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

Beasty

Firstly this thread is not about which bike should you get under the BTW scheme – there are too many variables to try and cover this in a single thread. It is to provide a summary of the scheme, some do’s and don’ts and act as a single thread for all technical aspects of the scheme.

Any new threads created covering the rules and application of the scheme will either be locked or transferred to this thread. Please ensure you review the whole thread before posting a new query

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snottybridge

My brother recently enquired with his employer about availing of the bike to work scheme,it seems to be being handled by cyclescheme.ie?Anyhow while reading through the terms and conditions it states that the amount has to be paid back over 3 months which equates to over 70 euros per week for the amount he's looking to spend(roughly 800/900 euro)I was always under the impression that you paid it back over 12 months, anyone else come across this? Needless to say he's hesitant to avail of the scheme under those repayment conditions.

Chips Lovell

Merged into megathread

Chips Lovell

snottybridge wrote: »

I was always under the impression that you paid it back over 12 months, anyone else come across this? Needless to say he's hesitant to avail of the scheme under those repayment conditions.

Twelve months is the maximum period for repayment. The employer can ask for repayment within a shorter period than that.

bren2001

snottybridge wrote: »

My brother recently enquired with his employer about availing of the bike to work scheme,it seems to be being handled by cyclescheme.ie?Anyhow while reading through the terms and conditions it states that the amount has to be paid back over 3 months which equates to over 70 euros per week for the amount he's looking to spend(roughly 800/900 euro)I was always under the impression that you paid it back over 12 months, anyone else come across this? Needless to say he's hesitant to avail of the scheme under those repayment conditions.

But he will also get the tax relief there too which will bring down the cost of the weekly repayments.

tomasrojo

I opted to repay it in one pay packet. I used to have spare money.

snottybridge

tomasrojo wrote: »

I opted to repay it in one pay packet. I used to have spare money.

Nice if you can do it that way, he's trying to reduce the weekly repayment pain☺

CramCycle

snottybridge wrote: »

My brother recently enquired with his employer about availing of the bike to work scheme,it seems to be being handled by cyclescheme.ie?Anyhow while reading through the terms and conditions it states that the amount has to be paid back over 3 months which equates to over 70 euros per week for the amount he's looking to spend(roughly 800/900 euro)I was always under the impression that you paid it back over 12 months, anyone else come across this? Needless to say he's hesitant to avail of the scheme under those repayment conditions.

Not much he can do, so long as everyone in the company has been offered the same conditions. if someone else there was allowed repay over 12 months, then he should be too, but other than that.

This said it won't be 70euro per week. Get him to calculate how much tax he pays per week % wise and multiply the 70 by that to get a rough idea of how much less than 70euro it will be. Or his employer may average it over the year, so he may not see as large a reduction over the three months but over the year it will add upto the same.

TychoCaine

CramCycle wrote: »

Not much he can do, so long as everyone in the company has been offered the same conditions. if someone else there was allowed repay over 12 months, then he should be too, but other than that.

This said it won't be 70euro per week. Get him to calculate how much tax he pays per week % wise and multiply the 70 by that to get a rough idea of how much less than 70euro it will be. Or his employer may average it over the year, so he may not see as large a reduction over the three months but over the year it will add upto the same.

It all depends on how accommodating the payroll people want to get. They can either spread the relief over the full year, which means you get hammered in the short term, or give you the full relief just for the weeks/months you're paying it back which makes it fairly painless.

Gary

mcgratheoin

tomasrojo wrote: »

I opted to repay it in one pay packet. I used to have spare money.

Yeah, I saved up for a bike and then used those savings as part of my pay packet the month I bought the bike and repaid the whole lot together.

Miike

tomasrojo wrote: »

I opted to repay it in one pay packet. I used to have spare money.

Can everyone do this? I'm working for the HSE and I've saved up for a bike, having totally forgot about the scheme. Now I'm in a position I can just repay the lot. Didn't know this was an option?

cython

Miike wrote: »

Can everyone do this? I'm working for the HSE and I've saved up for a bike, having totally forgot about the scheme. Now I'm in a position I can just repay the lot. Didn't know this was an option?

It's entirely at the discretion of the employer, so you'd need to ask them. As far as I know, the only requirement around repayment of the scheme in the law is that it must be completed within 12 months, but anything beyond that is at the discretion of the employer (to the extent that they can go to the other extreme and require up front repayment in full if they want).

Miike

cython wrote: »

It's entirely at the discretion of the employer, so you'd need to ask them. As far as I know, the only requirement around repayment of the scheme in the law is that it must be completed within 12 months, but anything beyond that is at the discretion of the employer (to the extent that they can go to the other extreme and require up front repayment in full if they want).

I'm working for the HSE so they'll make it as painful as humanly imaginable, in typical HSE style.

mirrorwall14

Hypothetically there was a bike company in my workplace setting this scheme up for employees in recent weeks. Hypothetically they assured everyone that you could spend it on multiple items including kids bikes etc.

Who would be at fault in this case? If you didn't happen to know more about the rules of the scheme then you could sign up and be oblivious to breaking the law?

cython

mirrorwall14 wrote: »

Hypothetically there was a bike company in my workplace setting this scheme up for employees in recent weeks. Hypothetically they assured everyone that you could spend it on multiple items including kids bikes etc.

Who would be at fault in this case? If you didn't happen to know more about the rules of the scheme then you could sign up and be oblivious to breaking the law?

Potentially all three parties involved (vendor, employer, and employee), as the employee is availing of a relief that they are not entitled to, and the employer and vendor are facilitating it. However, at the same time since the vendor is simply selling goods to the employer, they are arguably not doing anything wrong, at least technically, so more likely the employer (who should be reviewing any purchases they make on the scheme) and employee (who is availing, as mentioned). Ignorance of the law has been proven many times not to be a valid defence, after all.

