Employers don't have to use those meddlemen, but they do out of handiness/laziness. It has nothing to do with the scheme
Its usually the case that bike shops wont't deal with the middlemen, not the other way around, as the middlemen take a 10% cut.
I'm interested in the price of the bikes in the North, if you could get them for cheaper than the tax savings. A bike costing a €1000 here would see a saving of €487, based on the top rate of tax. That means the equivalent bike in the North could be got for less than €513.
Assuming the lower tax rate, the savings would be €287, meaning the equivalent bike costs less than €713
as cletus said, the scheme is great. your employer is the entity to blame for your issues.
my employer allows me to buy from any bricks and mortar store in the 26 counties, and pays them directly - so no middleman, and no issues with a haircut being imposed.
do you have to spend money on a bike or can you buy other sports equipment?
you must buy a bicycle, and can only buy one bike, but can also include cycling accessories (typically mudguards, lights, cycling clothing, helmet. etc.)
anything else is tax fraud.
Some bike shops will let you get a set of wheels if you already have a bike. Of course, this isn't allowed but I don't see the issue as long as it's bike related.
the likes of halfords etc that sell other stuff apart from bikes, if you went in and wanted to buy something else non bike related, for example golf clubs, would they even care as long as they are getting the money in??
I am working as a temp/intern at a company for the summer. Looking over the guidelines on revenue.ie and on post no.1 here I don't see anything preventing me from participating in the scheme?
There also doesn't appear to be any minimum repayment period, so I should be ok to just have it come out of one pay check?
There shouldn't be any problems with what you're proposing from the scheme end of things, but a variety of employers have put different rules in place, including things like a 6 week window in the year where HR will deal with applications. Best to check with the company also
Just be aware that the savings are via tax relief (annual) and you can avail every 5 (?) tax years. I would do some calculations before using the scheme.
This was another concern to be honest. I'm not exactly earning a ton at the moment, so my tax is already quite low. Would I even make a saving by using this scheme? Especially if I am returning to college in October?
you'll save 30% or so but if the company is working through a middle man then they may be hiking their prices so do some comparison.
the limit is now every 4 years btw, so if you use the scheme now, you can use it again in 2025; though if you have change employer in the meantime I'm not sure whether they have a way to check.
I'm not a tax expert but when I was in college, i didn't reach the standard rate cutoff never mind the higher rate so in my case the savings on a 1250 bike would have been 250 or something like that.
At that price point there is better value buying a second hand bike that someone else has saved the full 600 odd on but hasn't used.
I want to buy an EBike under the scheme, but it's very difficult to find a list to choose from as you basically have to choose a bike shop first and then a bike. Particularly as it appears that there is price gouging going on with EBikes. I consider you should be able to buy a decent enough bike for 1k so it would appear to be a huge markup for electrics to be selling them for 2.5 - 3k.
I'm tempted to get a model I really want from AliExpresss for around 1.5k and ignore the tax savings because the equivalent in the scheme is 1k more.
Yeah that's an option alright, though I am looking for something in the touring/gravel category so, not as many options. 250 quid is still a saving, especially on my budget!
how about this for 1500, and they do the C2W?
https://shop.independent.ie/products/mens-veloci-spirit?gclid=CjwKCAjwmK6IBhBqEiwAocMc8vzS3Azlyq3yg8KVwrxil4roNimoQl5Wn_yC4NHEqe5gZ1OWD2_IQRoCx7oQAvD_BwE
that has been 'reduced' from €2.5k to €1.5k for as long as i can remember, which i think might fall foul of the law. it never was a €2.5k bike - even the indo's own review of it reviews it at the lower price point:
https://www.independent.ie/business/technology/veloci-spirit-ebike-is-a-good-ride-but-on-the-pricey-side-40104027.html
consumer law maybe but nothing to do with C2W, which is based on the price you pay. I met a guy who had one and as well as giving it a great review, he said several people in his office had bought it through C2W and got it for ~€750
Also I think the 2500 refers to the RRP: https://www.veloci.be/nl/veloci-spirit-heren
That would be grand if I was 75 years old and a grandad.
I'd prefer Halfords even if it's a few hundred more Carrera Crossfire E Mens Electric Hybrid Bike 2.0 - 17", 19", 21" Frames | Halfords IE.
But I'm hankering after one of these: JOOMAR Electric Bike 1000W 48V Motor 4.0 Fat Tire Mountain Bike Beach Snow Bicycle for Men MTB Ebike Kit 17AH Battery JM02S Plus|Electric Bicycle| - AliExpress
My company uses a third party too. I'm interested where you bought the bikes in the north?
Just a quick one.
Bought my present btw bike in August 2020.
Am I right in thinking that under the new scheme I could reapply again this time next year?B
Ta.
I think you'd have to wait for Jan 2024, as the scheme can be used once every 4 years, and using it in 2023 would see you using it once every 3 years?
Every 4 years......
Quote
The tax year in which the bicycle is provided counts as the first year. For example, if you used the scheme during any month in 2016, you can use the scheme again from 1 January 2020.
So 2024 I suppose based on that
Thanks.
Ive moved jobs since the last time i got the btw. I think my ctw is up next year but could be wrong. How do i find out the last time i got it?
Ring HR, they'll tell you pretty quickly
not sure if they'd know? availing of the BTW scheme is not notifiable to revenue IIRC - all your employer has to do is make a salary sacrifice to pay for the bike, so a new employer would not hold those records.
did you keep the receipt for the last purchase - always a good idea in case you ever need to sell a bike, can give you a bit more credibility for the sale.
I meant HR from the last job, payroll would have that info
You are only meant to avail of it once every 4 years irrespective of a change in employment.
Did anyone suggest otherwise?
