"Pete Whelan" <[email hidden]> wrote in message news:[email hidden]...
Quoted message said:
David Martin said:
Richard Lucas said:
On Fri, 22 Jul 2005 00:09:50 GMT, Centurian_Oooyabass wrote:
>Anybody here actually got their employer to take part in the BOOST >Scheme .. >attitude of mine is "there no such thing as a free lunch, end of story" > >Thanks.
Could you explain the BOOST scheme?
IR176 is the appropriate reference for the inland revenue.
In practise the employer can buy a bike (or computer) for the employee. The employee can then pay for this out of gross salary (technically known as a salary sacrifice). After a period of time the employee can purchase the item from the employer for it's residual value.
Benefits: 1. You don't pay income tax/NI on the portion of salary sacrificed. 2. You don't pay tax on the benefit of having the bike (it is specifically excluded) 3. The employer doesn't pay NI on the cost either 4. Depending on the employer you may not have to pay VAT either (except on the final purchase which can be written down to near zero after an appropriate length of time. the rules changed for this to allow standard depreciation rather than actual market value to be used.)
Disbenefits: 1. A tiny bit of admin once the scheme is up and going.
In theory the uni here have the scheme being rolled out for computers, so extending to bikes should be trivial.
..d
and the company I work for has rejected the scheme on the grounds that it can't make any profit out of it (it appears to be successful with the computer version of this scheme)
The company I work for rejected it on the grounds they/you (not sure which) couldnt prove you used it for commuting to work and so the IR would get all antsy about it. Pity as it would have got me a nice touring bike for 1/2 price and also at an unnoticeable low sum every month (50% of bike retail price divided by 36)
BTW, IIRC its booost, e.g 3 O's.
-- Tumbleweed
email replies not necessary but to contact use; tumbleweednews at hotmail dot com
In message <[email hidden]>, Centurian_Oooyabass <[email hidden]> writes
Quoted message said:
Anybody here actually got their employer to take part in the BOOST Scheme .. attitude of mine is "there no such thing as a free lunch, end of story"
Last year shortly after I found out about it I sent my HR director the link for BOOOST and the other one - was it an Inland Revenue (or HMRC, now, I think).
It was announced at a staff meeting a couple of months later - in a tone of disbelief that anyone at work would actually want to obtain a bike or computer on the cheap - but not a word has been uttered about it since.
Possibly would require too much non-fee earning time (like they earn fees) by some junior in HR to investigate it further.
-- congokid Good restaurants in London? Number one on Google http://congokid.com
"Pete Whelan" <[email hidden]> wrote in message news:[email hidden]...
<snip ir176 discussion>
Quoted message said:
Quoted message said:
The company I work for rejected it on the grounds they/you (not sure which) couldnt prove you used it for commuting to work and so the IR would get all antsy about it. Pity as it would have got me a nice touring bike for 1/2 price and also at an unnoticeable low sum every month (50% of bike retail price divided by 36)
IR guidance on this is pretty clear (sorry, dont have a ref to hand). They will not require any evidence and will not ever investigate unless there is overwhelming evidence of systematic abuse. My company rejected it initially because they had concerns about the residual value at the end of the lease period. I haven't asked again yet since this was clarified at the last budget
<[email hidden]> wrote in message news:[email hidden]...
Quoted message said:
Tumbleweed said:
"Pete Whelan" <[email hidden]> wrote in message news:[email hidden]...
<snip ir176 discussion>
Quoted message said:
Quoted message said:
The company I work for rejected it on the grounds they/you (not sure which) couldnt prove you used it for commuting to work and so the IR would get all antsy about it. Pity as it would have got me a nice touring bike for 1/2 price and also at an unnoticeable low sum every month (50% of bike retail price divided by 36)
IR guidance on this is pretty clear (sorry, dont have a ref to hand). They will not require any evidence and will not ever investigate unless there is overwhelming evidence of systematic abuse.
Thats what I said but without a reference I was wasting my breath.
-- Tumbleweed
email replies not necessary but to contact use; tumbleweednews at hotmail dot com
