Bike To Work
The Cycle to Work Scheme is a tax incentive scheme which aims to encourage employees to cycle to and from work. Under the scheme employers can pay for bicycles and bicycle equipment for their employees and the employee pays back through a salary sacrifice arrangement of up to 12 months. The employee is not liable for tax, PRSI or the Universal Social Charge on their repayments. In July 2020 the Government announced some significant changes to the scheme which means employees can avail of the scheme every 4 years and spend up €1250 on a bike plus accessories or €1500 on electric bikes.
Why buy a bike in the Cycle to Work Scheme
- Save up to 52% off the price of the bike up to €1250 (or €1500 on electric bikes) depending on which tax bracket you fall under.
- The tax saving applies to all bikes, electric bikes and accessories.
- Save on monthly fuel, parking, and public transport costs.
- Get Fit – enjoy the health benefits of cycling to work.
- Beat the traffic; cycling is twice as fast as a car in commuter traffic.
- No administration charges with Kearney Cycles by having a single point of contact for everything.
Employer Benefits of the Cycle to Work Scheme
- Improving staff fitness, health and morale.
- A healthier, fitter workforce means better performance at work and fewer sick days being taken. Alongside walking and swimming, cycling is widely recognised as one of the most accessible forms of physical exercise for all ages. It has been shown people who cycle regularly will have an improved quality of life as it provides the cardiovascular exercise needed for a healthy heart.
- Enhancing your Company's Environmental Image.
- Cycling-To-Work reduces carbon pollution and traffic congestion on the surrounding areas. These points demonstrate beyond doubt that you are an employer who has a clear sense of social responsibility for both your staff and your customers.
- Save on PRSI Payments
- Minimum administration for employers who purchase with Kearney Cycles
Current Operation of the Scheme
There remains a huge ongoing shortage of bikes across all of Europe in all bike models.
Unfortunately this limits the way we can facilitate some employees, depending on how your employer operates the scheme.
- We can only issue invoices to customers where we can be sure that the chosen bike will be in stock once your employer has paid.
- For this reason we can currently only facilitate where employers pay directly, promptly and in full.
- We are currently not able to facilitate where an employer uses a third-party provider (voucher system) due to the protracted payment process.