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Cyclescheme Response to HMRC Advice (December 2009)
Feedback...
Collecting the bikes so quickly
I am writing to let you know how things are going here, since publicising the scheme in June this year. So far, 11 members of staff have taken part in this scheme, and more are interested. Staff are delighted with the savings made, and the simplicity of the process. I would particularly like to thank Cyclescheme for generating the relevant documentation so quickly.
Jill Clayden
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As you may already be aware, HMRC published a document entitled ‘Salary sacrifice arrangements involving cycles and bus passes’ in December 2009. This document helps clarify the scope of tax exemption for the Cycle to Work scheme.
Cyclescheme is extremely pleased with the resultant clarification of the rules pertaining to the tax exemption; in particular, in relation to scheme provision for employees who are aged under 18 (Under 18’s), employees on or just above National Minimum Wage (NMW), and the ‘sale of cycles after the end of the hire period’.
In response to this positive news we would like to advise all Employers of the changes we have implemented to our scheme provision to ensure all future schemes are compliant with the new guidelines.
For information on:
- Under 18 Employees click here
- Employees on, or near, National Minimum Wage (NMW) click here
- Sale of cycles after the end of hire period click here
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Get up and running
If you're an employer, you can register for the scheme right here and receive all the info you need to get up and running.
FAQs
All you need to know
Over the last few years we've been asked a few questions... mostly about fair market value! click on the link below to read the Employer FAQs