme. .
- Thread starter shanta
- Start date
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cyberknight
As long as I breathe, I attack.
- Location
- Land of confusion
I cant see why not as long as you are both aware of all the ins and outs , does his emplyer check that they ride to work or not, final payments, continuing payments even if the bike is stolen/ damaged etc ?
I think in your situation it would be cheaper to get a bike in the sales on an interest free credit deal that many sellers operate or an interest free card as it could work out cheaper than the total cost of the bike on the scheme dependent on scheme length and the final payment.
I think in your situation it would be cheaper to get a bike in the sales on an interest free credit deal that many sellers operate or an interest free card as it could work out cheaper than the total cost of the bike on the scheme dependent on scheme length and the final payment.
vickster
Legendary Member
Depends on your morals I guess and also the strength of your friendship should HMRC come knocking for example. It's a tax benefit provided by the employer for their employee to commute to work by bike (although clearly a shed load of abuse of the scheme exists)
Remember the bike belongs to his company, not him, and certainly not you. As above, what happens if it gets stolen, written off in an accident that is not down to a third party...will you still pay him as his company will still take payments. What happens if he loses his job, can't work? How will you insure it? It's not yours, there is no paperwork in your name. If you have a no-fault accident, how would you claim for it against a third party. None of this may happen, but it may do
Not worth the risk, just buy a reduced bike yourself using interest free credit if you can...or save up
Didn't you want a 2k bike, normally the C2W limit is £1k
vickster
Legendary Member
Yep, no kidding and risky! Plenty of places out there with deals, sales, interest free credit, not to mention 0% credit cards if you don't have cash and aren't averse to debt
vickster
Legendary Member
I don't think if commuting to a single site (from what I recently read when looking into setting up as a freelancer). But if a limited company, the business may be able to buy the bike for you? (although perhaps not a full blown 2k carbon race bike, unless that's your business I suppose!)
I think @jefmcg knows about the ins and outs
Drago
Legendary Member
- Location
- Suburban Poshshire
the rate for a bike is 20p a mile, set by the revenue boys. Not to be sniffed at.
raleighnut
Legendary Member
- Location
- One of the 'Elite'
If you get a decent discount (in the sales or for cash) then it'll probably work out cheaper to just buy a bike.
T4tomo
Legendary Member
Biggest issue is if your mate changes jobs mid way through the c2w period, as then you will lose a chunk of the tax advantage. Given "sales" bikes generally excluded form c2w then better off just buy a discounted bike yourself.
You might be able to get tax relief on it thru your ltd company anyway if you can argue it's partly for work
You might be able to get tax relief on it thru your ltd company anyway if you can argue it's partly for work
Tin Pot
Guru
If you own your own business, then - if you decide it benefits your business - buy assets as you see fit.
Peak to your accountant, they'll explain it.
