Bike to Work Scheme
Bike to Work Scheme
Since its inception in 2009, the Green Party’s Bike to Work initiative has been embraced and promoted at The Bikerack.
We welcome any and all enquiries about the scheme.
In brief, anyone paying PAYE & PRSI is entitled to a tax break worth up to 52% when buying a bike and/or accessories/clothing. That’s a saving of at least 31% and up to 52% off all your bike to work purchase.
Your employer will also make savings on their PRSI contribution so it's of benefit to employees and employers alike. Please call us and let us remove the mystery from what is essentially a very straightforward money saving opportunity for both the employee and employer.
The Scheme (Updated 2020)
As of 2020 the government have man the cycle to work scheme even more accessible than ever. You are now able to avail of the cycle to work scheme every 4 years. This means that if you last availed of the cycle to work scheme in 2017 you can now avail of the scheme again if purchasing a new bicycle. The 4 year eligibility runs from the start of the calendar year so if you you can re-apply for the scheme no matter what month your original application was made.
The upper limit for the scheme has also been increased which means that you can now spend up to €1250 on your new bike and selected safety equipment when buying a regular bike.
The updated scheme also allows you to claim up to €1500 on the cycle to work scheme if you are purchasing an electric or power-assisted bicycle.
You still make the same great savings of 31% - 52% on the cost of the bicycle and/or accessories and your employer also makes a saving on their employer PRSI. So, why not make the most of your new lifestyle and get a brand new bike and/or accessories for commuting to work and save more money.
How it Works
The cycle to work scheme is a simple tax credit where you save money on the cost of your new bike and selected accessories which is relative to the amount of income tax you pay
The basic premise is as follows:
- You pick out a bike and qualifying accessories up to €1250 for a regular push bike or €1500 if you are purchasing and Electric bike
- We provide you with a quote or invoice to submit to your employer
- Your employer purchases the bike from us on your behalf
- You pay your employer back via a salary sacrifice
- You save between 31% - 52% off the amount of the amount you have claimed on the scheme in the form of a tax credit
What do you need to do?
The process itself is fairly straightforward and can be done quickly in store.
- Call in and shop for your bike and equipment, we will create and provide you with a quote or invoice for your employer depending on which they require.
- Your employer may require you to fill out a salary sacrifice
- Your employer will then provide payment using either bank transfer, cheque or voucher.
- Once we've received payment from your employer you can come and collect your bike.
- If your employer issues you your voucher or cheque or notifies you that they have transferred payment please call us and arrange collection of your new bike.
Can I apply without visiting the store?
YES you can. We realize with current travel restrictions and altered working hours you may not be able to visit the store in person. That's no problem we can also carry out your bike to work application via email. We can also facilitate bike to work for people located anywhere in Ireland.
To get started please email us at email@example.com and include the following information: Your full name as it appears on your pay slip, your employers name and address. If you know if your employer requires and invoice or a quote for you to apply. You can then list out which bike and any accessories you would like to purchase under the scheme.