Self employed help re buying bike

claraB

Hi

im sure this has been asked but I couldn't find it in search...as employee you can do Cycle to Work scheme but as self employed is there an alternative.

I am a personal trainer so could it be classed as an expense even if its mostly for personal use?

any help would be much appreciated.

Pennywise

No, for a sole trader, you can only claim the business use proportion of the total costs. So if you use it for say 10% of the time, then you can only claim 10% of the costs.

spadoosh

You can manage business expenses and income to clear more margin and thus disposable income to purchase a bike.

What do you want, a bike or a tax break?

claraB

Want a new bike but just wondering if I could be more savvy when buying it in some way!

Thanks 😀

spadoosh

claraB wrote: »

Want a new bike but just wondering if I could be more savvy when buying it in some way!

Thanks 😀

You wont get more savvy than a second hand one. Cycle to work scheme will save you about 30% on the RRP of a new bike. (bear in mind you only own it after its paid for, typically 12 months)

A 12 month old bike will save you about 50% of the RRP.

Obviously it depends on the bike, its components, its wear etc. But youll find a lot of 12 month old bikes have hardly been used.

You got any ideas for the bike youre after?

claraB

i've not really looked yet to be honest. I have a basic road bike at the moment so will be looking for an upgrade on that.

TheCyclingProgrammer

Buy the bike personally, claim mileage for any business miles you do (IIRC it's 10p/mile).