Cycle to work

Save Up To 47%
 

What is it?
Cycle to work scheme is a government tax incentive aimed at encouraging employees to cycle to work, reducing air pollution and improving their general health
How does it work?
From January 1st 2009 under the cycle to work scheme, companies can buy their employees a bike and it will be treated as a tax exemption benefit in kind (BIK).
-  A maximum of €1000 can be paid for a bike and associated safety equipment.
-  The exemption may only apply once in a five year period for each employee
-  The scheme can also be implemented via salary sacrifice arrangement, where an employee can agree to forgoe part of their salary to cover the cost of the purchase of the bike and associated equipment over a 12 month period.

If you earn the top tax bracket you can save up to 47%
 

What are the benefits?

People who cycle to work regularly are more productive, they arrive at work more alert and less depressed. Cycling employees take less time off sick than non-cycling employees. There is less space required for car parking (financial advantage). Cyclists are less likely to be late - cycling journey times are more predictable.
For more details on the Cycle To Work Scheme check out

 

www.bikescheme.ie