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Bike To Work Scheme

  • 24-06-2011 4:30pm
    #1
    m.j.w
    Registered Users, Registered Users 2 Posts: 1,494 ✭✭✭


    Hi just looking for some info on the bike to work scheme. I have looked it up and see it comes out of your pre tax pay but I dont really understand how it works. The lads at work have all used it and they say that the company bought the bike and it works out that they only have to pay half it back. Thing is im an apprentice so I only pay 13 euro a week tax so would that mean that I would end up paying back most of the cost of the bike myself?


Comments

  • #2
    namenotavailablE
    Registered Users, Registered Users 2 Posts: 59,704 ✭✭✭✭namenotavailablE


    As your work colleagues said, the cost of the bike is deducted from your gross pay and you pay tax and levies/ universal social charge on the remainder. You can spread the cost out over a 12 month period.

    If you're paying relatively low amounts of tax/ levies, the saving isn't as great- the more tax you pay, the more you save.
    You can work out the details using my spreadsheet. (Excel 2003 or 2007 formats only)
    To enter the cost of the bike in the spreadsheet, use the 'Optional information' | 'Salary sacrifice' section. If you need a hand with it, leave a message here.

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



  • #3
    m.j.w
    Registered Users, Registered Users 2 Posts: 1,494 ✭✭✭m.j.w


    namenotavailabl wrote: »
    As your work colleagues said, the cost of the bike is deducted from your gross pay and you pay tax and levies/ universal social charge on the remainder. You can spread the cost out over a 12 month period.

    If your paying relatively low amounts of tax/ levies, the saving isnt as great- the more tax you pay, the more you save.
    You can work out the details using my spreadsheet. (Excel 2003 or 2007 formats only)
    To enter the cost of the bike in the spreadsheet, use the 'Optional information' | 'Salary sacrifice' section. If you need a hand with it, leave a message here.

    hi cheers for the reply, found the calculator on the main site and it says ill save 120 on a 600 bike so not as good as i thought


  • #4
    serendip
    Registered Users, Registered Users 2 Posts: 287 ✭✭serendip


    There's more information here: http://wiki.boards.ie/wiki/BikeToWork

    This topic comes up a lot on the cycling forum, you might consider asking over there (although, most likely, you'll be pointed towards the wiki above).


  • #5
    Beasty
    Administrators, Social & Fun Moderators, Sports Moderators Posts: 78,393 Admin ✭✭✭✭✭Beasty


    ... also check this thread in the cycling forum - it's the place to ask questions if it does not already provide the answer you are looking for


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