Cycle scheme bikes - tax free bikes for commuting with Hargroves Cycles
At Hargroves Cycles we support all of the leading cycle scheme providers to offer employees the very best choice of product. Please click on the scheme provider logo’s below to find detailed information regarding the scheme or to request a quote.
The HMRC are also allowing a voucher to be used on Equipment without having to purchase a bike.
Visit this link for more details. http://www.cyclescheme.co.uk/eops
Cycle schemes continue to offer an attractive purchase option for employees. The loan is both interest free* and VAT** free and with further savings of income tax and national insurance mean that in all cases the employee will save money on the traditional list price of an item. Variations at the end term mean that schemes do vary and employees should consult their scheme provider for exact details.
*** PLEASE NOTE - We are only Accepting quotes for full RRP Items - SALE Bikes or Parts are not available on cycleschemes***
Are You An Employer?
Great reasons to run your Cycle scheme with us -
· The cycle scheme doesn’t cost anything to set up.
· The scheme can be easily completed online and you will be ready to offer your employees a bike within 2 weeks.
· It's a great thing to offer to your employees simply because they can save up to 40% off the cost of a new bike.
· Cycling to work helps you stay fit and healthy, burns a lot of calories, and reduces your carbon footprint too.
· This all makes for happier, healthier and more motivated staff.
So what else can we do to help you?
· We have 6 shops in the South of England - Southampton - Millbrook, Southampton - Totton, Winchester, Fareham, Chichester and Swindon.
· Complete UK coverage via our website. We deliver cyclescheme bikes for FREE nationwide!
· Our dedicated Cycle scheme Team are always on hand to help - any questions - simply give us a call and we are ready to help.
· We are always willing to put on a dedicated road show for you - this means we can visit your offices and bring along demo bikes,
· Talk to staff and explain how the scheme works for staff and employers alike.
· If you aren't local to us then no problem! We offer coverage throughout the UK - we offer a complete service.
Due to recent changes from HMRC (August 2010.) End of term/ Market values have been pre-determined within the Governments “Simplification table” This table offers an easy guide to the value of the cycle over a defined time. This table does not however represent the final amount that an employee may/will pay. Schemes vary by supplier with some choosing to increase the time scales of use, or alternatively advising companies to gift the value of the cycle as a “benefit in kind” Thus the employee is subject to the tax implications of that value at their tax rate. Please check with your scheme provider for exact details.
Companies wishing to value cycles through independent means still can achieve this, however substantial evidence has to be recorded as to how the value was attained. Some cycle retailers may be able to offer a valuation service, charges may vary. Valuing each cycle individually can be a time consuming process and meticulous records will need to be kept should HMRC choose to challenge the value given.
*interest free – Some companies may source finance from a third party and in this case may pass on charges incurred to the employee
**VAT may only be reclaimed if the company is VAT registered. Companies are not obliged to pass on the savings of reclaiming VAT, however most do.