Can anyone list all journals required to account for cycle to work scheme procedure please. I found nothing on internet covering everything in one place. Also it looks like everyone has his own treatment. Would be good to see all of the journals possible including depreciation, loss or gain on sale of the bike at the end of the year, what payroll journal will look when the scheme kicks in; savings to employer/ee etc. (all from purchase to sale of the bike)
Let's say the numbers and conditions are as follows.
>Cost of bike £1500+£300 vat
>Employees must buy the bike at the end of the year to fully reimburse the inital cost to employer.
>Normal wages to emplyee is £800 monthly (£9600 a year)
>Monthly repayment through salary sacrafice £100+£20vat (£1200+£240vat a year)
Thanks in advance!!!