UrbanFret wrote: » 5 months back a Carrera Vengeance e bike retailed at €958 todays price €1,315.00. Anything to do with the higher subsidy I wonder.:mad:
MJohnston wrote: » More likely Covid bike demand.
byrnem31 wrote: » Im not eligible until 3 years on the old scheme. Does this mean I will be eligible in 2 or is it only for new entrants to the scheme ?
Away With The Fairies wrote: » Can someone explain this whole scheme to me?
Beasty wrote: » In summary: Basically, you can get up to €1,000 of bike/accessories through your employer, either as a completely free benefit-in-kind (if your employer likes you); or paid for by deductions from your salary, saving you tax, PRSI and levies on the purchase price. There is a benefit to the employer as they save employers PRSI. There is no obligation on your employer to operate it. Your employer does not have to notify Revenue that they will operate the scheme, although they may be subject to Revenue audit on the operation of the scheme. The scheme is only available to employees and company directors. The self-employed cannot avail of the scheme, as you must be on PAYE (employees of the self-employed can qualify). It must be available to all PAYE employees/directors of the company – it cannot be restricted to particular categories of staff or individuals It's €1,000 every 5 years. The bike must be bought by the employer, a receipt by the employee for a refund is not acceptable. The bike can be purchased anywhere and not confined to Ireland. Your employer should get you to sign a statement saying that you will use the bike primarily for commuting to work. Commuting to a train station, Luas or bus stop is OK. There is no minimum days that you must commute to work on the bike. It can be a used as a salary sacrifice from your gross pay over a period of no greater than one year. Alternatively is can be used as a tax free benefit (gift) to the employee. It does not include a replacement bike if you crash or if your bike is stolen. If you spend only, say, €600 on the bike in the scheme then you're done, i.e. you cannot claim the additional €400 at any time within the 5 years. However if you claim €1,200 on the scheme the first €1000 is tax free and the balance is taxable (or deductible from your net pay). The Revenue have issued a set of FAQs on the scheme which can be seen here
Away With The Fairies wrote: » Is there anything else to this whole scheme that might bring down the cost for me?
Away With The Fairies wrote: » Can someone explain this whole scheme to me? Do I get any other benefit from this scheme? As far as I know, deductions are made from my wages over 3 months. But looking at a bike that cost 1200, that's a 100 deduction per week which I really can't afford. Is there anything else to this whole scheme that might bring down the cost for me?
engineer0 wrote: » I have seen a few posts asking about how to get a Canyon Bike, using bike to work scheme. Canyon provided the following details to me, FYI In order to use the Cycle to Work scheme in Ireland you need to purchase the bike as normal on www.canyon.com. Then on the checkout make sure that the company name is listed as the billing address. The Irish Cycle to work scheme does not require a specific form or process, all you need to do is to simply order the bike, making sure that the customer name and address are filled in with the details of the company who is buying the bike. Then select Pre-Payment as the payment method then an invoice will be generated and sent to you by email. Please then pass the invoice to the HR department of your company for payment. Your HR will be able to reimburse the VAT, all they need are the registered details of Canyon in Ireland: Member State: IE VAT Number: IE 9685412C Name: CANYON BICYCLES GMBH Address: KARL - TESCHE -STR 12 ,D-56073 KOBLENZ ,GERMANY
grogi wrote: » That VAT story is a bit dodgy. The employer should not claim the VAT back on this purchase, as the bike is not theirs to keep. They would need to pay the VAT at the moment of the transfer of the ownership to you.
magicbastarder wrote: » the issue with canyon is not that they won't engage with the scheme, per se, but that they won't split an invoice if the purchase exceeds the threshold (currently €1k)
bilasy wrote: » Sorry for the basic question, if the bike costs €1500 and the employers gets back €1500 from my salary sacrifice over the 12 month where are the savings, I’m on the higher tax Thanks
Officer Giggles wrote: » If the bike costs €1500, €1000 is repaid via salary sacrifice and you pay the other 500 upfront, the €1000 is taken from your pre-tax income therefore you don't pay tax on that income, in reality the €1000 pay back only took €520 out of your pocket, the €480 saving is from not having to pay tax on the €1000 you earned
bilasy wrote: » which option is more beneficial
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?
bilasy wrote: » If there is no difference I’d rather get the bike in January and make the payment over 12 months.
