All Tax-efficient benefits articles – Page 23
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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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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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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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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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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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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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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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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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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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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 ...