Bicycles and tax
Discussion
I was just considering replacing my bike, I don't use it much, for commuting to the station, and sometimes avoiding city centre parking charges !
I've just realised that there are actually some tax incentives to this, I'm a sole director, LTD company so I'm not sure how this applies if at all to me, but can anyone answer the following;
1) Is a bicycle 100% tax deductible as a company asset (if so I assume it has to be new)
2) I see something about 20p per mile allowance for employees, could I apply this ?
Thank you
I've just realised that there are actually some tax incentives to this, I'm a sole director, LTD company so I'm not sure how this applies if at all to me, but can anyone answer the following;
1) Is a bicycle 100% tax deductible as a company asset (if so I assume it has to be new)
2) I see something about 20p per mile allowance for employees, could I apply this ?
Thank you
It's sounding promising, I have no fixed place of work....my office is at home, services are worldwide. I would use the Bike for occasional station use, I can definitely see a use around London, when I can park up just outside the West-End or Congestion charge. The catalyst was a week I have to be in Plymouth in June, I can get a good hotel deal, but it's 6 miles out.....I can even have a pint and wobble back to it.....
One question, (which I know I should address to my own accountant) As a Director of the company, can I claim a mileage as an employee would ?.......(Its a one man LTD company)
Do I get 100% tax relief on a new bike (and before you scoff, I looked at the price of Bromptons this morning....you can pay over 2K for one) !
One question, (which I know I should address to my own accountant) As a Director of the company, can I claim a mileage as an employee would ?.......(Its a one man LTD company)
Do I get 100% tax relief on a new bike (and before you scoff, I looked at the price of Bromptons this morning....you can pay over 2K for one) !
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