CYCLE TO WORK SCHEME
By paying for your bike and accessories out of your gross wages and spreading the cost over one year you can make incredible savings.

If you are in the higher tax bracket you can save up to 52% of the cost of your bike and if you are in the lower tax bracket you will save approximately 31% of the cost of your bike and accessories.

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LOWER TAX RATE
EXAMPLE TOTAL COST OF BIKE + ACCESSORIES €500 €1000
Income tax (21%) €105 €210
Employees prsi (based on 6%) €30 €60
Levy (based on 4%) €20 €40
Total cost of purchase €345 €690
Cost per month over 12 months 29 €57
Potential Savings €31% €31%
HIGHER TAX RATE
EXAMPLE TOTAL COST OF BIKE + ACCESSORIES €500 €1000
Income tax (41%) €210 €420
Employees prsi (based on 6%) €30 €60
Levy (based on 4%) €20 €40
Total cost of purchase €240 €480
Cost per month over 12 months €20 €50
Potential Savings €52% €52%
EMPLOYEES

Check if your employer will take part in the scheme. If they will, come to cyclebike and pick out your bike and accessories. We will advice you which bike suits you best, whether you want comfort, speed or both! We then give you an invoice which you pass onto your employer. When your employer pays us you can pick up your bike and accessories. Your employer will then deduct the amount from your gross wages over the coming year.

If you are on the higher tax bracket and you want to purchase a bike/accessories for 1000 you get 50% off and it only costs you 500. Spread this out over a year and it only costs you 41.60 a month which is automatically deducted from your wages. You can spend any amount up to 1000 and still get 50% off. Similarly, if you are on the lower tax rate you can get approximately 30% off.

EMPLOYERS

First of all decide if you want to take part in the cycle to work scheme. The benefits for youa re saving on employee PRSI, and having fit and happy staff! When an employee brings an invoice to you from Cyclebike, you make payment to us by cheque or bank transfer. You then deduct that amount from the employees’ gross wages over the coming year. Then you simply keep the aforementioned invoice and a record of the salary sacrifice on file. There are no forms to fill out or any need to inform the revenue commissioner.

As you can see this scheme is of great benefit to everyone involved and couldn’t be simpler. If you have any questions please give us a call or drop into Cyclebike. We have a huge range of bikes and accessories with something to suit everyone’s cycling style and needs. With the Cycle to Work scheme everyone wins – Employees make big savings on new bicycles and accessories and Employers save money on PRSI and get a healthier and more productive staff.

CYCLEBIKE PARTNERSHIP

Cyclebike are the exclusive cycle to work scheme provider for companies such as IKEA, BORD NA MONA and KPMG. Using Cyclebike as your companies partner store allows you to avail of the following benefits.

  • Very attractive corporate discounts.
  • Monthly rather than individual invoicing.
  • We take care of all the paperwork and agreements with your staff.
  • Bicycle maintenance and safe cycling classes delivered free of charge to your staff.
  • Free promotion of the scheme within your organisation.
  • Excellent and professional point of contact staff.
  • Please contact us for more details.