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

veryangryman

Used the scheme in 2019. Am i correct to say I can now use it this year as its 5 years on?

vintcerf

https://www.boards.ie/discussion/comment/121761231#Comment_121761231

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 2020, regardless of the month, you could buy a new bike and avail of the next tax relief in January 2024.

ref

HeidiHeidi

https://www.boards.ie/discussion/comment/121761231#Comment_121761231

It's every 4 years now, and it's run on calendar years - so if you bought a bike in December 2020, you can use the scheme again in January 2024

dunnem8

Similar to a few above queries where the estimated savings range from 20%-52% of the total cost of the bike, and I'm at a point now where I have to decided between a regular bike (with a 1250 limit) or a cargo bike (with a 3k limit), but it's heavily dependent on the true impact to my take home pay.

(Not exact numbers) Married, both on 75k. So each has gross pay of 6,250. 3,352 is taxed at 20%, remainder (2,898) is taxed at 40%. Total tax payable is 1,830. USC/PRSI is €510.Take home is then €3,910.

If I take a cargo bike at the max 3k, my monthly gross deductions are 250. So again, 3,352 taxed at 20%, remainder (2,648) taxed at 40%. Total tax payable is 1,730. Is the PRSI/USC charged on the gross before or after the deduction?

CramCycle

https://www.boards.ie/discussion/comment/121803782#Comment_121803782

Before deduction, so you aren't paying tax on the amount deducted,

loyatemu

I'd have to check my payslips from when I last did the scheme but I'm pretty sure the deduction is done first before any tax/UCS/PRSI. So if you're a top rate tax-payer you'll save 51% or 52% of the cost of the bike.

Girly Gal

https://www.boards.ie/discussion/comment/121803782#Comment_121803782

You might be saving on tax, but, if you don't need, want or use the bike (whichever type who decide on) are you really saving anything? I know people who got bike, and have never used it, just a dust collector, so they aren't really saving anything.

CramCycle

https://www.boards.ie/discussion/comment/121815525#Comment_121815525

100% if you don't need or want something, then it's not a bargain.

kaisersose77

Anyone know any bike shops that work with travelhub and sell Samebike's? Looking for this in particular

https://samebike.com/products/samebike-rsa02-folding-off-road-ebike

Weepsie

I'd be fairly sure they're a direct seller

boomdocker

So Im buying an electric bike - the max allowed is €1,500

The bike is costing €3,500 - so how is the excess 2,000 handled?

Does the company/employer pay the full amount (invoiced) and I repay the 2k to my employer - if so how, or are there any rules about it?

Or do I pay the supplier the 2k directly

Aplologies if this has been answered before , but I can't find it

cletus

https://www.boards.ie/discussion/comment/121910147#Comment_121910147

You'll pay the balance directly to the shop.

HeidiHeidi

As above, the bike shop invoices your employer for €1500, and you for the balance.

boomdocker

Many thanks

Macy0161

I'm sure this has been asked before, but (still) the search since the boards "upgrade"….

Anyone in NSSO/ PeoplePoint clients brought from Canyon for above the €1250? I am taking it that you took part pay and then invoice for the remaining 1250?

uli84

Sorry if this was covered already, up to what point may I resign from the purchase?

CramCycle

https://www.boards.ie/discussion/comment/122403557#Comment_122403557

What do you mean? When can you back out up until? The purchase is no different from buying a bike in the shop, you can pull out until you hand over cash, after that it is case dependent.

I presume you mean through a scheme, if the bike hasn't delivered of the voucher redeemed, just ring up the voucher supplier and cancel the voucher, then make sure your HR is aware to cancel the deductions. If they say no, tell the bike shop not to redeem the voucher and then ring them back and tell them to cop on and cancel it.

If the bike is already in your hand, then it is a normal purchase and follows normal rules.