 Photo by Max Bender on Unsplash | Cycling to work isn't such new a concept, but of late, and with workplaces adapting to new ways of working, it has become a popular choice for many of us. So how might this relate to accounting and how might it affect you? |
If you as an employer lend cycles or cyclists’ safety equipment to employees the benefit of this is exempt from tax on employment income if the following are satisfied:
HMRC do not expect employees to keep detailed records of time spent cycling or miles travelled for the purpose of quantifying ‘going to work’.
It also appears that the £1,000 limit might have also been taken away but electric cycles are included.
- the cycles or equipment are available generally to all employees of the business and
- the employees must use the cycle or equipment mainly for going to work and leisure use is permissible by the employee or their family
HMRC do not expect employees to keep detailed records of time spent cycling or miles travelled for the purpose of quantifying ‘going to work’.
It also appears that the £1,000 limit might have also been taken away but electric cycles are included.
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