New HMRC guidelines on the operation
for Cycle to Work schemes

HMRC have just published new guidelines on the ‘Fair Market Value’ of bikes when ownership is transferred from employee to employer and includes a matrix for valuation. These guidelines are available on the HMRC website.

OnYourBike have always recommended continued use for no further payments at the end of the initial hire period. This remains unchanged and will continue to be our recommendation. There is no change to the great savings received by employees.

OnYourBike welcome the clarification received from HMRC and will continue to support employers with end of period administration and employees leaving the business. The new valuation matrix will provide compliant fair market values for payment by employees or P11D administration.

To discuss this further please get in touch.

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