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What does high offset mean?

If you are self employed, and want to buy a bike and buy now pay later, what does offset against tax mean?

  • Hello, I am self employed, and From halfords I want to buy a racing bike, but I asked can I buy now pay later? They said no take this leaflet and sign up to cycle2work, I did but you cant do self employed people, but they said, what you have to do is buy the bike then offset it against tax. I dont no what this means, And what you have to go through with halfords etc. Please can somebody help. Thanks Harley Robson

  • Answer:

    yuo will have to pay cash or get a loan

Harley Robson at Yahoo! Answers Visit the source

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They are totally wrong. Cycle 2work is an employer operated scheme -0 nothing to do with you. Unless the bike is "necessary" for your work you cannot claim it against tax. If it is a professional need (you're a bike courier maybe) then it could be a capital expenditure. If so phone HMRC and ask to talk to a tech. They just arent willing to give you credit (which is what buy now pay later means).

Petrusclavus

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