Tax Breaks for Cyclists

Written by yasiradnan94
22 May 2020

Due to the current pandemic many people have been cycling to work to avoid public transport and keep safe.

There is a tax efficient way to provide your staff cycle which is usually implemented using the cycle to work scheme. This enables an employer to provide cycles and associated safety equipment to staff tax free.

The equipment must be offered to all company employees and the ownership must be retained with the company throughout. The equipment must also be used mainly for work journeys.

The company is able to claim all of the VAT on the cycle and the equipment such as helmets, gloves, lights, etc. Any ongoing repairs and maintenance of the equipment also attract full corporation tax relief.

It may be useful to explore this option for staff during the current pandemic and keep up staff morale whilst remaining tax efficient.

VAT on energy saving materials

The zero rate of VAT has been extended to include the installation of additional energy-saving materials (ESMs) from 1 February 2024.

Making Tax Digital: quarterly update returns

HMRC has confirmed the mandation dates for making tax digital for income tax self assessment (MTD SA) as announced in the Autumn Statement 2023. From April 2026, taxpayers subject to income tax on their trade, profession, property income or business and who have...

Crypto investors urged to declare gains

HMRC has reminded investors in cryptoassets that they should declare any income or gains above the tax-free allowance on a tax return.

Related Posts

EIS/SEIS Advance Assurance

EIS/SEIS Advance Assurance

Your company can request an advance assurance from HMRC before issuing shares to prospective investors to confirm eligibility for the EIS and SEIS schemes. While this is not mandatory, HMRC offers this discretionary service to help ensure your offering meets the required criteria.

VAT on energy saving materials

VAT on energy saving materials

The zero rate of VAT has been extended to include the installation of additional energy-saving materials (ESMs) from 1 February 2024.

We use contact information you provide to us to contact you about our relevant content, products, and services. You may unsubscribe from these communications at any time. For information, check out our Privacy Policy.