Halfords has launched a unique choice of easy to implement Cycle to Work end of hire term solutions for employers.
The new solutions provide employers with absolute certainty that the handling of transfer of ownership will be fully compliant with all the latest HMRC guidance. Also that it will protect and in many cases enhance the substantial savings available to scheme participants.
Commenting, Charles Ashwell said, “We have designed new arrangements that make Cycle to Work an even more attractive benefit for employers and employees. Employers we are speaking to about the new solutions are very enthusiastic; they love the simplicity, the absolute certainty on the transfer process and the enhanced savings for participants. “
Halfords offers customers the choice of a fully managed end of hire-term process or supporting employers in doing it for themselves. Unlike most scheme providers Halfords has worked directly with HMRC and a leading UK tax advisor to develop a choice of fully compliant solutions.
Rather than a “one size fits all” approach the solutions are easily tailored to meet the specific requirements of any organisation. The two most popular are:
1. Extending the hire period from one year to up to five years with a notional or even nil transfer value at the end of the period
2. P11D declaration of the end of hire term value as a benefit in kind which can then be taxed at marginal tax rate.
Employers are positively embracing Halfords C2W solutions. Linda Henry, Group Personnel Manager at Associated British Ports said “Halfords’ Cycle to Work end of hire term processes bring clarity on the question of transfer value. They have designed solutions that mean we can offer a significant employee benefit through a hassle free process.”
Richard Rankin, Managing Director of leading benefit provider, Team Rewards said “It’s clear that employers welcome the solutions now available form Halfords which offer clarity and simplicity through their fully supported service”.
Charles Ashwell adds “The unique choice offered by Halfords reinforces our Cycle to Work scheme as the UK’s most compliant. Our processes deliver the best savings for employees and are the simplest to administer for participating companies.”