Archived News November, 2012

Tax questions 19th November 2012

I am a local farmer and would like to know about grants that are available to help us with pollution control. Is there any help to be had?

Currently if you apply for the ‘Glastir’ scheme there are different grants available depending on your circumstances. The grants are for slurry and manure efficiency, energy efficient and water efficiency of up to an upper limit of £50,000. There are also YESS grants available for young farmers of up to £15,000. In addition you may be eligible for enhanced capital allowances which could reduce your tax bill as well.

We have been asked by our employees about the ‘cycle to work’ scheme. We haven’t heard of it but they seem to be keen on getting fit. What does it involve?

Several years ago the Government announced the ‘Cycle to Work’ scheme to encourage more people to cycle, which would reduce car usage and get people exercising. To qualify for the scheme, all employees must be eligible and the bicycles need to be used mainly for work journeys. In practice the employer will buy the bicycle and loan it to the employee for a set amount which is taken as a salary sacrifice from their pay. As this is a tax free benefit, the employee saves PAYE and National Insurance, while the employer will also save National insurance and will be able to claim capital allowances on the bike. At the end of the loan period the employee may be offered to purchase the bike from the employer at its market value, with no additional tax consequences.

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