I heard recently about Bike Shops passing on the fee they're charged by the broker or voucher processing companies. Has anyone heard of this? There's a brief mention of it on the 1st page of this thread but I can't find any more info on it. Figures of 10% of the purchase were mentioned. I can't see how this is fair. This is a deal between the bike shop and the broker. If they want to bake some of that in to the price, fine but 10% seems extortionate and I would assume is bending the tax rules a bit i.e. you're not really getting your full monies' worth of equipment but you are paying your tax on the full amount.
This cropped up for me earlier this week. My company uses Bikes4work.ie to get vouchers for the bike shops so they are only paying out to a single company and not multiple shops directly. I finally got my voucher now and wanted to get the LBS to order in a bike for me. The shop owner knocked €75 off the RRP of the bike but said that was the best he could do as One4All take 10% of the voucher value.
I was suprised by this as all over the Bikes4work.ie site it states "OUR SERVICE IS FREE OF CHARGE"
10% = €100 for a voucher
10% of a €1k transaction just for doing some paperwork that's probably 99% automated anyway seems poor value, but the employers don't care because someone else pays it. Thankfully my employer does it direct, so they just handed me a cheque. :-)
Just got a bike on the bike to work scheme. Wondering about insurance can anyone recommend a good bike insurance scheme?
Can anyone tell me what the procedure is for changing jobs during the scheme?
None, if there is any remaining payments to the company you work for now, they should take it as a lump sum out of your final paycheck and that is that.
I'm looking to purchase a bike through the education department, and want to get it from the Canyon website but there seems to be a few issues:
- their Cycle To Work Scheme Application Form says bikes can only be purchased from certain providers but the link they give no longer works: http://www.opw.ie/en/OurBusinessUnits/GovernmentSuppliesAgency/Cycle-to-WorkScheme/. This means I've no idea where I can purchase a bike from.
- the form also seems slightly conflicting saying "Please ensure that the bank account is within the Republic of Ireland and will support the Electronic Money Transfer System." while also saying later "Where the supplier’s bank account is not based in the Republic of Ireland there may be an additional nominal fee to facilitate the payment to the supplier by the Electronic Money Transfer System, which will be included in the salary sacrifice figure.". So I'm assuming I can buy a bike from outside of Ireland but I'll be charged the transfer fee.
I'm finding this confusing, so just wondering if anyone can tell me if they managed to buy from the Canyon website through the educational department cycle to work scheme? And if not, does anyone know who I could contact to find out?
I got a bike about 2.5/3years ago, fully paid up, so now I'm in a new job can a get another bike (I think not) but could I ask my job for it.
No. You can only do it once every 5 years.
You could talk nicely to your local bike shop and see if they would buy it for you then you buy it from them. I started down this route but ended up getting a good deal on a similar spec bike with now waiting so I went for that.
It's your HR / payroll section that you need to ask. I believe an Irish VAT would be required by Canyon but not 100% on that point.
I have done this and had no issues, there is discussion elsewhere in the forum/thread about this and the wording appears IMO to suggest once every five years per employment, ie new employment means an opportunity to use the scheme again. Probably not the intention of the scheme but that's my opinion on it.
You can buy the bike from anywhere your employer allows, so it does not always require Irish VAT eg buying from a small UK company.
It depends on the VAT status of both the retailer and the employer:
Thanks for you replies - the employer in this case is the department of education, but as I mentioned they supply a link to a page that is suppose to contain the retailers that they support but that page no longer exists so its extremely annoying.
I just wanted to see if anyone in here had gone through the department when buying a bike from Canyon - I'll have a look round and see if I can figure something out and it might benefit others in the future.