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

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  • #302
    CramCycle
    Moderators, Sports Moderators Posts: 25,990 Mod ✭✭✭✭CramCycle


    billyhead wrote: »
    Has anyone ever got another bike under the BTW scheme with a new employer?

    I have and never encountered any issue with it. I even told the second place and they said it had nothing to do with them, their understanding was 5 years within their employment as there was no way for them to check, although I am not sure it ever occurred to them or that they cared.


  • #303
    richieg
    Registered Users, Registered Users 2 Posts: 587 ✭✭✭richieg


    On a slightly different topic if you avail of the BTW scheme and pay back the employer in 1 go rather than salary sacrifice over a number of months and subsequently leave that place of employment a couple of months later do you forfeit any tax benefits or still hold onto them?


  • #304
    Beasty
    Administrators, Social & Fun Moderators, Sports Moderators Posts: 78,458 Admin ✭✭✭✭✭Beasty


    I've moved today's posts from this thread here


  • #305
    richieg
    Registered Users, Registered Users 2 Posts: 587 ✭✭✭richieg


    richieg wrote: »
    On a slightly different topic if you avail of the BTW scheme and pay back the employer in 1 go rather than salary sacrifice over a number of months and subsequently leave that place of employment a couple of months later do you forfeit any tax benefits or still hold onto them?

    Any advice on this before I get into the BTW scheme?


  • #306
    CramCycle
    Moderators, Sports Moderators Posts: 25,990 Mod ✭✭✭✭CramCycle


    richieg wrote: »
    Any advice on this before I get into the BTW scheme?

    Are you paying it one lump or monthly, you'll have to have it fully paid off before you leave, you'll receive the same benefits in that you won't have to pay tax on those earnings if you get me, that doesn't change.


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  • #307
    lochdara
    Registered Users, Registered Users 2 Posts: 786 ✭✭✭lochdara


    richieg wrote: »
    richieg wrote: »
    On a slightly different topic if you avail of the BTW scheme and pay back the employer in 1 go rather than salary sacrifice over a number of months and subsequently leave that place of employment a couple of months later do you forfeit any tax benefits or still hold onto them?

    Any advice on this before I get into the BTW scheme?
    I think if u pay off the 1000 at the end of a pay month out of ur wages u will make the saving there and then, I.e u are taxed on ur gross wages - 1000 euro. But if u hand your boss 1000 cash I dont think u make that saving as the money didnt come, directly from ur wages. That's my take on it

    ______________________________________________________

    Currently fundraising for Irish Motor Neurone Disease Association

    In Memory of my fab Wife www.sinsin.ie



  • #308
    richieg
    Registered Users, Registered Users 2 Posts: 587 ✭✭✭richieg


    CramCycle wrote: »
    Are you paying it one lump or monthly, you'll have to have it fully paid off before you leave, you'll receive the same benefits in that you won't have to pay tax on those earnings if you get me, that doesn't change.

    That's what I thought, thanks.


  • #309
    Seaneh
    Banned (with Prison Access) Posts: 18,300 ✭✭✭✭Seaneh


    Question lads.

    Right, I'm totally out of the BTW loop, no idea what the procedure is so Just going to throw out the general question and hopefully someone will be able to help me.


    Say I make 30k a year and I want to buy a bike worth €1000 (max I think?) how much do I save? Also, is it possible for me to give my part of the money upfront or does it have to come out of my wages week by week? Or is that totally at the will of my employer?

    I know I find a shop, find a bike, HR/Accountant give me a voucher for full amount etc, but how much will I expect to save and can I then give my employer back my share in one lump sum?


  • #310
    lochdara
    Registered Users, Registered Users 2 Posts: 786 ✭✭✭lochdara


    the answers are in the start but basically on 30k ur probably on lower tax so you will save 300 euro. on high rate u save 510. Not sure about upfront to your employer. someone else can answer that.

    you get an invoice for the bike and accessories, give it to your boss, they pay and you collect said bike.. calculator for seeing ur tax is on bikescheme.ie or various others b2w sites.

