Bike to Work scheme - the Megathread - Read post #1 before posting

Idleater

bilasy wrote: »

which option is more beneficial

Depends on what you define as beneficial. You won't pay more or save more either way, but it will be over and done with quickly or slower with different amount per interval.
Also do you want to have use of the bike in 2020 or only from 2021?

bilasy

Idleater wrote: »

Depends on what you define as beneficial. You won't pay more or save more either way, but it will be over and done with quickly or slower with different amount per interval.
Also do you want to have use of the bike in 2020 or only from 2021?

If there is no difference I’d rather get the bike in January and make the payment over 12 months.

Idleater

bilasy wrote: »

If there is no difference I’d rather get the bike in January and make the payment over 12 months.

It's basically a 0% interest loan to you from your employer with payments taken from your gross pay, if you leave the job the remainder will be lumped together.

CramCycle

bilasy wrote: »

If there is no difference I’d rather get the bike in January and make the payment over 12 months.

Depending on the employer, it probably makes no difference when you get it, as most (not all) pay back over 12 months, I would do it as soon as the limit goes up to 1250 if they do it over 12 months. Rumour has it that will come in this September.

grogi

bilasy wrote: »

Assuming the changes takes place in September and I submit my quote to avail of the €1500, the employer rules is that I have to repay the €1500 before 31/12/20, which option is more beneficial paying €250 every forthright ( as the amount I don’t pay tax on is higher) or just wait till January and split the payment over 12 months?

If you're barerly (like €500) into the highest 40% PAYE scale, it will be beneficial to get the bicycle this year and finish paying it back next year. That way you maximize the tax relief.

Otherwise it doesn't matter.

bilasy

grogi wrote: »

If you're barerly (like €500) into the highest 40% PAYE scale, it will be beneficial to get the bicycle this year and finish paying it back next year. That way you maximize the tax relief.

Otherwise it doesn't matter.

Unfortunately it’s not doable that way, if I get the bike this year I have to repay it all within 2020.

CramCycle

bilasy wrote: »

Unfortunately it’s not doable that way, if I get the bike this year I have to repay it all within 2020.

Is that a company thing? As they don't have to do it within the tax year, if its a small company, it might be wirth pointing it out. If they have made it company policy, and they won't budge, if you apply now, you have 4 months to repay. So 250 a month or around 75 a week gross. At the higher rates you will pay 36 a week, at lower rates, not asking your salary, you could be paying 56euro a week.

its your choice, you won't save anymore on one year over another but if 12 months is more convenient and your company won't budge, then wait till January.

iwillhtfu

CramCycle wrote: »

Is that a company thing? As they don't have to do it within the tax year, if its a small company, it might be wirth pointing it out. If they have made it company policy, and they won't budge, if you apply now, you have 4 months to repay. So 250 a month or around 75 a week gross. At the higher rates you will pay 36 a week, at lower rates, not asking your salary, you could be paying 56euro a week.

its your choice, you won't save anymore on one year over another but if 12 months is more convenient and your company won't budge, then wait till January.

I think that's a requirement for teachers civil servants they have to pay it back within the calender year or something along those lines.

bilasy

iwillhtfu wrote: »

I think that's a requirement for teachers civil servants they have pay it back with the calender year or something along those lines.

It’s a requirement for the the HSE

iwillhtfu

bilasy wrote: »

It’s a requirement for the the HSE

You'd be classed as one of these I think I recall something about ye qualifying for an extra 10% off or something along those lines.

iwillhtfu wrote: »

I think that's a requirement for teachers civil servants they have pay it back with the calender year or something along those lines.

eclipsechaser

https://www.thetimes.co.uk/edition/ireland/tax-relief-change-raises-the-bar-for-cyclists-h6r33v28n


"The upper limit for tax-free support was €1,000 — until August 1, when it increased to €1,250 for standard bicycles and €1,500 for e-bikes."


The Times suggesting that the new limits are already in?

CramCycle

eclipsechaser wrote: »

https://www.thetimes.co.uk/edition/ireland/tax-relief-change-raises-the-bar-for-cyclists-h6r33v28n


"The upper limit for tax-free support was €1,000 — until August 1, when it increased to €1,250 for standard bicycles and €1,500 for e-bikes."


The Times suggesting that the new limits are already in?

I can't find anything to say it is, but I haven't looked hard. The last I heard was they planned to get it approved when the Dail returned in September.

dogsears

CramCycle wrote: »

I can't find anything to say it is, but I haven't looked hard. The last I heard was they planned to get it approved when the Dail returned in September.

Its confirmed from 1 August according to the newly updated Revenue manuals.

CramCycle

My old bike shop is closed, time to find a new one. Any recommendations for South Dublin / North Wicklow.

