Cycle To Work scheme

durrus

My brother in law was telling me yesterday that the factory where he works are participating in this scheme - apparently you can save nearly half the price of a bike if you are a top rate taxpayer? You can choose a bike from wherever you like - even outside the country! - all you have to do is get an invoice made out to your employer and then they pay for the bike and you pay back your employer via a wage deduction. Anybody taken up on it?

ziedth

I deal with the lads in spokes a good bit through work and they are running this scheme so they were telling me. You should call into them and I'm sure they'll talk to through it.

Seems like a good deal to me though I can't make use of it seeing as cycling in 15miles to work wouldn't be nice.

gscully

durrus wrote: »

My brother in law was telling me yesterday that the factory where he works are participating in this scheme - apparently you can save nearly half the price of a bike if you are a top rate taxpayer? You can choose a bike from wherever you like - even outside the country! - all you have to do is get an invoice made out to your employer and then they pay for the bike and you pay back your employer via a wage deduction. Anybody taken up on it?

I'm not sure of all the ins and outs, but my job are participating in it. However, they will not just allow you to buy your bike anywhere. They already have to have an agreement in place with the vendor. You then go into that place, pick out your bike, get the invoice, return it to your place of work and they will then pay for the bike and any relevant safety accessories. My place will then deduct the balance over ten months from my salary. Obviously, you have to be on the higher tax to get the bike at almost half-price. So, a bike worth €1000 would cost you €520 over ten months (or €52 a month). I can't see the goverment allowing a bike to be bought from outside the country, so I imagine all employers will insist on having a selling agreement with the vendor.

durrus

Sorry to correct you but you actually can buy the bike outside the country if you wish - EU and all that. Not that you should, mind you, but you can if you want. Also, while companies may choose to have a preferred supplier, that is not part of the scheme. My brother in law had a Trek bike already and wanted another one, that's why he was looking to use Altitude instead of Spokes.

Cabaal

there's a few threads in the cycle forum on this, might be worth searching for them

It covers the whole thing in detail, there's also a website but can't remember the URL at the moment

durrus

Just found that website. www.bikescheme.ie

deise proud

as a worker in the city council i have availed of the cycle to work scheme and it is indeed at the employers discression as to where the bike is bought most employers will want to have the bike bought in the state as dealing with sterling and the like is an accounting nightmare. let alone a discrace to deal outside the city in these times.

great scheme get on your bike and get fit..

Quigs Snr

It is at the employers discretion. Technically the bike can be bought nearly anywhere but the company itself must purchase the bike and then deduct from salary, the employee cannot according to the scheme buy the bike themselves and claim a re-imbursement, therefore most companies will prefer to deal with local shops. Personally, in my place I am running the scheme and I don't care where they get the bikes so long as they fill out a form and come back to me with an invoice from the shop in question which we then pay.

Cabaal

Buying in Waterford is fine and well but money goes further on places like wiggle.co.uk

Aquos76

Not always the case, I am in the process of getting a bike built in Spokes in Waterford, and I am getting it cheaper that what it would cost me online, plus I am also getting a back up service with mine.

Something that should really be considered important when deciding on purchasing a bike, as much as I love cycling, when it comes to fixing things like slipping gears or a new spokes, then I am lost.

honeybadger

it is a good idea alright but those on the lower tax bands who probaly could do with it a bit more more cant avail of it or can they ?, and when you have the november mornings when its absoutley lashing(the same scenario applies all year round here in ireland lol) out will you still cycle to work,even if you have wet gear and a car in the garden or pay a taxi a tenner lol and imo theres only a small few handfull of dedicated people who will cycle to work rain hail wind and shine and cycle home again as from my experience its a lot of effort to get home espically if your are working hard all day or week,you would be only fit for the bed after it especially if your a late riser and have a 5 mile sprint ahead of you every morning just so you can clock in at 8.03am and not be docked a half hour wages or get a late strike against you

baronflyguy

honeybadger wrote: »

it is a good idea alright but those on the lower tax bands who probaly could do with it a bit more more cant avail of it or can they ?, and when you have the november mornings when its absoutley lashing(the same scenario applies all year round here in ireland lol) out will you still cycle to work,even if you have wet gear and a car in the garden or pay a taxi a tenner lol and imo theres only a small few handfull of dedicated people who will cycle to work rain hail wind and shine and cycle home again as from my experience its a lot of effort to get home espically if your are working hard all day or week,you would be only fit for the bed after it especially if your a late riser and have a 5 mile sprint ahead of you every morning just so you can clock in at 8.03am and not be docked a half hour wages or get a late strike against you

I wouldnt worry too much about cycling to work to avail of this. If your employer is willing to take part in the scheme then you are set. Just using the bike anytime is beneficial to you health. Realistically it isnt practical for everyone to be able to cycle to work but if this scheme gets people out and about then it is making a difference to irish society.

recharge

Does anyone know what tax banda you have to be on to get on the scheme??? Seriously thinking of doing it

Quigs Snr

It doesn't matter. Everyone is eligible, however if you are on 20% tax, thats how much you get back, if you are on 41%, thats how much you get back.

i.e. if you get a bike for 1000 and you are on the lower tax bracket it costs about 800ish, actually less I think since the deductions are from gross pay so you should avoid PRSI of about 6% on that, so more like 740 I think. On the higher band, you get the same 1000 euro bike for about 520ish.

recharge

Thanks for the reply. Is this then payed over a 12 month period do ya know?

durrus

Yeah, maximum 12 month timeframe for the payback.