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bike to work scheme questions

  • 30-05-2011 9:47pm
    #1
    noeleoreid
    Closed Accounts Posts: 106 ✭✭


    On a tax rate of 20%, will i only save 20% or possibly more.. Is universal social charge also deducted and what about prsi as well or is it just the tax u pay??

    Do I have to go through my employer? Heard someone say that I can just fill out a tax return form and do it that way. Dunno will the boss man go for it considering it will be just one person doin the scheme....

    If not, .. Does ur boss have too physically come down to the bike shop and purchase it for you?? Or can u make the purchase and present him with the receipt?? Might be a silly question... but it does say that on the wiki boards 'bike to work' page.

    What is the minimum period of time that u can repay the purchase through your deductions? in my case paid weekly... Dont want to have to have deductions from my pay for a long period of time, would prefer if i could just pay it all in one big deduction on the first month for instances..


Comments

  • #2
    RacoonQueen
    Moderators, Sports Moderators Posts: 20,366 Mod ✭✭✭✭RacoonQueen


    When I did it I purchased my bike and brought the receipt back into work. However, the norm is to get an estimate and bring that back to your finance/hr dept/boss and they'll purchase the bike then you'll be contacted to go an collect your bike.

    I think the repayments are just standard over a year. AFAIK you can't choose how long it takes to repay.


  • #3
    couerdelion
    Registered Users, Registered Users 2 Posts: 2,910 ✭✭✭couerdelion


    All your questions should be answered here...

    http://www.biketowork.ie/


  • #4
    EC1000
    Registered Users, Registered Users 2 Posts: 1,336 ✭✭✭EC1000


    You can repay over any period you like up to one year. I went for 6 months so get it over with a bit quicker.

    Also, it depends on your employer as to how it all works - if you go through one of those silly scam scheme operators you will have to jump through some hoops and they also take a 10% cut. If you go directly through your employer it simplifies things a lot.


  • #5
    jeffontour
    Registered Users, Registered Users 2 Posts: 930 ✭✭✭jeffontour


    Have a looksee over on the cycling forum, they've done this topic to death.


  • #6
    BeepBeep67
    Registered Users, Registered Users 2 Posts: 8,087 ✭✭✭BeepBeep67


    It's generally up to your employer how quickly or not you pay for the bike - they are effectively giving you a loan up to 12mths interest free (my only option was a single payment). Remind your employer that they will also save their PRSI contribution 10.X%.


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  • #7
    Seres
    Registered Users, Registered Users 2 Posts: 1,900 ✭✭✭Seres


    BeepBeep67 wrote: »
    It's generally up to your employer how quickly or not you pay for the bike - they are effectively giving you a loan up to 12mths interest free (my only option was a single payment). Remind your employer that they will also save their PRSI contribution 10.X%.
    the loan should be the cost of the bike net of VAT too , your employer can claim this back on his Vat Return , assuming that he/she is Vat registered


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