Self Employed Savings when buying a bike

pmob1
pmob1 Posts: 2
edited April 2011 in MTB buying advice
Hi there,

Has anyone any tips or suggestions for making it possible to save similar money to the Cycle To Work Schemes for people who are self employed?

Any thoughts welcomed.

Regards

PMOB

Comments

  • CraigXXL
    CraigXXL Posts: 1,852
    Only way I can think of is either claiming capital allowances by using 100% annual investment allowance on it by classing it as a business asset would need to justify it by saying that you use for deliveries, going to meetings etc. Write it off with 3 years flat rate depreciation and scrap it after that :wink:

    Other method would be to charge mileage at HMRC rate of 20p per mile but that would take a while.
    GT Force 1.0

    Evil Sovereign
  • Deputy Dawg
    Deputy Dawg Posts: 428
    With the final valuation fees cycle to work seems to calculate, a credit card with a nice interest free period for purchases would get somewhere close.
    Statistically, Six Out Of Seven Dwarves Aren't Happy
  • cavegiant
    cavegiant Posts: 1,546
    I love charging 20p per mile, that is the best idea I have ever heard.
    Why would I care about 150g of bike weight, I just ate 400g of cookies while reading this?
  • The Rookie
    The Rookie Posts: 27,812
    Deputy Dawg wrote:
    With the final valuation fees cycle to work seems to calculate, a credit card with a nice interest free period for purchases would get somewhere close.
    But the FVF is paid by the self employed - to himself, so FVF is irrelevant to the self employed.

    Just get 'your company' to use a C2W supplier fo your choice, you'll pay a little out in fees but they'll suck up all the admin costs.

    Simon
    Currently riding a Whyte T130C, X0 drivetrain, Magura Trail brakes converted to mixed wheel size (homebuilt wheels) with 140mm Fox 34 Rhythm and RP23 suspension. 12.2Kg.
  • alfablue
    alfablue Posts: 8,497
    The Beginner wrote:
    Deputy Dawg wrote:

    Just get 'your company' to use a C2W supplier fo your choice, you'll pay a little out in fees but they'll suck up all the admin costs.

    Simon
    No need to use a C2W company - they will charge the shop 10% and limit your chance of getting a bargain. All the admin is done at the employers end anyway, C2W schemes get money for old rope!
  • M.C.
    M.C. Posts: 28
    Not sure how it works for self employed, but bikes for employees are a legitimate tax deductable purchace for any company, no need for any scheme, but the bike does remain the property of the company.

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