Is the bike to work scheme still in operation in Ireland?
As an employee you can use the scheme once every 4 years. The four-year span between tax breaks is counted by tax year. If you bought a bike in 2017, regardless of the month, you could buy a new bike and avail of the next tax relief in January 2021.
How much do you pay on the bike to work scheme?
You only pay Income Tax (IT), Universal Social Charge (USC) and Pay Related Social Insurance (PRSI) on the balance of your salary. Your employer may buy the bicycle and not require you to pay for it. In this case, you will be exempt from tax on the benefit of the cost of the bicycle up to €1,250.
How does the bike to work scheme work for employers?
Cycle to Work Scheme for Employers You recover the cost of the bike from the employee using Salary Sacrifice. This means that the employees saves up to half of the retail price of bike and equipment, and your company also makes a saving of 10.75% on Employers’ PRSI contributions.
Is there a limit on bike to work scheme?
The cycle to work scheme does not necessarily have a limit. This is to ensure riders can get the exact bike they need to improve their commute, for example: you may need an e-bike to beat the hills or arrive at work sweat-free, or. you might need a specialist bike that suits your body type or any disabilities you have.
Do you pay VAT on bike to work scheme?
Value-Added Tax (VAT) on bicycles or safety equipment purchased. You must pay VAT on bicycles or safety equipment purchased for your employees. You cannot claim VAT back as the equipment is not used for the purposes of taxable supplies.
How long does it take to get a bike on cycle to work scheme?
3-14 days
The cycle to work scheme usually takes 3-14 days from application to redemption. The length of time it takes to go from doing your application to getting your bike and/or accessories can vary; many employees can collect their cycle to work packages directly after being approved.
Do employers benefit from cycle to work scheme?
Employers win big as well. Employers save up to 13.8% in National Insurance Contributions (NICs) for every employee who goes through the scheme. Employers also fully recover the initial cost of the bike, and gain a healthier, happier and more productive workforce too.
Can you add your own money to cycle to work scheme?
Can I top up the amount I spend with my own funds? The amount of money you spend must not be more than the amount of your cycle to work voucher. Unfortunately, you are no longer allowed to top up cycle to work scheme orders with your own money.
Which is the number one cycle to work scheme in Ireland?
Welcome to Bike To Work, Ireland’s number one Cycle to Work scheme provider, helping thousands of Employers to administer the scheme using Ireland’s largest nationwide network of over 350 Independent Bike Shops.
How does the bike to work scheme work?
Employers cycle to Work Scheme. Bike to Work Ltd offers employers a totally free service to help you take advantage of the Government initiative offering tax free bikes for work. Using the Bike to Work scheme, your company can purchase a brand new bike and safety equipment worth up to €1,000 tax free, for your employees.
How to apply for cycle to work scheme?
To apply for the scheme, your employer will need to be signed up to the Cycle2Work scheme. To find out if your workplace is taking part, please get in touch with your HR department who will give you all the information you need to apply. Do I own the bike straight away?
Where are the bike to work locations in Ireland?
Iain Cameron has years of experience in bicycle retailing. James Leahy is a Civil Engineer and Transport Planner who also campaigns for sustainable transport and streets for people. Address: Bike to Work 175 Ivy Exchange, Granby Place, Parnell Square West, Dublin, D01 Y070, Ireland