Author Topic: Cycle to Work Scheme  (Read 11457 times)

Swislon

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Cycle to Work Scheme
« on: November 17, 2006, 02:07:25 pm »
Has anyone participated in the Cycle to Work Scheme ?
Do self employed (Sole trader and Partners) know that they can also participate ?
If VAT registered then the VAT can be reclaimed and the net (gross if not registered) can be added to assets to claim capital allowances and reduce your tax bill. A great reduction in the price of your new bike and helps get more cyclists on the road.[:D]
Cheers

Arnaud

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Re: Cycle to Work Scheme
« Reply #1 on: November 18, 2006, 12:20:34 am »
Don't try this Down Under !
In Australia expenses incurred traveling to and from the workplace are not tax deductible. On the other hand a salesperson visiting his/her clients using a pushbike would be entitled to claim all expenses. A very unlikely occurence in this vast country where summer temperatures regularly exceed 40C.
If I was running the show I would offer a subsidy towards the purchase of a bicycle; $50 up front and $150 after twelve months, provided the claimant can pass a basic fitness test.Over time this would prove much cheaper than the existing system where bad food production is subsidised (sugar...), people are allowed to let their health deteriorate and then have to be patched up at great expense in Public Hospitals.Sounds elitist but I fear the future where economic progress will make it possible for large numbers of people in China and India to swap their pushbike for a small three or four cylinder car.