Rogue-Trooper

Our company offer the BTW scheme and you pay it back over 3 months. This however is a stumbling block for many employees as it makes it quite a big outlay and more have said they would participate if it were spread over 6 or 12 months.

I'm going to approach our overlords to see if it's possible to do this, but it would be nice to have a sense of what other companies offer. So my question is, what are the repayment terms at your place of work?

iwillhtfu

Rogue-Trooper wrote: »

Our company offer the BTW scheme and you pay it back over 3 months. This however is a stumbling block for many employees as it makes it quite a big outlay and more have said they would participate if it were spread over 6 or 12 months.

I'm going to approach our overlords to see if it's possible to do this, but it would be nice to have a sense of what other companies offer. So my question is, what are the repayment terms at your place of work?

I had the run of the place seeing as how I was first in

So I could set the standard and quickly rule out any voucher schemes although one cute whore from such a scheme rang our accounts dept touting his scheme. Ended up going down the bank transfer route which opened up the likes of canyon etc.

I paid over 12 months and barely noticed it going out to be honest. I could have paid sump,3,6,9 months either.

Small enough company though maybe 60 employees.

rubadub

Rogue-Trooper wrote: »

So my question is, what are the repayment terms at your place of work?

I am not certain but I think the company might benefit if spread out over 12months. I'm sure someone will confirm or rubbish this.

It was meant to make no difference to the employee but I thought it was something to do with PRSI.

Rogue-Trooper

rubadub wrote: »

I am not certain but I think the company might benefit if spread out over 12months. I'm sure someone will confirm or rubbish this.

It was meant to make no difference to the employee but I thought it was something to do with PRSI.

The company has to pay up-front for the purchase of the bike so I guess it's in their interest to get it repaid as quickly as possible. I guess I'm just wondering how 'generous' are other employers with the repayment period?

Rogue-Trooper

iwillhtfu wrote: »

I had the run of the place seeing as how I was first in

So I could set the standard and quickly rule out any voucher schemes although one cute whore from such a scheme rang our accounts dept touting his scheme. Ended up going down the bank transfer route which opened up the likes of canyon etc.

I paid over 12 months and barely noticed it going out to be honest. I could have paid sump,3,6,9 months either.

Small enough company though maybe 60 employees.

My company unfortunately use the voucher system. If I can get the extended repayment thing over the line, that will be my next target!!

dahat

Once it's paid within the tax year most companies are happy but I guess as it's non compulsory to offer it they can attach whatever stipulations they wish.

iwillhtfu

Rogue-Trooper wrote: »

My company unfortunately use the voucher system. If I can get the extended repayment thing over the line, that will be my next target!!

They're a blight on the whole bike to work scheme and typically Irish creating a solution where there was never a problem unfortunately. :mad:

I don't see reasoning for not allowing the extended pay scheme once it's set up on payroll it's an automatic static deduction. I guess if they're particularly strict on their tax year it may be reasoning but as mentioned the company pay for it up front so I can't see that being a valid reason.

C3PO

iwillhtfu wrote: »

They're a blight on the whole bike to work scheme and typically Irish creating a solution where there was never a problem unfortunately. :mad:

Like it or not there is clearly a demand from companies for the service they offer! My guess is that a lot of workplaces wouldn't offer "Cycle to Work" without the voucher schemes .... They would simply see it as too much hassle!

iwillhtfu

C3PO wrote: »

Like it or not there is clearly a demand from companies for the service they offer! My guess is that a lot of workplaces wouldn't offer "Cycle to Work" without the voucher schemes .... They would simply see it as too much hassle!

I guess if you had 1500 employees with different invoices everyday it would be a hassle but for a small company I can't see how it is any more hassle than engaging with a voucher scheme company.

CramCycle

The irony is that I have seen how much the voucher crowd demand from the company and the truth is, it is as much work to use the voucher scheme as it is to run it yourself. Hence the idiocy of it, but great snake oil salesmanship.

pegdrums

Im sure this has been asked but Im thinking of getting a bike on the BTW scheme and I'm just wondering if I can make a lump payment at any stage?

e.g: I pay off €35 p/m. Could I pay off €200 as a lump payment at any stage?

Im trying to sell a few bits and when I do Id like to pay off the bike.

Is this possible?

Cheers.

I love Sean nos

pegdrums wrote: »

Im sure this has been asked but Im thinking of getting a bike on the BTW scheme and I'm just wondering if I can make a lump payment at any stage?

e.g: I pay off €35 p/m. Could I pay off €200 as a lump payment at any stage?

Im trying to sell a few bits and when I do Id like to pay off the bike.

Is this possible?

Cheers.

Depends on your employer and how lazy they are. Some employers spread your part of the cost over 12 months. Others, like mine, lift it all at once the following month.

Have a chat with your HR/payroll person. There will be paperwork and effort required.

LollipopJimmy

If your payroll person is sound it's easy to do. I finished mine off early with a lump and it took all of 30 seconds for the lady to do

pegdrums

Cheers for that. I'll have a chat with them. Im trying to sell a few old drum bits n bobs. Itd be nice to use it to pay off the bike early.

Danbo!

Yeah as above it's up to payroll. I was offered 1 month or 12 months or anything in between. Took the hit in one month so was nice to get rid of it. It seemed very simple from their side so no harm in asking.

cdaly_

Just be aware that you cannot use cash to pay it off early or you don't get the tax benefits. Payroll must take the amount from your pay while you keep the cash in your pocket.