All Tax-efficient benefits articles – Page 22
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Lloyds Banking Group increases bikes for work take up
Lloyds Banking Group has increased take up of its bikes-for-work scheme.The bank, which owns Lloyds TSB and HBOS, set up its scheme through Halfords in 2006.In the first year 146 staff signed up and that has risen to 906 this year, an increase of almost 10% on 2010.The scheme enables ...
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Employers use new bikes product to ensure compliance
Associated British Ports, Avon and Somerset Probation Trust and Spire Healthcare are implementing a new Halfords bikes-for-work product.The plan, developed with HM Revenue and Customs and a tax adviser, ensures employers comply fully with the transfer-of-ownership regulations at the end of the hire period.It can be tailored either to extend ...
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Co-operative Employee Benefits launches bikes-for-work scheme
Co-operative Employee Benefits is launching a new bikes-for-work scheme to run alongside its existing childcare voucher product.Bikes for work, the government-supported initiative, allows employers to purchase a bike and accessories as chosen by an employee who then hires it from the employer over 12 or 18 months.The payment comes directly ...
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Debi O'Donovan: Don't put the brakes on bikes-for-work schemes
In recent months, several benefits and HR managers have pulled their bikes-for-work schemes because of HM Revenue and Customs’ rules on how bicycles should be valued at the end of the loan period.This is a sad state of affairs for a good benefit that, although taken up by very few ...
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Siemens axes bikes for work but adds gym membership
Siemens has removed its bikes-for-work scheme from its flexible benefits plan for the latest enrolment period.It took the benefit out of the scheme following HM Revenue and Customs' clarification of what constitutes a fair market value at the end of a bicycle's loan period, which has caused some problems for ...
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Bikes-for-work schemes back on road after HMRC clarification
BP and BNP Paribas are two of the employers that have reintroduced bikes-for-work schemes since HM Revenue and Customs (HMRC) issued clarification on valuing bicycles at the end of the loan period.Richard Grigsby, director of Cyclescheme, said: "HMRC has provided some clear information but some employers have had a bit ...
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The BOC Group achieves good bikes for work take up
The BOC Group has achieved a 4% take up of its cycle-to-work scheme since it was launched in May. This is †double the average scheme take up of 2%.The scheme was launched after a ‘Green Ideas At Work’ campaign highlighted employees desire for a green way to commute to work.As ...
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Halfords employees take part in charity bike challenge
Over 400 Halfords employees took part in a cycle relay challenge across the UK to raise money for Macmillan Cancer Support.The Halfords Charity Bike Challenge commenced on 14 April in Halfords most northerly store in Elgin, Scotland, and was completed on 31 May in Penzance, the most southerly store.Each of ...
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Enterprise Rent-A-Car introduces bike scheme
Enterprise Rent-A-Car has introduced a cycle-to-work scheme and discounted retail vouchers for its 2,000 full-time staff.Through the cycle-to-work scheme, staff can save 40% on the price of their chosen bike if they are a basic-rate taxpayer and 49% if they are a higher-rate taxpayer.Donna Miller, HR director for Europe, said ...
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Eversheds launches bikes for work scheme to promote wellbeing
Eversheds has launched a cycle to work scheme to boost its green credentials and promote healthy living among its workforce.The law firm set the scheme live in May, after employees expressed an interest in cycling to work. Around 2,700 of the firm's 3,600 staff members are eligible to take part ...
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Centrica adds bike plan to help staff cut CO2 output
Centrica is launching a bikes-for-work scheme to its 30,000 staff on 5 June, to coincide with World Environment Day.The energy firm is hoping that the new perk will encourage more employees to cut their carbon footprint by cycling to work as opposed to taking the car or another mode of ...
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Sony Pictures Entertainment launches bikes-to-work
Sony Pictures Entertainment has launched a bike-to-work scheme this month and is also considering introducing matched contributions to its existing payroll giving scheme.The bike launch is being used to promote an environmentally-friendly culture at the organisation.Roger Fairhead, vice president of international compensation and benefits, said: "This is to promote health ...
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Crack-down on bikes by HMRC?
HM Revenue & Customs (HMRC) is set to investigate and make an example of employers that run tax-efficient bike-to-work schemes outside of the rules, according to one tax expert.Staff must use their bike for at least part of the journey between home and work, or between workplaces, and it is ...
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Brighton & Hove City Council introduces bikes-for-work
Brighton & Hove City Council has introduced a cycle-to-work scheme for its 9,000 employees.Working on a salary sacrifice basis, the scheme gives each employee opportunity to receive tax and national insurance relief on the portion of their salary that they put towards the bike.Helen Marshall, travel plan officer, said: "We ...
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CAA refines strategy and provides a bike scheme
The Civil Aviation Authority (CAA) has launched a cycle-to-work scheme this month after requests were made for the benefit following staff surveys.Employees were asked what benefits they wanted as part of a feasibility study into a flexible benefits scheme. However, the CAA has decided not to go ahead with flex ...
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McDonald's staff purchase discounted bikes
Employees at McDonald's have bought more than 650 bikes through its cycle discounts scheme, which closed last month.Staff were able to purchase discounted bicycles and accessories for themselves, as well as for family and friends through the 'On your bike' scheme which was open for two months from 1 May.Approximately ...
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Firms launch schemes to coincide with Bike Week
A number of employers are set to launch cycle-to-work schemes to coincide with Bike Week.North Wales Fire and Rescue plans to use the week, from 16-24 June, to highlight the launch of its scheme which is provided by Halfords.Peter Jones, health and safety manager, said: "Bike week lets us give ...
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Product in focus: Bikes-for-work
Apart from being eco-friendly and a healthy source of cardiovascular activity, cycle-to-work schemes also bring tax benefits, says Debbie LovewellArticle in fullBicycle loans, or bikes-for-work schemes, are a government-supported initiative designed to promote greener transport options.They are mostly operated through a salary sacrifice arrangement, whereby employees agree to give up ...
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Strathclyde fire service launches bikes-for-work
Strathclyde Fire and Rescue is launching childcare vouchers and bikes-for-work for its 3,500 staff.Europe’s second largest fire authority is set to introduce childcare vouchers later this month to help employees maintain a work-life balance. Elinor Walton, human resources adviser, said: “We have sent communications out to say that childcare vouchers ...