Cyclescheme valuation...WTF!!!!

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Comments

  • Coach H
    Coach H Posts: 1,092
    BG2000 wrote:
    £250 now or £70 in 31 months time. .

    I think you will find its £70 now as well, Cyclescheme take the money up front as an 'Administration Charge' in case the guidelines get recinded or if they change their mind about using the money as an up fromnt FMV charge.
    Coach H. (Dont ask me for training advice - 'It's not about the bike')
  • sketchley
    sketchley Posts: 4,238
    BG2000 wrote:
    Cheers Chris.

    I think this doesn't apply as I'm effectively outside PAYE with this now as my employer hands the contracts over to Cyclescheme when its employees complete their final payment.

    My only option now is to pay cash directly to CycleScheme: £250 now or £70 in 31 months time. There's nothing for me to declare - I don't think the latter will show on my tax record, unless Cyclescheme declare something to HMRC.

    You could ask CycleScheme to just transfer the bike to you for the same pound they got from your employer, stating clearly that you'll deal with the tax liability. They may still want an admin fee though. If you do ask it would be good to know what they say.

    Chris
    --
    Chris

    Genesis Equilibrium - FCN 3/4/5

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