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


Answers:

Petrusclavus:  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).
2011-06-02 09:56:44
Chosen Answer
Zarg222:  yuo will have to pay cash or get a loan
2011-06-02 10:41:27