Marrey Bikes Store Bike to Work scheme is designed to help both employers and employees take advantage of the Governments cycle to work tax initiativee. The cycle to work scheme is targeted at companies which anticipate three or more Bike to Work transactions in any particular month.
If your employer or company is not part of the Bike to Work scheme and if you wish to buy a bike through the Government cycle to work scheme.
These are subject to Terms and Conditions
* Make a request to your employer to take part in Marrey Bikes Bike to Work scheme.
* If you think your company are interested in joining our Bike 2 Work scheme, just inform them of the information on our website.
* Visit our shop to select bicycle, clothing and any other accessories.
* Pay a deposit and get a copy of invoice for your employer.
* Ask your employer to arrange payment to be made to Marrey Bikes in Ballinrobe.
* When payment has been made you can collect both your deposit and goods from us.
* Your employer will then deduct the relevant amount from your salary.
With Marrey Bikes 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.
Q. I’ve heard about this tax relief for buying a bike to cycle to work, what is it all about?
A. This is a Government initiative that enables your employer to buy a bicycle and bicycle accessories for you, without you being liable for benefit in kind taxation. For a tax payer at the top rate, this equates to a minimum saving of 40% Tax + 7% USC & 4% PRSI on the cost of a new bike.
Q. What’s the purpose of the scheme?
A. The goal of the scheme is encourage more employees to cycle to and from work. As well as reducing traffic congestion and lowering carbon emissions, more people cycling to work will improve health and fitness levels.
Q. Is it just the bike that is covered by the scheme, or does it include things like locks and lights?
A. In addition to the bike, the scheme covers a range of equipment such as helmets, lights, locks, bells, mirrors, cycle clips, panniers, luggage carriers & straps, pumps, puncture repair kits, cycle tool kits, reflective clothing and reflectors.
Q. Is there a limit to the amount I can spend on the bicycle and equipment?
A. Yes, if the total value of the purchases is over €1,250 on standard bikes and €1,500 on Electric bikes.
Q. If I want to participate, is my employer obliged to get involved?
A. No, participation in the scheme is voluntary and it is up to your employer. However, where an employer does agree to implement the scheme, it must be offered to all employees on an equal basis.
Q. From when does it take effect?
A. The scheme can be applied for from January 1st 2009
Q. Who pays for the bicycle?
A. The Employer pays for the bike in full and the Employee pays the Employer back minus the TAX, PRSI & USC.
Q. I’m a full time student. Can I avail of the scheme?
A. No, the scheme is operated by employers and is therefore only open to employees paying TAX,PRSI & USC.
Q. Do I pick out the bicycle and equipment from the shop myself?
A. It is for employees to decide what they need for themselves as regards a bike & cycling equipment.
Q. Can I buy the bicycle and get a refund from my employer?
A. No. Your employer must purchase the bicycle/equipment.
Q. Why can’t I buy more than one bike every four years?
A. The tax relief on the cost of a bicycle and equipment is allowed once in each period of four years. The scheme is designed in this way partly to limit its cost to the Exchequer. However, it also reflects what would be regarded as a reasonable lifespan for a bicycle.
Q. I’ve had a few employees contact me about the scheme. What steps must I take to avail of it?
A. You must decide firstly, whether to participate in the scheme. These can be provided to the employee under salary sacrifice arrangements which means the Employers pays for the bike to the value of either €1,250 for a standard bike or €1,500 for a Electric bike and the Employee pays the Employer back that full amount minus the TAX, PRSI & USC. See our bike to work calculator to work out how much each employee will save depending on what rate of Tax they pay, keep in mind you save on there employers Prsi amount for each person so this is the Employers benefit.
Q. Can the employer claim back VAT on any of the purchases?
A. No, the tax benefits of the scheme operate only on the benefit in kind exemption.