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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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CramCycle

Helpneeded86 wrote: »

Do Wiggle pay Irish VAT? Is that how we can purchase from there? Im kind of worried that I will be asked questions that i cant answer.

They are registered for Irish VAT so Irish VAT will show up on the price once you select Ireland as your country.

Helpneeded86

CramCycle wrote: »

They are registered for Irish VAT so Irish VAT will show up on the price once you select Ireland as your country.

Great thanks.

http://www.wiggle.co.uk/sale/road-time-trial-bikes/?cc=EUR&cr=1.29&omi=450&oma=3150&mi=450&ma=800

Any thoughts on the best bike here anyone?

CramCycle

Helpneeded86 wrote: »

Great thanks.

http://www.wiggle.co.uk/sale/road-time-trial-bikes/?cc=EUR&cr=1.29&omi=450&oma=3150&mi=450&ma=800

Any thoughts on the best bike here anyone?

MOD VOICE: I would recommend starting another thread for that as it is not in line with the rest of this one.

Dathaii

Does anyone know if you can repay the amount in full instead of having it deducted weekly/monthly from your wages?

CramCycle

Dathaii wrote: »

Does anyone know if you can repay the amount in full instead of having it deducted weekly/monthly from your wages?

You can, at the discretion of your employers but there is no reason why not, certainly better for them in terms of cash flow.

Dathaii

Thanks for the reply - once off may appeal !

PaddyFagan

CramCycle wrote: »

You can, at the discretion of your employers but there is no reason why not, certainly better for them in terms of cash flow.

In fact some employers (like mine

) require you to pay the full amount in the month following the purchase - for them doing otherwise would be 'a loan' to the employee (as the company has already paid for the bike), and that's not something my employers permit.

Paddy

Kaisr Sose

PaddyFagan wrote: »

In fact some employers (like mine ) require you to pay the full amount in the month following the purchase - for them doing otherwise would be 'a loan' to the employee (as the company has already paid for the bike), and that's not something my employers permit.

Paddy

Or you could look at it that they arr not making a loan of the full amount or out of pocket as they will owe every employee a week/fortnight/months salary (which are paid in arrears )

Star hurl

Hi just wondering I availed of cycle to work scheme in 2011 . Would I be right that I will be able to apply next year ? Cheers

Kevincavan83

Star hurl wrote: »

Hi just wondering I availed of cycle to work scheme in 2011 . Would I be right that I will be able to apply next year ? Cheers

Yeah 5years

Helpneeded86

Is it normal for the full amount of the Bike to be taken from my wages? Will I be refunded at some stage?

Idleater

Helpneeded86 wrote: »

Is it normal for the full amount of the Bike to be taken from my wages? Will I be refunded at some stage?

It should have been taken from your gross (pre tax) pay. The refund is you don't pay tax on it.

Kevincavan83

Helpneeded86 wrote: »

Is it normal for the full amount of the Bike to be taken from my wages? Will I be refunded at some stage?

Yeah different employers have different ways of doing it some take it out every pay slip others do it by taking full amount out in one go. But your saving is given by taking it out of gross pay so you dont pay income tax/prsi/pension related deduction (if your either lucky enough or unlucky enough to work in public sector(whichever way u look at it))
You can look up bike to work calculator online for the full savings/breakdown

CiniO

I got a bike last year through bike to work scheme.
Only recently realised, I don't actually have any receipt of bike purchase.
All I have is on my payslip, where sum was deducted from gross pay and it's marked as "salary sacrafice".

However I don't have any receipt which would state the bike model and price I paid.

What would be the normal procedure to obtain such a receipt? I assume it must come from my employer? Or is it not?

cython

CiniO wrote: »

I got a bike last year through bike to work scheme.
Only recently realised, I don't actually have any receipt of bike purchase.
All I have is on my payslip, where sum was deducted from gross pay and it's marked as "salary sacrafice".

However I don't have any receipt which would state the bike model and price I paid.

What would be the normal procedure to obtain such a receipt? I assume it must come from my employer? Or is it not?

I would imagine your employer has a receipt for their accounts if nothing else, as they would have bought the bike and need to account for it afterwards. I'd say Finance/HR in work, and ask them for a copy of same. Technically the shop's contract is with them, so the receipt is theirs, but if you need warranty/etc. then obviously you don't want to have to go through them for every part of that.

CiniO

cython wrote: »

I would imagine your employer has a receipt for their accounts if nothing else, as they would have bought the bike and need to account for it afterwards.

I'm sure they have.
However as my bike was just one from big purchase they made straight from wholesale supplier, they have an invoice for about 30 bikes all together, and mine is just included in that invoice.

I'd say Finance/HR in work, and ask them for a copy of same.

And for reason above, I doubt they'll be happy to hand me down a copy of invoice for 30 bikes.

Technically the shop's contract is with them, so the receipt is theirs, but if you need warranty/etc. then obviously you don't want to have to go through them for every part of that.

That's exactly what I'm thinking off.
If I need to use warranty, or f.e. prove ownership (f.e. in case my bike is stolen and covered by insurance) then I don't really have any proof I purchased it.

