Sorry if this has been asked before but i cant seem to find the info anywere online?
Basically when my job moved building they paid for our travel for 1 year, i have an annual rail ticket.
This is now due to expire at the end of June, leaving me to pay it myself, i can avail of the taxsaver scheme in work so that part isnt so bad.
Im just wondering, if im thinking of moving closer to my job, can i cancel the taxsaver ticket after 6 months, will i have to pay a penalty or will i owe tax that i have saved on since got the ticket?
If anyone has any info id really appreciate it!!! Cheers!
If you scroll down towards the end of http://www.taxsaver.ie/en/Commuters/Annual-Ticket-Conditions/Annual-Ticket-Conditions/, there is info there on cancelling them.
This is all the info it says:
Annual Tickets purchased through the taxsaver Commuter Scheme normally have employer conditions that can vary from company to company. It is advisable to seek clarification with your company administrator before seeking a refund.
Just wondering if anyone knows from personal experience what way to do it, surely im not looking for a refund as im paying in monthly installments through my wages, rather than paying upfront??
Sorry just still a little lost?
This is my understanding: -
The tax saver ticket is essentially a 10 month ticket with 2 extra months free. So if your annual ticket costs €995 you are paying back €82.92 per month over 12 months in your salary. If you surrender your ticket after 6 months you will be charged €99.50 for each month you've had the ticket and you (or your employer) will be refunded the rest. Unless you hold onto to the ticket for the full 12 months you are not able to avail of the 2 months free.
Even if you do think you'll surrender the ticket after a few months it is worth your while to get it as you will avail of the tax relief.
Taxsaver also do monthly tickets if that's any use to you. I know that can depend on whether the employer allows you take that option.
Does that make sense?
I do have a direct email contact in Irish Rail if that's any use to you. PM me if you want it.
Yes, that does make sense, as my annual ticket is €2444, and the monthy is €244, i was afraid of cancelling and having to pay the monthly cost as there isnt a hope in hell i would have that money upfront.
Ill speak to my employer and find out if i can get the ticket on a monthly basis or do i have to sign up for the whole year!!
Guys what the refund policy for cancellation now.
I might be losing my job and I havn't used my annual ticket.
as per my company policy the annual ticket is non -refundable. Is that the case? Can I not cancel it at all? I havnt used my card.
Sorry to pop in at the end of this thread but I have a linked question.
I've just gotten an annual tax saver ticket but will be leaving the company.
The company will deduct the cost of the ticket from my final salary but I just want to check will i then have use of the ticket for the remainder of the year?
Is there anyway that the employer can cancel the ticket AFTER I have paid them back for it?
I don't believe so
it is your ticket which you are paying your employer for
Thanks RiskyMove. Appreciate the quick response.