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?
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.
bilasy wrote: » Unfortunately it’s not doable that way, if I get the bike this year I have to repay it all within 2020.
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.
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.
bilasy wrote: » It’s a requirement for the the HSE
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?
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.
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
dogsears wrote: » Its confirmed from 1 August according to the newly updated Revenue manuals.
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.
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.
TimHorton wrote: » I was due to be able to access again in Jan 2021 , Does the 4 year rule allow me to qualify now ?
mirrormatrix wrote: » Have the rules on this changed as well? It was always 5 years as far as I can remember?
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 ��
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.
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.
magicbastarder wrote: » also, that statement in the screengrab does not seem to take the e-bike limit into account.
