Donate SIGN UP

Bike2Work Scheme

Avatar Image
Booldawg | 06:09 Wed 01st Apr 2015 | Business & Finance
3 Answers
I'm trying to work how you save money on the price using this scheme. I know its something to do with tax deductions from your wages.

In simple terms, how does it save money and how much do you save?
Gravatar

Answers

1 to 3 of 3rss feed

Best Answer

No best answer has yet been selected by Booldawg. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.
I assume the payments you made are made from your gross wage before tax is deducted, thereby leaving you with a lower taxable income and hence a lower tax charge.
The gov.uk site probably has a link about this
Or maybe the employer can simply give you the bike and it won't be taxed as a benefit in kind. The employer may give the bike in return for a small reduction in your gross pay, so you save on tax and they save on employer NIC.
http://en.wikipedia.org/wiki/Cycle_to_Work_scheme

1 to 3 of 3rss feed

Do you know the answer?

Bike2Work Scheme

Answer Question >>

Related Questions

Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.