Fuzzyduzzy

I tried two shops when I was visiting Galway City (both registered with the bike to work scheme). One shop has abandoned the scheme due to a lack of bikes until Spring, while the other shop simply had no bikes. Is this scheme now dead in the water or can anyone recommend a shop in Connacht that I can avail of it? Thanks

iwillhtfu

Fuzzyduzzy wrote: »

I tried two shops when I was visiting Galway City (both registered with the bike to work scheme). One shop has abandoned the scheme due to a lack of bikes until Spring, while the other shop simply had no bikes. Is this scheme now dead in the water or can anyone recommend a shop in Connacht that I can avail of it? Thanks

It's not dead at all and the fact there's no sub €1k bikes to be had is a sign it's doing well. I heard reports that stock will start coming in towards the end of August but a lot of shops are hesitant to order in a lot of stock in case the recent upsurge abates.

On the upside the second hand market will be a feast over winter but unfortunately I'd guess the majority of recently purchased bikes will be left outside to rust and sold on after the damage is done.

SuperBW

dogsears wrote: »

Its confirmed from 1 August according to the newly updated Revenue manuals.

I went to purchase a bike last week (€1265} and the shop said the limit was still €1000 and didn't know when the limit was increasing. Its annoying that the new date is not clearly defined.

MojoMaker

It is clearly defined, it's just your shop didn't make themselves aware of it as quickly as they might have.

Overall though, it hasn't been terribly well communicated once it was defined. Still, if you're in this business then it's your business to know surely.

SuperBW

MojoMaker wrote: »

It is clearly defined, it's just your shop didn't make themselves aware of it as quickly as they might have.

Overall though, it hasn't been terribly well communicated once it was defined. Still, if you're in this business then it's your business to know surely.

I guess I could show them the updated manual? However I just checked on revenue and its still shows €1000?

Fuzzyduzzy

Can anyone recommend a road bike under €1,000? Looking at Halfords website. First time buyer so would appreciate some insight!

CramCycle

SuperBW wrote: »

I went to purchase a bike last week (€1265} and the shop said the limit was still €1000 and didn't know when the limit was increasing. Its annoying that the new date is not clearly defined.

MojoMaker wrote: »

It is clearly defined, it's just your shop didn't make themselves aware of it as quickly as they might have.

Overall though, it hasn't been terribly well communicated once it was defined. Still, if you're in this business then it's your business to know surely.

Just to be clear, what the limit is, is of no concern to the shop, that is the concern of your company, no one else.

MojoMaker

Exactly, a shop is not going to impose anything upon you one way or the other.

A clued-in shop owner should be up to speed nonetheless I would think.

TimHorton

I was due to be able to access again in Jan 2021 , Does the 4 year rule allow me to qualify now ?

mirrormatrix

TimHorton wrote: »

I was due to be able to access again in Jan 2021 , Does the 4 year rule allow me to qualify now ?

Have the rules on this changed as well? It was always 5 years as far as I can remember?

KP81

On when the limit increase kicks in. Tried to get voucher from work for the €1250 and HR say it’s not effective until president signs bill into law. It was at stage 10/11 since Jul 30th. Think Michael D is on hols so that’s why it’s not in place yet 😡

bilasy

mirrormatrix wrote: »

Have the rules on this changed as well? It was always 5 years as far as I can remember?

The rules changed you can avail of the scheme after 4 years, but I think it will be effective as of 1st September.

dogsears

KP81 wrote: »

On when the limit increase kicks in. Tried to get voucher from work for the €1250 and HR say it’s not effective until president signs bill into law. It was at stage 10/11 since Jul 30th. Think Michael D is on hols so that’s why it’s not in place yet ��

Bill was signed into law on 1 August.

lapua20grain

My company deals with biketowork.ie and they are still only offering the 1k limit, you would think a company like that would have changed in line with the new limits.

mr spuckler

bilasy wrote: »

The rules changed you can avail of the scheme after 4 years, but I think it will be effective as of 1st September.

360 cycles in Clontarf posted about this today on FB, saying both the €1,250 limit and the 4 year frequency came into effect from August 1st, meaning purchasers from 2016 are eligible again.

lapua20grain wrote: »

My company deals with biketowork.ie and they are still only offering the 1k limit, you would think a company like that would have changed in line with the new limits.

That just sounds shoddy tbf. I see no mention of the new rules on their website either.

Peck3277

My company deals with biketowork.ie as well. I'm hoping to get a bike through them shortly and noticed that it was only the 1k limit at the moment.

I sent them an email yesterday and got this response:

"We have not yet updated our system. Our developers are currently working on this and we hope to have the new limit set up this week."

Looks like it's just an IT issue and it should be setup correctly this week.

Edit:

I actually have access to the dashboard (travelhub.ie dashboard) when you get registered with biketowork (I bought 5 years ago), and it's displaying the €1250 correctly. Might just be the main site that needs to be updated.