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Cycle to Work

Forums › ACCA Forums › General ACCA Forums › Cycle to Work

  • This topic has 3 replies, 2 voices, and was last updated 7 years ago by elsie2009.
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  • November 12, 2015 at 5:13 pm #282016
    elsie2009
    Member
    • Topics: 34
    • Replies: 61
    • ☆☆

    When operating a cycle to work scheme the employer is required to charge a nominal rental amount with/without the option to purchase at end. Is it right for an employer to charge more than what is borrowed? Ie £950 sacrificed, £750 collected in loan payments and then sell but to employee for say £500? (Notional figures).

    November 12, 2015 at 9:10 pm #282047
    carl29
    Member
    • Topics: 14
    • Replies: 245
    • ☆☆☆

    I’ve always just split the original purchase price evenly over the installments. As I understand it, you treat the installments as a rental charge, which offsets the depreciation of the bike through the p+l, plus vat on the rental charges

    Cycle to work is a pain in the rear, and not really worth doing these days

    November 12, 2015 at 9:14 pm #282048
    carl29
    Member
    • Topics: 14
    • Replies: 245
    • ☆☆☆

    The employee shouldn’t be charged more than the gross purchase price

    November 13, 2015 at 11:52 am #282134
    elsie2009
    Member
    • Topics: 34
    • Replies: 61
    • ☆☆

    Thanks Carl, this is how it is currently being operated with equal installments being collected.

    What do you declare on the P11D, do you just calculate the fair value of the bike per the HMRC guidelines?

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