WHAT IS THE CYCLE TO WORK SCHEME?
The cycle-to-work scheme is a scheme that allows employers to provide an employee with a bicycle and/or cycle safety equipment without the employee being liable for the benefit in kind taxation. Below, we will answer some of the frequently asked questions you may have regarding the process.
Q : HOW DOES THE CYCLE TO WORK SCHEME WORK?
As stated above, the cycle to work scheme, also known as the bike to work scheme, is a tax benefit scheme utilised by employees of companies in Ireland. The main idea is to incentivise their employees to cycle to work. Under this cycle-to-work scheme, employers pay for the new bicycle purchased by employees (including bike accessories). The scheme may also be implemented under a salary sacrifice arrangement through the employee’s payroll (in a similar manner to the existing Travel Pass Scheme). Under such agreement, the employer provides the bicycle and/or safety equipment to the employee who agrees to forego or sacrifice part of his or her salary every pay period (weekly/fortnightly/monthly as the case may be), in order to cover to cost of the benefit. Also, you are not liable for any PRSI, tax or universal social charge on your bike repayments
Under this cycle to work scheme, employers will pay for the employees' bikes, and then the employee repays the bike cost in small monthly payments deducted from their savings.
The process of claiming a bike under this scheme is simple :
- The workplace registers for the cycle to work scheme
- Employees select the bike and accessories that they want
- The employer pays for the bike
- Employees pay their employer the funds back through regular instalments collected through payroll.
For e-bikes or pedelecs safety gear, the specified limit is €1,500, which is what we offer at Technology Cafe Navan.
Q : WHAT BIKES AND BIKING GEAR CAN BE INCLUDED IN THE SCHEME?
Standard and electronic bikes are principally included in this scheme. However, this scheme does not cover scooters, motorcycles or mopeds. The biking gear included in this bike to work scheme includes the following:
- Bike helmets
- Bulb horns and bells
- Mudguards and mirrors
- Chains and locks
- Cycle tool kits and puncture repair kits
- Front and spoke reflectors
QUICK FACTS ON THE CYCLE TO WORK SCHEME:
- Save up to 51% off the price of a bike and equipment.
- Spending limit of €1,500 for electric bikes.
- Accessories and clothing can be included under the amounts above.
- Technology Cafe accept all forms of payment whether Voucher, Direct Payment, or up front payment - we'll look after and make the whole process easy for you.
CYCLE TO WORK SCHEME CONDITIONS
- The employer must purchase the bicycle and/or safety equipment.
- The tax-exempt benefit-in-kind for the bicycle and safety equipment will only apply where the employee agrees to use the bicycle to cycle to and from work or between workplaces. Under any salary sacrifice arrangement, the cost of the bicycle and/or safety equipment must be paid within 12 months.
Interested in availing of the cycle to work scheme? We can help you and it's very straightforward, contact us and tell us which of our electric bikes you are interested in purchasing.You can secure your bike with a €100 refundable deposit in store or call us on 046-9079946 to make payment by phone.
- We’ll email you an invoice to a maximum of €1500 to forward on to your employer
- Any balance above €1500 will need to be paid up front
- Once your employer pays for your bike in full we will send you a confirmation email
- We will then confirm a date for your bike to be delivered / collected.
- Don’t forget to enter your company's full name and address in the contact form so we can create the invoice.