By Daniel Hunter
A Bristol-based chartered accountancy firm has helped employees at a thriving design business reduce their tax bills — while helping the environment at the same time.
Whyatt Pakeman Partners, based in Clifton, has worked with Crux Product Design Limited, to implement a Cycle to Work scheme.
Whyatt Pakeman partner Richard Bunker knew that the directors of the company were keen cyclists, and then found out that their employees were too — with all of them cycling to work.
With this in mind, Richard helped the firm, which designs, engineers and develops products in the medical, computer and consumer goods sectors, successfully implement the Government’s Cycle to Work initiative, enabling employees at the firm to have the use of brand new bikes as a tax free benefit in kind.
Richard said: “By signing up to the scheme, employers like Crux can enable their employees to make substantial tax savings on bikes and associated equipment.
“Initially the bikes are loaned to the employees, and then at the end of an agreed hire period, the employee pays a Market Value payment to make the bike theirs.”
“The scheme is great way for a company to save money for its employees while also helping to reduce their carbon footprint by cutting car journeys to work - and it really is the quickest way to get around central Bristol.” added Richard, who cycles to work himself.
“It is particularly pleasing to help businesses to reduce their tax liabilities while also helping to reduce the number of cars on the road.”
Crux Product Design, based at the Paintworks, off the A4, hit the headlines recently when they designed the helmets for team GB’s track cycling team.
“It’s been great to see Crux get involved this exciting project, which has been a real showcase for the work they can do”
“By helping the company reduce its tax liabilities, we have been able to save them time and money, and so all their resources can go into the design of their innovative products.”
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