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I'm a self employed builder , I have my own company.......well it's just me
Can I being cheeky....get a bike using the ride to work scheme ??.......because there are big saving to be had right??
Fancy a Felt double double 70fat bike..lol
You'd need to check with your accountant because it depends on your circumstances.
If not, you may be able to get a bike as a company asset and reclaim the VAT (if you're registered).
Might get a better deal that way anyway, as you'd have access to more discounted bikes.
I've bought a bike through my ltd company. Although I didn't do it as cycle to work. It's a company asset available to all employees (I.e. Me)
Advantages:
No salary sacrifice.
You're not limited to the £1000 that CTW is.
The company can pay for the upkeep (tyres etc)
Disadvantages:
As a company asset, it has a depreciation value and must remain so until it has zero rated cost (7 years?) so if it's sold, it's the company that must sell it.
If the company pays for its upkeep, you can't claim mileage through expenses.
As chakaping says above, check with your accountant first.
A fat bike as a builders work transport?
You could always claim it's a new kind of experimental wheelbarrow I suppose. 😀
[s]If the company pays for its upkeep,[/s] [i]As it's owned by the company[/i] you can't claim mileage through expenses.
... would be my understanding of how it works. A proportion of the allowable mileage expense covers the capital cost/depreciation (of a bike, car, or whatever).
Ha ha ha......thanks for the replies guys......like I said ...I know I'm being cheeky....lol
I'm not VAT reg............sadly....maybe I'll buy it and put it towards materials... As tthew suggested.....experimental wheel barrow....lmao
I think the best thing to do is email HMRC and ask them. Make sure you give them your UTR and full name and address so they can 'check' properly.
And no, as a sole trader you can't IIRC. You would need to be a legitimate company.
Just wait for the bike you want to be in the sales.
Ltd company.
If you have private usage then if company buys outside C2W scheme then taxed as a benefit in kind. Deductible as cost against corporation tax but if retained at later date deemed proceeds and brought back into corporation tax charge.
Schemes are easy enough to set up, just Google it if not sure or give your accountant a two minute call.
Phoning HMRC is pointless as you aren't a sole trader and the corp tax line won't give you an answer.
I missed the 😉 off my HMRC comment.
😉
So true!