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

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Comments

  • #2652
    the_amazing_raisin
    Registered Users, Registered Users 2 Posts: 11,982 ✭✭✭✭the_amazing_raisin


    Well HR got back and as expected said f**k off. Apparently there's some automation in the background which would mean they can't process the payment (in other words, it's more work and they don't want to do it)

    Well....back to the drawing board I guess

    "The internet never fails to misremember" - Sebastian Ruiz, aka Frost



  • #2653
    CramCycle
    Moderators, Sports Moderators Posts: 25,201 Mod ✭✭✭✭CramCycle


    https://www.boards.ie/discussion/comment/120846921#Comment_120846921

    Bit like my place, it is annoying as it is actually F All work but they have a "policy".



  • #2654
    Idleater
    Registered Users, Registered Users 2 Posts: 6,236 ✭✭✭Idleater


    https://www.boards.ie/discussion/comment/120848483#Comment_120848483

    My place switched from in-house "phone the shop with a finance credit card" to the outsourced taxsaver/biketowork because finance (day to day) was moved to another office (and country).



  • #2655
    dahat
    Registered Users, Registered Users 2 Posts: 16,833 ✭✭✭✭dahat


    If i claimed in 2021 last do i need to complete 4 years to claim again?

    Basically is it 2024 or 2025 when i can use the scheme again?



  • #2656
    Seth Brundle
    Moderators, Politics Moderators Posts: 40,421 Mod ✭✭✭✭Seth Brundle


    https://www.boards.ie/discussion/comment/120865903#Comment_120865903

    It is based on calendar (tax) years so if you availed of it in 2021 then the next time you could avail of the scheme would be anytime from Jan 1st 2025.



  • #2657
    dahat
    Registered Users, Registered Users 2 Posts: 16,833 ✭✭✭✭dahat


    https://www.boards.ie/discussion/comment/120865916#Comment_120865916

    Thanks & lousy as i hoped it was anytime in year 4 it can be claimed again.



  • #2658
    LillyIsland
    Registered Users Posts: 95 ✭✭LillyIsland


    Is there any way to schedule the cycle-to-work payments to get closer to the 52% saving?



  • #2659
    CramCycle
    Moderators, Sports Moderators Posts: 25,201 Mod ✭✭✭✭CramCycle


    https://www.boards.ie/discussion/comment/121587715#Comment_121587715

    If you think you will get paid more in the next tax year, try and set it up that most of the payments come out next year. If pay is likely to stay the same, aim for starting half way through, therefore half applies to one year and half to the next. Of course if you are into the 52% tax bracket by more than the price of the bike, then it doesn't matter when you do it.



  • #2660
    Girly Gal
    Registered Users Posts: 2,899 ✭✭✭Girly Gal


    https://www.boards.ie/discussion/comment/121588419#Comment_121588419

    In the above scenario if you pay half one year and half the next year (e.g. end of 23/start of 24) what year would you be able to claim again; 4 years from 23 or 24?



  • #2661
    Seth Brundle
    Moderators, Politics Moderators Posts: 40,421 Mod ✭✭✭✭Seth Brundle


    https://www.boards.ie/discussion/comment/121588974#Comment_121588974

    Four years from 2023.



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  • #2662
    Weepsie
    Site Banned Posts: 20,685 ✭✭✭✭Weepsie


    Does it not have to be all paid in the one tax year?



  • #2663
    cletus
    Registered Users, Registered Users 2 Posts: 8,062 ✭✭✭cletus


    https://www.boards.ie/discussion/comment/121589055#Comment_121589055

    That's the way it works in some public sector areas, anyway. Payment window is January to November, regardless of when you start paying



  • #2664
    CramCycle
    Moderators, Sports Moderators Posts: 25,201 Mod ✭✭✭✭CramCycle


    https://www.boards.ie/discussion/comment/121589055#Comment_121589055

    Not with Revenue but some employers make you.



  • #2665
    LillyIsland
    Registered Users Posts: 95 ✭✭LillyIsland


    How can you work out how much you will save on this scheme? I used this ( https://www.cyclescheme.ie/calculator ) and it says 48.75% but my employer is saying it will be around 30%.

    I don't go into the higher income bracket with my salary.



  • #2666
    loyatemu
    Registered Users, Registered Users 2 Posts: 15,115 ✭✭✭✭loyatemu


    https://www.boards.ie/discussion/comment/121590595#Comment_121590595

    the payments get taken out of your pre-tax salary and you don't then pay tax on it. So you can't save at a higher rate than you are paying tax at.

    If you're a standard rate taxpayer you'll probably save 20% tax, 4% PRSI and 4% USC but it depends on your exact salary.



  • #2667
    Delboy007
    Registered Users Posts: 454 ✭✭Delboy007


    Hi I am going to be using d cycling to work scheme for a cargo bike so limit is 3k. I have asked my work how much will I have to pay each Mt, after tax and they are no help at all and I can not figure it out. I have looked up online and the Mt payments after tax range from 120 to 175

    So I earn 53k a year, married. If I use d full 3k how much will I have to pay each mt/year after tax.

