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Cycle to Work Scheme for Contractors

  • 07-11-2009 6:47pm
    #1
    guerito
    Registered Users, Registered Users 2 Posts: 285 ✭✭


    Hi folks,

    Does anyone know where I can find info on the CTW scheme for a contractor, as opposed to an employee? Or if it even applies? I've had a good look on this forum and elsewhere and I can't find anything. Any advice would be much appreciated!


Comments

  • #2
    Beasty
    Administrators, Social & Fun Moderators, Sports Moderators Posts: 78,393 Admin ✭✭✭✭✭Beasty


    Unfortunately it's only available to employees and directors. If you are self-employed you cannot take advantage of it


  • #3
    guerito
    Registered Users, Registered Users 2 Posts: 285 ✭✭guerito


    That's what I was afraid I'd hear. Thanks anyway Beasty. Arriba los Blaugranas!


  • #4
    jollylee
    Registered Users, Registered Users 2 Posts: 157 ✭✭jollylee


    guerito wrote: »
    That's what I was afraid I'd hear. Thanks anyway Beasty. Arriba los Blaugranas!
    Talk to your accountant. He'll know for def what your entitled to.


  • #5
    Jip
    Closed Accounts Posts: 3,418 ✭✭✭Jip


    If you're a contractor don't you usually set up a company anyway and make yourself a director ? Most of the contractors I know have gone this route anyway.


  • #6
    Lumen
    Registered Users, Registered Users 2 Posts: 31,216 ✭✭✭✭Lumen


    Jip wrote: »
    If you're a contractor don't you usually set up a company anyway and make yourself a director ? Most of the contractors I know have gone this route anyway.

    Yes. The important thing is that you're on PAYE.


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  • #7
    BSPOKE20
    Registered Users, Registered Users 2 Posts: 108 ✭✭BSPOKE20


    Another question to throw into the pot... I'm on a 9 month contract with work and I have another 6 months remaining, I know the bike to work scheme is done/repaid through your PAYE/PRSI over a 12 month basis, does this mean I can't take it up?


  • #8
    petethedrummer
    Registered Users, Registered Users 2 Posts: 7,604 ✭✭✭petethedrummer


    BSPOKE20 wrote: »
    Another question to throw into the pot... I'm on a 9 month contract with work and I have another 6 months remaining, I know the bike to work scheme is done/repaid through your PAYE/PRSI over a 12 month basis, does this mean I can't take it up?
    You can repay it as quickly as you like. They could dock the value of the bike from 1 month's pay.


  • #9
    BSPOKE20
    Registered Users, Registered Users 2 Posts: 108 ✭✭BSPOKE20


    Thanks Pete great to know - off to the bike shop I go!!!


  • #10
    uberwolf
    Registered Users, Registered Users 2 Posts: 7,581 ✭✭✭uberwolf


    BSPOKE20 wrote: »
    Thanks Pete great to know - off to the bike shop I go!!!

    off to your HR dept you go! do they support the CTW scheme in your place?


  • #11
    Victor
    Registered Users, Registered Users 2 Posts: 78,574 ✭✭✭✭Victor


    guerito wrote: »
    Hi folks,

    Does anyone know where I can find info on the CTW scheme for a contractor, as opposed to an employee? Or if it even applies? I've had a good look on this forum and elsewhere and I can't find anything. Any advice would be much appreciated!
    Assuming its relevant, just put the bike down as a business expense. This may not be looked on favourably if you only work from one site.


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  • #12
    Beasty
    Administrators, Social & Fun Moderators, Sports Moderators Posts: 78,393 Admin ✭✭✭✭✭Beasty


    Victor wrote: »
    Assuming its relevant, just put the bike down as a business expense. This may not be looked on favourably if you only work from one site.
    You can then only claim the proportion of the costs (which will include purchase cost, maintenance and any other running costs) relating to buiness "use". Home to work travel does not count as business use.

    If, say, your business usage (as a proportion of total bike usage) is 10%, should be able to get tax relief on 10% of the costs incurred. If 90%, you get relief on 90%. Clearly this could be worth it if you are using the bike quite a lot on "business", but it's worth nothing if you are simply riding it to work (which is cleary where the bike to work scheme does provides a tax break)


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