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Cycle2work scheme

  • 05-03-2010 3:11pm
    #1
    dardoz
    Users Awaiting Email Confirmation Posts: 933 ✭✭✭


    Hi guys. Has anyone any experience of buying a bike from the north for the cycle2work scheme?

    I already know that the scheme allows you to buy from anywhere in the EU, but when I rang Halfords in Craigavon, they knew nothing about the irish scheme.

    Can anyone give me some advice please?


Comments

  • #2
    Lumen
    Registered Users, Registered Users 2 Posts: 31,223 ✭✭✭✭Lumen


    Have you read this? Specifically, VAT treatment.


  • #3
    Beasty
    Administrators, Social & Fun Moderators, Sports Moderators Posts: 78,393 Admin ✭✭✭✭✭Beasty


    Lumen wrote: »
    Have you read this? Specifically, VAT treatment.
    Lumen

    Can anyone amend that page, or do you need "special powers" - the VAT rates need updating (back to 21% Ireland, 17.5% UK)?

    Cheers


  • #4
    blorg
    Registered Users, Registered Users 2 Posts: 15,995 ✭✭✭✭blorg


    Anyone can do it.


  • #5
    bungaro79
    Registered Users, Registered Users 2 Posts: 1,214 ✭✭✭bungaro79


    don;t think anyone can do it blorg, depends on if your employer is signed up on the scheme.

    not sure about buying it up north, i got it through the dept of education and they had a list of bike shops that were participating and you could only get it through these. got mine on tues and delighted with it!


  • #6
    blorg
    Registered Users, Registered Users 2 Posts: 15,995 ✭✭✭✭blorg


    bungaro79 wrote: »
    don;t think anyone can do it blorg, depends on if your employer is signed up on the scheme.
    I was replying to Beasty, I meant anyone can edit the Wiki. There is no "signing up" to anything but you are right it depends on whether your employer is willing to buy a bike for you.


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  • #7
    Beasty
    Administrators, Social & Fun Moderators, Sports Moderators Posts: 78,393 Admin ✭✭✭✭✭Beasty


    blorg wrote: »
    Anyone can do it.
    Cheers blorg - I'll look at it later


  • #8
    dardoz
    Users Awaiting Email Confirmation Posts: 933 ✭✭✭dardoz


    Thanks for the help guys, appreciate it.

    So if the employer cannot recover the VAT after buying in the UK... does it end up being more expensive for them... Or do they have to pay the VAT as well when it is bought in the south. Sorry for my ignorance if these are really stupid questions.


  • #9
    blorg
    Registered Users, Registered Users 2 Posts: 15,995 ✭✭✭✭blorg


    dardoz wrote: »
    Thanks for the help guys, appreciate it.

    So if the employer cannot recover the VAT after buying in the UK... does it end up being more expensive for them... Or do they have to pay the VAT as well when it is bought in the south. Sorry for my ignorance if these are really stupid questions.
    They have to pay the VAT as well buying in the south, but it makes no difference as ultimately it will be paid by you out of your salary deductions.

    AFAIK most companies buying abroad haven't looked into it in too much detail and are just paying in the UK VAT. I wouldn't kick up a stink about making it complicated.


  • #10
    dardoz
    Users Awaiting Email Confirmation Posts: 933 ✭✭✭dardoz


    Well then I'm lost. Where is the advantage to this than me just going into Halfords and getting a bike on the drip for a year?


  • #11
    blorg
    Registered Users, Registered Users 2 Posts: 15,995 ✭✭✭✭blorg


    dardoz wrote: »
    Well then I'm lost. Where is the advantage to this than me just going into Halfords and getting a bike on the drip for a year?
    Your employer buys the bike. It is then reclaimed out of your income before tax. So you don't pay tax (or PRSI) on the cost of the bike. This results in the bike coming in at around 50% off if you are an upper rate taxpayer. The employer doesn't have to pay their PRSI contribution on the money so they save a smaller amount too.


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