BIKE TO WORK SCHEME
Using the Bike to Work scheme, your employer can help you obtain a brand new bike and safety equipment worth up to €1,250 for bikes and €1.500 for e-bikes. Save up to 52% of the cost of your new bike (including electric bike) and accessories.
- Workers in the high bracket save 52%
- Workers in the lower bracket save 31%
How to participate?
Once your employer decides to take part, they simply pay for the bike and equipment of your choice on your behalf, and off you go. Your Employer will inform you how the payment will work exactly, whether they buy the bike outright or it operates under a "salary sacrifice" arrangement, but either way, you save on Tax!
It is quick & easy to participate in the scheme. There are no Government forms to fill out. However, your employer does have to maintain the normal records such as invoices and payment details associated with buying the bike.
Cycling is a great form of exercise and by cycling to work, you'll make sure you stay active and get good exercise every day without using up any more of your valuable time. Cycling keeps you fit, it's fast, cheap and reliable - and it's great for the environment.
How do you buy a bike on the scheme?
1. Drop-in and have a chat with us about which bike would best suit your application and get sized up.
2. Once you decide on a bike, we will give you an invoice for the bike and accessories.
3. Hand the invoice into your employer.
4. Once we have received payment you can come and collect your new bike.
5. Over the coming year, your employer will deduct the cost from your gross wage over an agreed period of time.
What sort of equipment is covered by the scheme?
Bike to work scheme covers a wide range of cycling gear and cycling equipment, pretty much everything you would need.
Things that include the scheme are helmets, lights, locks, carriers, panniers, vests, puncture kits repair, clothing, pumps, bells, reflectors, mirrors amount others.
FREQUENTLY ASKED QUESTIONS
Who is entitled to use the Cycle to Work Scheme?
Under the initiative, salaried employees who are employed and paying PAYE tax in Ireland.
Is there any limit on the price of the bike I can obtain?
Yes, there is a limit on the price of the bike. You will only be able to obtain tax relief up to a maximum of €1.250 for bikes and €1.500 for e-bikes. For more expensive orders you can pay the balance directly to the shop.
How do I go about getting a tax-free bike through the Cycle to Work Scheme?
• Visit our shop to choose your bike and equipment. We can also email you all the completed forms.
• Print off a purchase agreement and forward it to your employer's HR office.
• Once payment is made for the bike package by your company you can contact the bike shop and organize the collection of your goods.
What is the payback period?
Up to 12 months depending on the options that your employer provides.
How many times a week do I have to use the bike for work?
There is no requirement for you to cycle to work for a specified number of days throughout the year and there is no special requirement for you to record your trips. The scheme does require that the bike is mainly used by you to travel to work. You can also use the bike for leisure at weekends and on holiday.
How much will I save?
It depends on your tax rate - you may save up to 52%. So, for example, a €500 purchase could cost you as little as €240 or €4.62 a week!
I want to join the scheme, what next?
Visit our shop and follow the steps set out above to process your order. You can also contact us by phone or email and we will send you all completed forms within minutes.