Cyclescheme brings HMRC value clarification to bike dealers

Jonathon Harker
Cyclescheme brings HMRC value clarification to bike dealers

Cyclescheme is rolling out a new flyer to provide further clarification of the Cycle to Work HMRC Value to dealers.

The mail out is the latest from Cyclescheme to clarify that last August’s HMRC rule change has not damaged the initiative, which has been seen as a key driver of cycle sales in recent years.

The flyer reads: 

  • “Hang on to the bike and you could end up paying even less than before.
  • There’s no downside to transferring ownership after a longer period.
  • A small, refundable deposit secures continued use of the bike, regardless of employment status.
  • You can get another bike as soon as your initial hire period is up (usually 12 months).
  • The new market value percentage charge includes VAT – the misconception is that you pay this on top.
  • Under the old rules you would pay five per cent plus VAT so an extended use term offers a good deal and the difference is a maximum of £10.
  • Savings in line with previous expectations.”

The rest of the leaflet can be viewed by downloading the flyer.

Dales Cycles said of the Market Value Clarification flyers: “These have been extremely well received by the management, staff and customers in the short time we have had them.

“It is great to have an official Cycle Scheme card to present to customers as the future market value issue is the main stumbling block for staff and customers.

“This issue is now addressed, clearly defined in an easy to understand format.”

For more information head to www.cyclescheme.co.uk

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