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Tax credits on cycle to work scheme

thebourke · 2009-10-22 11:52:33

I recently got a bike through the cycle to work scheme. The bike cost 380euro which the company I work for are taking the payments back over a year (7.30 approx per week). I am curious to how this works.. I am paid on a weekly basis..do they subtract the 7.30 first of all from my gross salary before i am taxed on the…

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22-10-2009 12:52pm

#1

thebourke

Registered Users Posts: 1,306 ✭✭✭

Join Date: November 2006

Posts: 741

I recently got a bike through the cycle to work scheme.
The bike cost 380euro which the company I work for are taking the payments back over a year (7.30 approx per week).
I am curious to how this works..
I am paid on a weekly basis..do they subtract the 7.30 first of all from my gross salary before i am taxed on the remainder...is this correct?

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#2 22-10-2009 1:49pm
namenotavailablE

Registered Users Posts: 59,575 ✭✭✭✭

Join Date: April 2009

Posts: 59529

Yes- they deduct the amount from your pay and you will be taxed on the reduced amount.

For details, see this link:

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

Free Excel net pay calculator- https://taxcalc.eu/monthlyss/Employee%20PAYE%20calculator.xlsm

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