Cycle 2 work

leeGrant77 Registered Posts: 29 Regular contributor ⭐ 😼 ⭐

Having read various conflicting posts on this matter im looking to get something concrete ahead of setting up a few of this schemes thank to the nations new found love of cycling again!

To my mind the scheme works along these lines :-

Ltd co purchases bike(s) from a scheme provider so thus owning an asset - post to balance sheet and claim CA's / or deprecate it?

I use xero mainly so in my payroll settings simply set up a salary sacrifice for the Gross cost of the bike divided by 12months.

The company can claim the VAT back and at the end of the 12 months can sell the bike to the employee for the HMRC approved figures?

The companies aren't FCA registered either so it seems a contract needs to be prepared between Employer & Employee?

Any suggestions that clear this up welcome :)
Privacy Policy