    ______________________________________________________

    Currently fundraising for Irish Motor Neurone Disease Association

    In Memory of my fab Wife www.sinsin.ie



  • #311
    CramCycle
    Moderators, Sports Moderators Posts: 25,990 Mod ✭✭✭✭CramCycle


    Seaneh wrote: »
    Say I make 30k a year and I want to buy a bike worth €1000 (max I think?) how much do I save?
    Approx 270euro is saved according to the CSS calculator: http://www.cyclesuperstore.ie/shop/pc/bike2work.asp
    Also, is it possible for me to give my part of the money upfront or does it have to come out of my wages week by week? Or is that totally at the will of my employer?
    It has to come out of your wages, it has to come out of your wages within 12 months. You could have it all deducted at one time ie from your next paycheck, the savings in terms of tax do not change, or 1/52 every week or 1/12 every month, it depends how your accountant in work handles it, he may let you decide, he may have a system already set up etc.
    I know I find a shop, find a bike, HR/Accountant give me a voucher for full amount etc, but how much will I expect to save and can I then give my employer back my share in one lump sum?
    It doesn't work like that, you pay the entire 1000euro out of your gross wages, your employer doesn't pay any of it, it is taken out of your gross wages, the savings are in terms of the amount of tax you do not have to pay ie you receive 1000euro (in terms of value of the bike) that is not taxed as it would be if it was 1000euro in wages.


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  • #312
    Seaneh
    Banned (with Prison Access) Posts: 18,300 ✭✭✭✭Seaneh


    CramCycle wrote: »
    Approx 270euro is saved according to the CSS calculator: http://www.cyclesuperstore.ie/shop/pc/bike2work.asp


    It has to come out of your wages, it has to come out of your wages within 12 months. You could have it all deducted at one time ie from your next paycheck, the savings in terms of tax do not change, or 1/52 every week or 1/12 every month, it depends how your accountant in work handles it, he may let you decide, he may have a system already set up etc.


    It doesn't work like that, you pay the entire 1000euro out of your gross wages, your employer doesn't pay any of it, it is taken out of your gross wages, the savings are in terms of the amount of tax you do not have to pay ie you receive 1000euro (in terms of value of the bike) that is not taxed as it would be if it was 1000euro in wages.


    Ok, it's starting to make sense now...

    Cheers.


  • #313
    lochdara
    Registered Users, Registered Users 2 Posts: 786 ✭✭✭lochdara


    i was told if your boss uses a third party company then there is a €50 cost so in effect you have €950 to buy your bike. So best is deal direct with local shop and it will be easier to get a discount.

    ______________________________________________________

    Currently fundraising for Irish Motor Neurone Disease Association

    In Memory of my fab Wife www.sinsin.ie



  • #314
    CramCycle
    Moderators, Sports Moderators Posts: 25,990 Mod ✭✭✭✭CramCycle


    Seaneh wrote: »
    Ok, it's starting to make sense now...

    Cheers.

    Also as mentioned before, a point to make to your employer if your the first in your company is that he will also save a small bit of money in terms of PRSi etc. in your case he will save 108euro.


  • #315
    Seaneh
    Banned (with Prison Access) Posts: 18,300 ✭✭✭✭Seaneh


    Cheers, yeah, I'd def be stressing that point :)


  • #316
    jap gt
    Registered Users, Registered Users 2 Posts: 1,896 ✭✭✭jap gt


    hi looking for some info, i have asked my boss about this and he said to find out more info, lets say i get a bike + gear for 800, does my boss pay this money and then take some money from my wages

    need a bit of clear info as having trouble getting my head around it :o


  • #317
    Idleater
    Registered Users, Registered Users 2 Posts: 6,176 ✭✭✭Idleater


    jap gt wrote: »
    hi looking for some info, i have asked my boss about this and he said to find out more info, lets say i get a bike + gear for 800, does my boss pay this money and then take some money from my wages

    need a bit of clear info as having trouble getting my head around it :o
    Yeah, he takes it from your gross wages.


