Cycle To Work Scheme
Thinking About the Bike to Work Scheme? Here’s What You Need to Know!
So, you’re thinking about the Cycle to Work Scheme in Ireland and wondering if it’s worth it? Whether you're a seasoned cyclist or a newcomer looking to swap the bus for a bike, this scheme could be just what you need to kickstart a healthier, greener and cheaper commute.
How Does the Bike to Work Scheme Work?
The Cycle to Work Scheme Ireland is a government initiative designed to help employees purchase a bike and accessories through a tax-saving scheme. Under this plan, your employer buys the bike for you, and the cost is deducted from your salary over a 12-month period, before tax. This means you'll enjoy savings of up to 52%, depending on your tax rate. You can even get an e-bike, with a higher spending limit!
What is the Cycle to Work Scheme in Ireland?
In short, the Cycle to Work Scheme allows employees to save on the cost of a new bike by spreading payments over time and reducing their taxable income. The savings can be substantial. You can spend up to €1,500 for e-bikes, €1,250 for regular bikes, and €3,000 for cargo and ecargo bikes. Whichever bike you pick gives you an affordable way to commute in style.
Is it Worth Doing the Cycle to Work Scheme?
The Bike to Work Scheme isn't just about saving money. There are multiple reasons why cycling is worth considering:
Health Benefits: Cycling to work is a great way to incorporate daily exercise into your routine without going to the gym. It's a low-impact workout that strengthens your muscles and boosts your cardiovascular health.
Cost-Effective: Besides the upfront savings from the scheme, cycling can help you save on fuel, parking fees, or public transport fares in the long run.
Eco-Friendly: Cycling is a sustainable mode of transport that helps reduce your carbon footprint. If you care about the environment, this is a fantastic way to make a positive impact.
Freedom and Flexibility: Say goodbye to traffic jams and delayed buses! With a bike, you can take control of your commute and enjoy the freedom of the open road.
Stress-Free Commute: No more waiting in traffic or packed buses. You can even drop the kids to school in a cargo bike.
Curious about how much you could save? Use our Bike to Work Scheme Calculator to find out!
How often can I do the Bike to Work scheme?
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 anytime in 2020, you can buy a new bike and receive the next tax relief in January 2024. If you work in the private sector and if you apply for the scheme before the 31st of December, the next time you would be eligible for the scheme is January 2028. If you work in the public sector, the scheme opens for you from January 1st 2025.
Bike to Work Scheme Shops
If you're looking to take advantage of the Bike to Work Scheme, Feel Good Bicycles in Virginia, Co. Cavan and Wilkinstown Co. Meath can help. Get in touch if you’re interested in paying for a bike over 12 months through your wages and we can get the process started now.
Bike to Work Scheme Ireland Rules
The rules of the Cycle to Work Scheme are straightforward. You can avail of the scheme once every four years, and the bicycle must be used for commuting to work at least part of the time. It’s open to all employees, and there’s no government form-filling—your employer handles the paperwork. Just choose your bike, get an invoice made out to your company, and enjoy your new ride!
If you’re interested in joining the Cycle to Work Scheme, now’s the perfect time to take the plunge. Reach out and we’ll make the process simple and hassle-free.
Contact us directly at 049 854 7886 or fill out the form below to take advantage of this fantastic opportunity. Embrace a healthier and more cost-effective way of commuting with the Cycle To Work Government Scheme.
F.A.Q.
Download F.A.Q. pdf for Employees: Cycle to Work F.A.Q.
Download our employers information here: Cycle to Work Employers Information & FAQ
Download application forms for use by any company: Cycle to Work Application Form Template
To find out more information on the scheme visit - https://www.revenue.ie/en/jobs-and-pensions/taxation-of-employer-benefits/cycle-to-work-scheme.aspx