In the market for a new bike?? why not apply now for one through the bike to work scheme.
It’s simple to apply and you could save up to 52% on any new bike up to a max of €3000 on an E cargo bike €1500 on e bike and €1250 on a regular hybrid, road or mountain bike. check out our savings calculator💻 on our website
How does the bike to work scheme actually save me money?
The Bike to Work scheme in Ireland is a fantastic way to save a significant amount of money on a new bicycle and essential cycling accessories, primarily through tax exemptions.
Here’s a breakdown of how it works and the savings you can achieve:
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Salary Sacrifice and Tax Savings: The core of the scheme involves a “salary sacrifice” arrangement . Your employer purchases the bicycle and safety equipment on your behalf. You then repay the cost through deductions from your gross (pre-tax) salary over an agreed period, usually up to 12 months . Because these deductions are made before taxes are calculated, you are not liable for Income Tax, Universal Social Charge (USC), or PRSI on these repayments . This mechanism allows you to save a substantial amount, with potential tax savings of up to 52% on the overall cost of the bike and accessories .
- Generous Spending Limits: The scheme offers different limits based on the type of bicycle you choose, and these limits include the cost of related safety equipment :
- You can save on traditional pedal bicycles up to a value of €1,250 .- For electric bikes (ebikes ), the limit is €1,500 .- If you’re considering a cargo bike, including electric cargo bikes, you can save on purchases up to €3,000
- Includes Essential Accessories: It’s not just the bike itself that’s covered! You can also include a range of essential cycling accessories under the scheme. This means you can get items like helmets, lights, locks, mudguards, hi-viz clothing, pumps, tools, and panniers all tax-free, further maximising your savings .In essence, by going through your employer with the Bike to Work scheme, you avoid paying a significant portion of tax on your new bike and equipment, making it a much more affordable way to get cycling!