  • #318
    jap gt
    Registered Users, Registered Users 2 Posts: 1,896 ✭✭✭jap gt


    Idleater wrote: »
    Yeah, he takes it from your gross wages.

    and would i be right in saying that i would save about 30% off the full price of the bike through the scheme


  • #319
    lochdara
    Registered Users, Registered Users 2 Posts: 786 ✭✭✭lochdara


    jap gt wrote: »
    Idleater wrote: »
    Yeah, he takes it from your gross wages.

    and would i be right in saying that i would save about 30% off the full price of the bike through the scheme

    Yeah.cause the Money deducted is not taxable so you only pay tax on whats left after ur bike deduction is taken out. 51% if u pay high rate of tax

    ______________________________________________________

    Currently fundraising for Irish Motor Neurone Disease Association

    In Memory of my fab Wife www.sinsin.ie



  • #320
    Kaisr Sose
    Registered Users, Registered Users 2 Posts: 3,682 ✭✭✭Kaisr Sose


    Does anyone know if you can avail of the Irish Bike to Work shcheme if you buy from the likes of CRC/Wiggle or Evans or a German retailer?
    If so, was the process the same?


  • #321
    Beasty
    Administrators, Social & Fun Moderators, Sports Moderators Posts: 78,458 Admin ✭✭✭✭✭Beasty


    Kaisr Sose wrote: »
    Does anyone know if you can avail of the Irish Bike to Work shcheme if you buy from the likes of CRC/Wiggle or Evans or a German retailer?
    Yes
    Kaisr Sose wrote: »
    If so, was the process the same?
    Yes


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  • #322
    Kaisr Sose
    Registered Users, Registered Users 2 Posts: 3,682 ✭✭✭Kaisr Sose


    Thanks Beasty.
    While you posting my question in another thread, I was reading page 1 of the mega thread. My experience of mega threads is that its often pointless going to tbe start unless this is flagged in the title. I see you have done that now, so it shoud avoid beinga sked the same Q all the time.
    Hopefully, my employer will allow me to do this.


  • #323
    Tar.Aldarion
    Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,115 Mod ✭✭✭✭Tar.Aldarion


    Hey I was looking to order for the bike to work scheme from online sites in the north.
    What is the story with vat?

    The sites want to charge uk vat as they paid it themselves when they got the bike/accessories in themselves. Then do my company have to pay Irish vat as well?!
    What is the process? Do they charge back the vat? What do I pay?


    I actually think my company is vat exempt but am not sure, so what is the process there?


  • #324
    Beasty
    Administrators, Social & Fun Moderators, Sports Moderators Posts: 78,458 Admin ✭✭✭✭✭Beasty


    Tar.Aldarion wrote: »
    Hey I was looking to order for the bike to work scheme from online sites in the north.
    What is the story with vat?

    The sites want to charge uk vat as they paid it themselves when they got the bike/accessories in themselves. Then do my company have to pay Irish vat as well?!
    What is the process? Do they charge back the vat? What do I pay?


    I actually think my company is vat exempt but am not sure, so what is the process there?
    Merged into the Megathread

    Tar, check post #4 on the first page


  • #325
    Tar.Aldarion
    Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,115 Mod ✭✭✭✭Tar.Aldarion


    Whoops, apologies!


  • #326
    Lusk Doyle
    Closed Accounts Posts: 2,365 ✭✭✭Lusk Doyle


    Is this still in existence in the aftermath of an buidead?

    I'd like a new bike next year!


  • #327
    Seaneh
    Banned (with Prison Access) Posts: 18,300 ✭✭✭✭Seaneh


    Haven't heard anything.


  • #328
    seamus
    Registered Users, Registered Users 2 Posts: 68,190 ✭✭✭✭seamus


    Yep. Still exists. Fingers crossed, it just has to survive one more budget and I can go again....


  • #329
    Seaneh
    Banned (with Prison Access) Posts: 18,300 ✭✭✭✭Seaneh


    I'm going to use mine in the newyear :D

    Debating whether to only use the allowance or to top it up with a few hundred yoyos and get something extra schamncy.


  • #330
    micar
    Registered Users, Registered Users 2 Posts: 1,920 ✭✭✭micar


    Seaneh wrote: »
    I'm going to use mine in the newyear :D

    Debating whether to only use the allowance or to top it up with a few hundred yoyos and get something extra schamncy.


    Why not!!!!!make it your x-mas pressie to yourself!!!!!!!:D:D:D


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  • #331
    Seaneh
    Banned (with Prison Access) Posts: 18,300 ✭✭✭✭Seaneh


    micar wrote: »
    Why not!!!!!make it your x-mas pressie to yourself!!!!!!!:D:D:D

    Ribble R872 with SRAM Rival for €1536.22 + delivery looks mighty tempting...


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