Cycling-mad staff at Bristol product design firm Crux have the use of new bikes to ride to work under a tax-efficient scheme introduced with the help of Bristol-based chartered accountancy firm Whyatt Pakeman Partners.
All directors and employees of the agency, based at Paintworks, are keen cyclists and Crux’s highest-profile design project so far is the hi-tech helmets worn by Britain’s multi gold-medal winning Olympic cycling team this summer.
When Whyatt Pakeman partner Richard Bunker found out all Crux staff cycled to work, he suggested the nine-year-old agency, which designs, engineers and develops products in the medical, computer and consumer goods sectors, use the Government’s Cycle to Work initiative. This gives staff the use of new bikes as a tax-free benefit in kind, which initially are lent to them but, after an agreed hire period, they can then buy them.”
Mr Bunker, who cycles to work himself, said: “By signing up to the scheme, employers like Crux can enable their employees to make substantial tax savings on bikes and associated equipment.
“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.
“It is particularly pleasing to help businesses to reduce their tax liabilities while also helping reduce the number of cars on the road.
“By helping Crux reduce its tax liabilities, we have been able to save it time and money, and so all its resources can go into the design of its innovative products.”
Pictured, Crux director James West, left, with Richard Bunker, tax partner at Whyatt Pakeman
