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Cycle to Work Scheme

  • 23-12-2008 2:01pm
    #1
    Registered Users, Registered Users 2 Posts: 920 ✭✭✭


    Can anybody tell me if the employer or the employee is the owner of the bike in this scheme?

    My point is if the employee leaves the company do the employer have to take it back?

    Any links to clarify this would be great.

    K.


Comments

  • Registered Users, Registered Users 2 Posts: 14,318 ✭✭✭✭Raam




  • Registered Users, Registered Users 2 Posts: 15,995 ✭✭✭✭blorg


    AFAIK in the Irish scheme the employee is the owner (in the UK scheme the employer is technically the owner.) If you were paying for it out of salary sacrifice and left I imagine you would have the balance remaining deducted from your final paycheck.


  • Users Awaiting Email Confirmation Posts: 69 ✭✭douglastubbs


    Hi,
    Just a question about insurance. I'd really like to introduce into our work but I am unsure about the exposure of employer liability for the bike as technically the company owns the bike initially. Already asked Revenue and they're helpful advice is ask our broker - which I have done. Was hoping someone if anyone had any advice / insight? Many thanks to Revenue for making a good scheme awkward and difficult to sell to companies.
    Happy Christmas everyone!


  • Registered Users, Registered Users 2 Posts: 1,104 ✭✭✭alfalad


    The employer never owns the bike the employer gives you the employee a loan as far as i am aware, which is then paid back through your gross salary but to ensure the loan is used for the correct purposes the money is paid directly to the bike shop. So therefore as the employee is the owner there is no insurance liability on the employer. If the employee leaves before the loan is paid off then the balance is deducted from the final pay cheque. Thats my take on it anyway.


  • Registered Users, Registered Users 2 Posts: 1,638 ✭✭✭Turbulent Bill


    Hi,
    Just a question about insurance. I'd really like to introduce into our work but I am unsure about the exposure of employer liability for the bike as technically the company owns the bike initially. Already asked Revenue and they're helpful advice is ask our broker - which I have done. Was hoping someone if anyone had any advice / insight? Many thanks to Revenue for making a good scheme awkward and difficult to sell to companies.
    Happy Christmas everyone!

    Do you mean employer liability for the bike (theft insurance etc.) or for the cyclist (crash claims etc.)? Your buildings contents insurance might cover the bike storage.


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  • Registered Users, Registered Users 2 Posts: 435 ✭✭mmclo


    I'm involved ot some degree in payroll where I work on as far as I can see Revenue have not produced any guidance on this or the parking charge so far


  • Registered Users, Registered Users 2 Posts: 56 ✭✭ChipPanBuddha


    Cyclesuperstore has a guide to the main points of the scheme on their website.
    http://www.cyclesuperstore.ie/shop/pc/viewContent.asp?idpage=131
    According to this "Bikes will be owned by the employees"
    There's a photo of John Gormley officially launching the scheme in today's Indo.
    You can sign up for updates on the scheme on the Cyclesupertore website.
    (I don't work there btw:))


  • Closed Accounts Posts: 13 Crippens


    As far as I understand it there are 2 versions of the scheme. One, where the bike is bought by the employer and provided to an employee and the second, where the bike is bought by the employee by offsetting the cost against salary. In both versions the employer must buy the bike to start with. Also, revenue have not put any limit on the total cost of bike/equipment. The only limit is that if the first version is used that the first €1,000 of any purchase is exempt from BIK. In the second version the employee would have to buy the bike by offetting the first €1,000 against salary and pay the outstanding from net salary. I rang the revenue to ask about this and it was confirmed (however, not in writing yet).


  • Registered Users, Registered Users 2 Posts: 2,644 ✭✭✭SerialComplaint


    mmclo wrote: »
    I'm involved ot some degree in payroll where I work on as far as I can see Revenue have not produced any guidance on this or the parking charge so far
    How hard did you look?

    www.revenue.ie/en/practitioner/law/bik-exemption-for-bicycles.pdf

    http://www.revenue.ie/en/practitioner/law/parking-levy.pdf
    Hi,
    Just a question about insurance. I'd really like to introduce into our work but I am unsure about the exposure of employer liability for the bike as technically the company owns the bike initially. Already asked Revenue and they're helpful advice is ask our broker - which I have done. Was hoping someone if anyone had any advice / insight? Many thanks to Revenue for making a good scheme awkward and difficult to sell to companies.
    Happy Christmas everyone!

    THis came up in our place. Personally, I think it's a bit of a red herring. Is there any employer liability from purchasing the annual train ticket if the train crashes?


  • Registered Users, Registered Users 2 Posts: 435 ✭✭mmclo


    How hard did you look?

    Quite hard for a guide for employers, i.e. the documentation which issues every year to employers. Well I suppose if the practitioners are briefed the people who implement it will follow


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