Yes, we’re part of the cycle to work scheme. Here are some of the more common questions.
FAQs – Bike to Work Scheme in Ireland — Your Questions Answered
If you’re a glorified fitness enthusiast, you’ve probably come across the bike to work scheme. If you’re an environmental steward, you’re probably also familiar with it. As a matter of fact, anyone looking to make unbeatable savings through a tax break has probably heard of the scheme. Well, if this is new to you or you’re barely scratching the surface, this article will answer all your questions:
What Is the bike to work Scheme and How Does It Work?
Bike To Work Calculator
The bike to work Scheme is an initiative that encourages people to ride their bicycles to work by providing cycling equipment. It began in 2009 and has since provided bicycles, e-bikes, and accessories to employees cost-effectively. The maximum purchase limit for a manual bicycle is €1250 and €1500 for an electric one.
To take advantage of this program, your company must purchase cycling equipment. From here, you can buy the bicycle and start using it immediately but will pay for it in installments through your salary for 12 months or less. This way, you can benefit from the scheme by saving up to 52% of the cost of buying bikes from a retailer.
What Should My Boss Do to Ensure That I Get My Bike?
When you place an order for a bicycle through the bike to work Scheme, we will issue an invoice that you can give to your boss. This invoice must be paid by the employer, who must then make the required arrangements for you to repay the loan.
Credit cards and checks are the mainstream methods of payment, but we also accept bank transfers. However, please keep in mind that we are unable to handle credit card payments over the phone. Please contact us if your employer prefers to pay with a credit card.
How Can I Assist My Boss in Getting a Quote?
Using the bike to work Scheme, placing a purchase is as simple as picking out your desired products and sending us an email with what items you want. Then we can send you back an official quote document for your employer to see.
Please keep in mind that all quotes are only valid for the first 72 hours. Following this, we’ll let you know when your order is ready for delivery or pickup when your company has paid for the and accessories or bicycle you’ve purchased.
What if the Bike I Desire Costs More Than the Scheme’s Upper Limit?
There are no limitations when it comes to the type of bike you’d like to buy. That said, even when your dream commuter bike and accessories cost more than the maximum limit of €1500 maximum, you can still buy them.
All you have to do now is pay the remaining sum at the checkout. If you desire a bike that costs €2500, for example, you’ll pay €1000 at the register and the rest as a salary loan.
What if I Retire or Leave My Job Before Finishing All of My Bike Payments?
If you retire or resign your job before paying for your bike in full, you’ll need to talk to your boss about it and settle any remaining balances before your employment agreement ends.
What Is the Maximum Number of Times I Can Use the bike to work Scheme?
Each employee is entitled to at least 1 bicycle every 4 years. If you can’t remember when you last used the program, simply contact your employer to know if you’re qualified for another bike. They will undoubtedly provide you with this information.
What Can I Purchase Through the bike to work Scheme?
This program is for the purchase of bicycles and cycling accessories such as helmets, mudguards, lights, bike locks, clothes, safety equipment, and many others. Note that you can buy any type of bike you want as long as you can justify riding it to and from work.
Can I use the Travel Pass/Commuter Ticket and the bike to work Scheme at the same time?
Yes. These two initiatives are not mutually exclusive.
Can I Buy an E-Bike Using the bike to work Scheme?
Any pedal-assist bike, including e-bikes, is qualified. However, the scheme’s highest limit is €1500, which may not be sufficient for a good e-bike. If the model you want is more expensive, you’ll have to pay the difference at the checkout. As such, you’ll benefit from the scheme though not for the full amount of your purchase.