What is the time period for running an HCI scheme?
There is no fixed time scale for an HCI loan. There are many variations to an HCI scheme depending on the cost of the PC package and whether you decide to buy and loan the items or never take ownership, but engage in a leasing arrangement. Here are some examples: i – If you purchase the PC, the scheme can last for a number of years but the benefit in kind is calculated as 20% of the value of the asset each year. That 20% therefore has to be below 500 in value. So for example the employee can be loaned equipment up to the value of 2500 since 20% of that value equals 500, the tax exempt limit. A cheaper package may suit both you and your staff, but the benefit- in-kind to the employee for a purchased PC is still 20%. ii – The alternative is to lease the PC package. Under arrangements you agree with the leasing company, the full leasing cost can be 500 per year. So, a 1500 PC package can be leased over three years (including the leasing interest cost) and this can be recuperated through a
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- Does HMRC require an employee to sign up for a salary exchange scheme for a set period of time, or can they opt in and out?
- What is the time period for running an HCI scheme?