Bike to Work scheme - the Megathread - Read post #1 before posting

Beasty

CramCycle wrote: »

Evans are closing down in a day or two I thought?

Are they? No sign of that on their website and they are still taking orders. Was in their shop at Manchester velodrome yesterday and no hint of closing

magicbastarder

Looks like Halfords may have come to the rescue.

CramCycle

Beasty wrote: »

Are they? No sign of that on their website and they are still taking orders. Was in their shop at Manchester velodrome yesterday and no hint of closing

I love the way the first news story is about the struggle of the retailer from mainstream media. First cycling news site is how to gouge them for the best deals, we are so nice :pac:

Raam

Rock Paper Scissors wrote: »

Apologies if this has been asked already guys is the bike to work scheme only available when buying a bike in ireland?


I found a nice bike on evans cycles UK but from looking at their website, I can only see information on the english ride to work scheme


Is there any way I can buy a bike on evans cycles under the bike to work scheme and if so, how would I go about it?


I have just emailed them and am waiting for a reply, I thought someone on here might have experience buying a bike from the UK or somewhere else under the Irish bike to work scheme


any info greatly appreciated

Evans don't need to know (and won't care) if it is BTW. If done the simplest way, you show your employer the price and they pay for it. You arrange the pay back with your employer. I have done this with Evans.

Beasty

magicbastarder wrote: »

Looks like Halfords may have come to the rescue.

Even if they have it may only be a temporary reprieve. Bricks and mortar shops are under increasing pressure in the UK with some significant recent casualties due to difficult trading conditions. I suspect supermarkets and possibly fashion shops may remain a significant presence on the high street, but a lot of retailers will need to re-invent themselves as online businesses to survive long-term.

54and56

Forgive me for asking an obvious or stupid question but if I last bought a bike on the bike to work scheme on July 1st 2014, when is the next date I can purchase a bike on the scheme?

My bike is a bit shook and rather than pour big money into maintaining a knackered bike I'd like to know when I can buy a replacement. I'm hoping it's January 1st as they would be the start of a 5th tax year after 2014 if I you count 2014 as year one.

Wanderer78

Je_suis_Jean wrote:

My bike is a bit shook and rather than pour big money into maintaining a knackered bike I'd like to know when I can buy a replacement. I'm hoping it's January 1st as they would be the start of a 5th tax year after 2014 if I you count 2014 as year one.

Is this the bike you bought in 2014?

54and56

Wanderer78 wrote: »

Is this the bike you bought in 2014?

Not quite sure what you mean but the bike i bought on July 1st 2014 has had a lot of use and I'd like to upgrade.

Beasty

It's the 5th tax year after your prior purchase. Your current one started in 2014, and under tax rules you qualify again on 1 January 2019. Of course your company rules may not align with this (they could specify a minimum 5 year period for example, which would make it the 5th anniversary of your prior purchase)

Idleater

I believe it's 5 tax years, so you availed of it in 2014 so tax year 2019 would be outside that.

Wanderer78

Je_suis_Jean wrote: »

Not quite sure what you mean but the bike i bought on July 1st 2014 has had a lot of use and I'd like to upgrade.

jaysis, you must have been clocking in some miles for the bike to be toast, fair play

Mc Love

Decided to go for the Kellys Cliff 30 today, its all I really need for the 5k e/w trip in to work.

54and56

Wanderer78 wrote: »

jaysis, you must have been clocking in some miles for the bike to be toast, fair play

Well it's not exactly toast but has definitely got a lot of wear and tear on it.

Beasty

Would have thought that many people would look to upgrade their commuter as soon as they can under the scheme. No harm in keeping the old one as a spare, and the tax savings provide a discount that you are unlikely to find anywhere else

mad turnip

Hi All,

I read through the bike to work information and its not overly clear on the situation that happens when you leave the job. Are the tax savings lost if you leave prior to the bike being fully paid off? It states you must pay the remainder that you owe but not much about the tax in this situation.
Since its towards the end of the year, if I've paid enough tax can I pay the bike off in one lump payment?

