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Cycle to work scheme, didn't get the full benefit

  • 09-03-2015 11:45pm
    #1
    TouchingVirus
    Registered Users, Registered Users 2 Posts: 8,584 ✭✭✭


    Last year I worked for a company for a few months. In February I got a bike on the BTW scheme and went for the full €1000 amount. The agreed payment period was 6 months and I was on the higher tax bracket so I was expecting 52% relief or so, net cost of the bike being in or around €500.

    I got a better job offer and left in April, my last day being the 5th. Obviously I had to pay up the full amount on BTW before I left. My pay period was the 28th of the month so my final paycheck in April was just 1 week of pay. With so little taxable income that month and a significant amount of euro (close on 750) still owed on the bike, I got shafted. I ended up not paying tax but I did end up paying 600 quid for the bike out of my net wage. The total cost of the bike I remember working out at the time was 750, a far cry from the €500 or so.

    I was under the impression I could claim this tax relief at the end of 2014 so I didn't lose out anything but I don't see anywhere online and I can't find any forms where I could claim. I have submitted a P21 but there's no "Bike to Work" credit - is it gone altogether or have I missed something?


Comments

  • #2
    Valetta
    Closed Accounts Posts: 2,611 ✭✭✭Valetta


    What does your final payslip say?

    From what you have said, you should have received "negative pay" if you owed the company more than your wages. Your Gross Pay on your P45 therefore should be reduced by the amount of "negative pay" and when this feeds through in your new job, the tax should balance out and you will receive the full benefit.


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