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Cyclescheme Response to HMRC Advice (December 2009)
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I was very impressed
I have recently purchased a bike through Cyclescheme. I just happened to be looking for a bike anyway and when the guys in the bike shop told me about Cyclescheme I got on the case with my employers immediately! It is such a good incentive to get a bike. It would have taken some saving for the bike I wanted so Cyclescheme helped me to get the bike and all the gear to go with it much more quickly. It only took a matter of weeks from enquiring through to actually getting my bike, I was very impressed!
Rebecca
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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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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