I was rather thinking if employer is not obliged to provide me a receipt that they organised bike for me under bike to work scheme, which would list model name, date of purchase and amount of salary sacrifice?

carltonleon

Just a quick heads up for people (although most of you probably already know).
The Bike to Work scheme means that you can get a new every 5 years but it may not need to be every 5 years as it could be sooner.
The scheme works off tax years so if for instance you used the Bike to Work in November 2011, you can use the Bike to Work again in January 2016. You do not have to wait until November 2016 as the scheme works in Tax years as I said. I happily found this out a few months ago and got my new bike after 4 years 2 Months and not the 5 Years.

Kaisr Sose

carltonleon wrote: »

I happily found this out a few months ago and got my new bike after 4 years 2 Months and not the 5 Years.

Early release for good behaviour :-)

micar

For me it was 4 years and 2 day. Got bike on 30th December 2010. Can go for scheme again

[Deleted User]

If you were to leave jobs mid way through the year/payment cycle how much is the lump sum deduction?

Is it off the full cost of the bike (1000) or the tax deducted amount of the bike (say 490)? or is it a mix of the full amount minus the monthly amount paid by you out of your pay or minus the amount you pay+tax deduction?

CramCycle

conor.hogan.2 wrote: »

If you were to leave jobs mid way through the year/payment cycle how much is the lump sum deduction?

Is it off the full cost of the bike (1000) or the tax deducted amount of the bike (say 490)? or is it a mix of the full amount minus the monthly amount paid by you out of your pay or minus the amount you pay+tax deduction?

Whatever the gross amount of the bike that has not been paid by you will be deducted from your gross salary in your last paycheque usually. The last guy to leave us just made sure that accounting knew he was gone.

There is no tax deducted price of the bike, you pay the full amount (in your example a grand), it just comes off your gross pay so you pay no taxes on that amount that you normally would have paid if it went into your wage packet.

If you look at your pay slips, figure out how much is coming of per month, figure out how much you will have paid gross by your second last paycheque, then deduct that from 1000, you will be left with the total deduction from your last paycheques gross.

LpPepper

Hi I have a quick question - I'm in college but also work part time. As such I dont pay any PAYE, PRSI or USC as my tax credits covers any tax and my income doesn't exceed the €12,000 or so to be liable for USC. Am I still able to get a bike on the B2W scheme?

Idleater

LpPepper wrote: »

Hi I have a quick question - I'm in college but also work part time. As such I dont pay any PAYE, PRSI or USC as my tax credits covers any tax and my income doesn't exceed the €12,000 or so to be liable for USC. Am I still able to get a bike on the B2W scheme?

Of course, it's available to anyone paying PAYE.

It's also pointless, as for your €1000 you will save €0 on your taxes.

cython

LpPepper wrote: »

Hi I have a quick question - I'm in college but also work part time. As such I dont pay any PAYE, PRSI or USC as my tax credits covers any tax and my income doesn't exceed the €12,000 or so to be liable for USC. Am I still able to get a bike on the B2W scheme?

Technically, you probably can, but there would be no point, as you would not save anything since your gross is equal to your net from what you say (and even if you pay some PRSI/USC, being outside the PAYE net removes the biggest saving). The only potential fringe benefit from it would be the "credit" effect of paying it via salary sacrifice, which, IMHO, would be a waste.

LpPepper

Idleater wrote: »

Of course, it's available to anyone paying PAYE.

It's also pointless, as for your €1000 you will save €0 on your taxes.

Hi, thanks for the reply. Really? The bike I'm looking at is €800 and all the calculators I've used say it will cost me just shy of €600 with gross payment of €66 per month. Is this wrong?

CramCycle

LpPepper wrote: »

Hi, thanks for the reply. Really? The bike I'm looking at is €800 and all the calculators I've used say it will cost me just shy of €600 with gross payment of €66 per month. Is this wrong?

If your not paying tax then you can't save any. The benefit here is that you basically get an interest free loan to buy the bike rather than paying a lump sum. A part timer in my workplace done this and found it very beneficial.

LpPepper

CramCycle wrote: »

If your not paying tax then you can't save any. The benefit here is that you basically get an interest free loan to buy the bike rather than paying a lump sum. A part timer in my workplace done this and found it very beneficial.

Ah okay I see, this would probably still be beneficial to me as it would take quite a while to save the €800 or so to pay out right. Thanks for the help guys!

fcon

Quick question. Probably been asked already but can you use the cycle to work scheme for a powermeter? I don't think it would be on their listed accessories but is it expressly forbidden?

CramCycle

fcon wrote: »

Quick question. Probably been asked already but can you use the cycle to work scheme for a powermeter? I don't think it would be on their listed accessories but is it expressly forbidden?

As an accessory? then no, its not a case of being forbidden, if its not on the list, its not on the list.

fcon

CramCycle wrote: »

As an accessory? then no, its not a case of being forbidden, if its not on the list, its not on the list.

Sugar, thought it would be chancing yer arm alright.

Has anyone tried it?