All Tax-efficient benefits articles – Page 23
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Case Studies
Octopus reaches out for bikes for work take-up
?When Lisa Hamill joined marketing and PR company Octopus Group as HR director two years ago, she set out to revive the firm’s salary sacrifice bikes-for-work scheme.The company started promoting the scheme in March 2011 as the weather improved, using its intranet to explain how it worked and outline the ...
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Analysis
Make the most of bikes-for-work schemes
If you read thing else, read this…Bikes-for-work plans have tax and national insurance efficiencies, but take-up can vary between 2% to 20%.Employers can make a scheme more appealing by introducing measures that make it easier to cycle to work, such as bike-parking facilities and onsite showers.Promoting it alongside wider initiatives, ...
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Analysis
Safety is priority with bikes for work
If you read nothing else, read this... Employers should ensure they use a reputable bikes-for-work provider. Promoting awareness of the importance of safety equipment and cycle safety should be part of the launch of a scheme. Unless an employee uses their bicycle for work purposes, it is unlikely a case ...
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Article
Marshall Aerospace sees rise in bikes-for-work scheme take-up
Marshall Aerospace has seen the highest take-up of its bikes-for-work scheme since it was launched two years ago.Take-up rose by 63 employees in June, bringing the number of staff using the scheme to 275, around 17% of the aircraft manufacturer’s 1,600-strong workforce.The scheme, provided by Halfords, enables employees to pay ...
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Article
Buyer's guide to bikes-for-work schemes
Key factsWhat are bikes-for-work schemes?These are tax-free loans that can be operated under salary sacrifice. Employers buy the bike for an employee and the amount is deducted in equal instalments from gross salary. Staff make savings off the retail price of a new bike as a result of tax and ...
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Article
HMRC confirms VAT charge on bikes-for-work schemes
HM Revenue and Customs (HMRC) has confirmed that bikes-for-work schemes offered through salary sacrifice arrangements are liable to a VAT charge to employees.†The ruling is in response to a recent European Court of Justice judgement. The charge is to take effect from 1 January 2012.HMRC said employers that provide bikes ...
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Article
HMRC research: Employees are donating more money to charity
Figures from HM Revenue and Customs (HMRC) show that employees taking part in workplace giving schemes are giving more.During 2010 employees were giving £8 million more than they did the previous year and the average monthly gift also therefore grew from £12.20 in 2009 to £13.19 in 2010/11.†However, there has ...
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Article
Dun and Bradstreet opens quarterly enrolment for bikes-for-work scheme
Dun and Bradstreet’s (D&B) Irish office has introduced a quarterly enrolment period for its bikes-for-work scheme.The scheme launched in January 2011 with the firm’s flexible benefits plan through provider Benefex.It was previously only open for enrolment twice a year.D&B’s Irish operation has grown steadily since it was formed in May ...
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Article
Zenith Provecta introduces bikes-for-work scheme for staff
Zenith Provecta has introduced a bikes-for-work scheme for its employees.The scheme, which is provided by Edinburgh Bicycle Co-op, has been rolled out as part of the organisation’s corporate social responsibility (CSR) policy. It is available through a salary sacrifice arrangement.Through the scheme, employees choose a new bike, which is purchased ...
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Article
H2 Bike Run launches fitness club aimed at London commuters
A private members club called H2 Bike Run has opened its doors. Targeted at London commuters who run, cycle or walk to work, it can be included in an organisation’s health and wellbeing offering to its staff.The core idea behind H2 is to find a solution for commuters who care ...
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Article
Browne Jacobson introduces bikes-for-work scheme
Browne Jacobson has introduced a bikes-for-work scheme as part of its initiatives to promote health and wellbeing, and to support environmental issues.The new scheme, launched at the beginning of March with Evans Cycles, gives the law firm’s 440 eligible employees the chance to choose and purchase a new bike through ...
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Article
Budget 2011: Abolished tax reliefs include meals for bikes for work and luncheon vouchers
The government intends to abolish 43 tax reliefs whose rationale is no longer valid based on the recommendations of the Office of Tax Simplification’s (OTS) review of tax reliefs, and continuing work from HM Revenue and Customs,.According to Chancellor George Osborne, this will help to reduce complexity, be efficient and ...
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Article
Cycle to Work Alliance research: Bikes-for-work schemes improve employee engagement
The majority (89%) of employers believe bikes for work is an important tool for improving employee engagement and 98% of employees said they would encourage their colleagues to take part in the scheme.The Cycle to Work Alliance’s Behavioural Impact Analysis, which had over 44,500 respondents, examined the benefits of the ...
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Article
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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Article
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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Article
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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Article
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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Article
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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Article
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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Article
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 ...