Interesting C2W decision with my Employers!
chunkytfg
Posts: 358
Just thought I'd post this as I received a letter from my employer today telling me of the FMV changes to the C2W scheme.
Basically as you all know the 3% thing at the end of the term was scrapped in favour of an 18/25% value depending on the price of the bike. My employer has decided to basically give me the bike at the end of the 12 month term meaning I am liable for a 'benefit in kind' tax of the FMV. This value will be calculated and then my tax code will be adjusted next year to recover the tax owed.
This may seem like a 'look at me arnt I lucky' type thread but I havent seen this method mentioned anywhere before so thought I would post it as a possible alternative to suggest to your employers as a way of dealing with the increased FMV
Basically as you all know the 3% thing at the end of the term was scrapped in favour of an 18/25% value depending on the price of the bike. My employer has decided to basically give me the bike at the end of the 12 month term meaning I am liable for a 'benefit in kind' tax of the FMV. This value will be calculated and then my tax code will be adjusted next year to recover the tax owed.
This may seem like a 'look at me arnt I lucky' type thread but I havent seen this method mentioned anywhere before so thought I would post it as a possible alternative to suggest to your employers as a way of dealing with the increased FMV
FCN 7
FCN 4
if you use irrational measures to measure me, expect me to behave irrationally to measure up
FCN 4
if you use irrational measures to measure me, expect me to behave irrationally to measure up
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Comments
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as far as i am aware they can't make you keep the bike at the end of the rental period.
you can get another bike on a new C2W agreement at the end of the rental period.Veni Vidi cyclo I came I saw I cycled
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My company has stopped the CTW scheme after the tax ruling saying that they don't think anyone would want to do it....http://www.georgesfoundation.org
http://100hillsforgeorge.blogspot.com/
http://www.12on12in12.blogspot.co.uk/0
