April 7th, 2017

Can I claim for using a bicycle as my mode of business transport in my self-employed business?

The answer is yes and is based on the same principles as claiming for use of your own motor car in the business.

There are two methods of claiming for the expense, actual costs or HMRC approved mileage rates, currently 20p per mile for bicycles.  Whichever method you choose to use you must continue to use the same method over the life of the vehicle.

Actual costs can include the initial cost of the bicycle whereby you may claim capital allowances with a restriction for private use.  Running costs may also be claimed using the same private cost restriction and can include parts, maintenance, repairs, storage, protective clothing and headgear.

In both cases it is advisable to keep a mileage log which records for each journey (personal or business) the purpose of the journey, the date, the destination and the mileage undertaken.  This will be your evidence for verifying your private cost restriction or the mileage rate claimed.

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Alison obtained a First class degree in Accountancy and Management at UCLAN University. She then went on to qualify as a certified accountant in 2006 and became a founder member in 2011.

Alison trained at a practice in Liverpool and, within her 10 years there, she developed as an accounts manager and obtained a varied portfolio of clients which has provided her with a range of experience in accounts, audit, VAT and taxation.
Alison specialises in giving sound jargon-free advice to a range of small and medium sized businesses.

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