    Thanks for any help



  • #2668
    CramCycle
    Moderators, Sports Moderators Posts: 25,201 Mod ✭✭✭✭CramCycle


    Your in the higher tax bracket, so back of the envelope, in my head, your net wages will decrease by 125euro/month, probably a bit less but this is in my head, if you spend close to the full 3k. Basically 125 net, 250gross, is 3k a year.



  • #2669
    Miss Informed
    Registered Users Posts: 136 ✭✭Miss Informed


    Hi there! I'm going to avail of the cycle to work scheme and I'm on a fixed term 9 month contract at work. There's a possibility of being kept on but I won't know whether that's happening til later this year.

    My question is: do you save less if you pay over 9 months than you would if paying over 12?


    Here are the other figures in the equation - all monthly (not annual figures):

    Gross salary 4,045

    USC 65.90

    PRSI 161.82

    Employer PRSI 447



  • #2670
    cletus
    Registered Users, Registered Users 2 Posts: 8,062 ✭✭✭cletus


    You don't save less, they just split the payments over 9 months, so each monthly repayment will be a bit more than over 12 months



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  • #2671
    thebiglad
    Registered Users, Registered Users 2 Posts: 1,654 ✭✭✭thebiglad


    https://www.boards.ie/discussion/comment/121670851#Comment_121670851

    The saving comes off your tax liability as it deducts from your gross salary before any tax is applied - saving would not change if you pay back your employer in 1 or 12 instalments. If you left employment they would take any amount remaining from last salary anyhow.



  • #2672
    veryangryman
    Registered Users, Registered Users 2 Posts: 5,606 ✭✭✭veryangryman


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



  • #2673
    vintcerf
    Registered Users, Registered Users 2 Posts: 244 ✭✭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



  • #2674
    HeidiHeidi
    Registered Users, Registered Users 2 Posts: 29,592 ✭✭✭✭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



  • #2675
    dunnem8
    Registered Users Posts: 1 ✭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?



  • #2676
    CramCycle
    Moderators, Sports Moderators Posts: 25,201 Mod ✭✭✭✭CramCycle


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

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



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  • #2677
    loyatemu
    Registered Users, Registered Users 2 Posts: 15,115 ✭✭✭✭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.



  • #2678
    Girly Gal
    Registered Users Posts: 2,899 ✭✭✭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.



  • #2679
    CramCycle
    Moderators, Sports Moderators Posts: 25,201 Mod ✭✭✭✭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.



  • #2680
    kaisersose77
    Registered Users, Registered Users 2 Posts: 2,711 ✭✭✭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



  • #2681
    Weepsie
    Site Banned Posts: 20,685 ✭✭✭✭Weepsie


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



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  • #2682
    boomdocker
    Registered Users, Registered Users 2 Posts: 2,030 ✭✭✭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



  • #2683
    cletus
    Registered Users, Registered Users 2 Posts: 8,062 ✭✭✭cletus


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

    You'll pay the balance directly to the shop.



  • #2684
    HeidiHeidi
    Registered Users, Registered Users 2 Posts: 29,592 ✭✭✭✭HeidiHeidi


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



  • #2685
    boomdocker
    Registered Users, Registered Users 2 Posts: 2,030 ✭✭✭boomdocker


    Many thanks



  • #2686
    Macy0161
    Registered Users, Registered Users 2 Posts: 9,495 ✭✭✭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?



  • #2687
    uli84
    Registered Users, Registered Users 2 Posts: 1,714 ✭✭✭uli84


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



  • #2688
    CramCycle
    Moderators, Sports Moderators Posts: 25,201 Mod ✭✭✭✭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.



  • #2689
    on_the_roots
    Registered Users Posts: 186 ✭✭on_the_roots


    Does anyone know how long it takes (average) for the cash to be finally transferred to the shop after the voucher is redeemed?

    The shop I'm going to buy from said it may take weeks. They will still order the bike from manufacturer (which will take weeks to arrive), and suggested me to hand over the voucher upfront, which I'm hesitant to do right now.



  • #2690
    Seth Brundle
    Moderators, Politics Moderators Posts: 40,421 Mod ✭✭✭✭Seth Brundle


    https://www.boards.ie/discussion/comment/122554550#Comment_122554550

    If you're referring to the shyster middlemen who were paid by your employer to hand the money over to the shop then they will take as long as they can - as I understand it, some bike shops have been left waiting a number of months to receive payment.



  • #2691
    on_the_roots
    Registered Users Posts: 186 ✭✭on_the_roots


    https://www.boards.ie/discussion/comment/122555079#Comment_122555079

    Yes, that's about them. Good to know.

    The bike shop asked for the code straightaway (at the same time of ordering the bike from the manufacturer) saying this is to save a few weeks waiting, as the money use to take several weeks to be paid.



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