Usually your employer pays the supplier for the bicycle and sets up a ‘salary sacrifice’ arrangement from your salary over an agreed time frame

I tried searching for some of this information but I couldn't find what I was looking for.

Cheers.

magicbastarder

i would guess that if you haven't fully paid off the bike - say if you're six months into a year of monthly payments - your employer will deduct the balance from your last pay slip.
the tax implications kick in if, by leaving, you change what your marginal rate of tax is.

Beasty

It actually depends on the terms of your salary sacrifice. i suspect though that this scenario may not be fully spelled out. If though, as magicbastarder highlights above, the employer can deduct the full outstanding amount from your final payslip the tax benefits will crystallise, albeit completely in this tax year.

nice_guy80

surely businesses can claim carbon credits or something for their employees cycling to work?

Hurrache

nice_guy80 wrote: »

surely businesses can claim carbon credits or something for their employees cycling to work?

If they paid outright for their employee's bikes I can see the logic, but not under the current scheme.

PaleBlueGreen

My new commute is awful on public transport and so I need a new bike quickly. I’d like to avail of the Bike to Work tax relief. However my slow cumbersome employer tells me applications can take six weeks or more. Is there any way around this? Can I come to some financial arrangement with the shop to get a bike sooner and be reimbursed when my employer eventually gets their act together? Any ideas? Thanks.

iwillhtfu

PaleBlueGreen wrote: »

My new commute is awful on public transport and so I need a new bike quickly. I’d like to avail of the Bike to Work tax relief. However my slow cumbersome employer tells me applications can take six weeks or more. Is there any way around this? Can I come to some financial arrangement with the shop to get a bike sooner and be reimbursed when my employer eventually gets their act together? Any ideas? Thanks.

Nope. Buy a second hand bike and then buy a better bike once your B2W has cleared.

PaleBlueGreen

iwillhtfu wrote: »

Nope. Buy a second hand bike and then buy a better bike once your B2W has cleared.

That’s what I feared. What a pity. I am really wary of the secondhand bike market for fear of buying a stolen one - any advice on how to avoid this risk? I obviously don’t want I defraud on tax or anything but it’s such a shame there is no way to get a bike without waiting while still complying with the rules. I’ll get back to pestering my employer to prioritise my application I guess but I don’t want to come over too demanding when I’m just new in the door.

Thanks

mayo pixiebell

PaleBlueGreen wrote: »

My new commute is awful on public transport and so I need a new bike quickly. I’d like to avail of the Bike to Work tax relief. However my slow cumbersome employer tells me applications can take six weeks or more. Is there any way around this? Can I come to some financial arrangement with the shop to get a bike sooner and be reimbursed when my employer eventually gets their act together? Any ideas? Thanks.

I started my application in June and still haven’t got mine!!!

cart man

PaleBlueGreen wrote: »

I obviously don’t want I defraud on tax or anything but it’s such a shame there is no way to get a bike without waiting while still complying with the rules.

Thanks

I was in a similar position, the shop allowed me to pay for the bike and then reimbursed me when the employer did provide the cheque.

PaleBlueGreen

cart man wrote: »

I was in a similar position, the shop allowed me to pay for the bike and then reimbursed me when the employer did provide the cheque.

Thank you, this sounds ideal. If the shop was in/near Dublin, could you please PM me the name of it?

patravers

If I buy on the cycle to work scheme next week does it come out for the next 12 months or by the end of the tax year

patravers

If I buy on the cycle to work scheme next week does it come out for the next 12 months or by the end of the tax year

AndrewJRenko

patravers wrote: »

If I buy on the cycle to work scheme next week does it come out for the next 12 months or by the end of the tax year

Depends on your own employer rules, but most will spread it out over 12 months

patravers

AndrewJRenko wrote: »

Depends on your own employer rules, but most will spread it out over 12 months

I’m a teacher so assume they will spread it

cletus

patravers wrote: »

I’m a teacher so assume they will spread it

Be careful, I'm teaching in the KWETB, and their bike scheme runs from January to November, so if I were to get a bike now, I'd make all payments in one month