At fitzCycles.ie it couldn’t be easier to get your tax-free bike and accessories! As a busy Irish bike shop and a registered cycle to work supplier we can accommodate all applications quickly and efficiently in number of convenient ways. Through our experience as a busy Irish bike shop we are well placed to cater for all your Cycle To Work needs with a comprehensive online product catalogue & a friendly customer-focused service in our spacious shop in Stillorgan, County Dublin!
How the Cycle to Work Scheme operates:
In a nutshell the scheme works by allowing Employers to buy a bike and related accessories from an approved supplier up to a value of €1,000 on behalf of an Employee which is then repaid through salary sacrifice over a period of up to 12 months. The Employee doesn’t pay for the bike upfront unless their Employers C2W isn’t open at the time, in which case they simply buy it upfront and get refunded when the C2W is back on.
Expenditure up to this amount will be exempt from PAYE, PRSI, or income levy charges, a potential saving of up to 52% depending on the applicable personal tax bands.
The exemption is limited to the first €1,000 - with the employee paying the balance personally - you can even use finance on the balance over €1k.
Employees can only avail of this scheme once in every 5 years i.e. even if you purchase a bicycle or bicycle safety equipment for less than €1,000 in year one, you cannot claim an exemption in respect of the balance.
Employers are not obliged to offer the C2W sheme but will benefit in a number of ways, namely through savings of 10.75% in Employer PRSI, but also from a greener corporate image & a healthier, happier workforce!
In terms of administering the scheme, your Employer will either pay the bike shop directly through cheque or bank transfer or choose to use a voucher company to administer the scheme - simply check with your HR department to determine what their procedure is. We are set up to cater for every payment method out there so we can get you rolling on your tax free bike in no time!
Contact us now to get your Cycle to Work Invoice processed: