Boards.ie uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Click here to find out more x
Post Reply  
 
 
Thread Tools Search this Thread
04-12-2013, 16:41   #616
Eglinton
 
Join Date: Sep 2003
Posts: 1,137
Broker Commmission

I heard recently about Bike Shops passing on the fee they're charged by the broker or voucher processing companies. Has anyone heard of this? There's a brief mention of it on the 1st page of this thread but I can't find any more info on it. Figures of 10% of the purchase were mentioned. I can't see how this is fair. This is a deal between the bike shop and the broker. If they want to bake some of that in to the price, fine but 10% seems extortionate and I would assume is bending the tax rules a bit i.e. you're not really getting your full monies' worth of equipment but you are paying your tax on the full amount.
Eglinton is offline  
Advertisement
04-12-2013, 17:00   #617
CramCycle
A wholly unreasonable man
 
Join Date: Feb 2010
Location: Laboratory, Dublin
Posts: 15,173
Quote:
Originally Posted by dogsears View Post
No Revenue won't have a problem with you no longer being employed from Jan 14 so long as your salary sacrifice is fully complete, which it sounds like it will be.
The company would take the remainder of the salary sacrafice out of your last paycheck if there was anything left anyway. The government don't care (in relation to the scheme) wether you retain your employment or not.
CramCycle is offline  
Thanks from:
04-12-2013, 17:05   #618
fran426ft
Registered User
 
fran426ft's Avatar
 
Join Date: Jan 2007
Posts: 282
Quote:
Originally Posted by Eglinton View Post
I heard recently about Bike Shops passing on the fee they're charged by the broker or voucher processing companies. Has anyone heard of this? There's a brief mention of it on the 1st page of this thread but I can't find any more info on it. Figures of 10% of the purchase were mentioned. I can't see how this is fair. This is a deal between the bike shop and the broker. If they want to bake some of that in to the price, fine but 10% seems extortionate and I would assume is bending the tax rules a bit i.e. you're not really getting your full monies' worth of equipment but you are paying your tax on the full amount.
This cropped up for me earlier this week. My company uses Bikes4work.ie to get vouchers for the bike shops so they are only paying out to a single company and not multiple shops directly. I finally got my voucher now and wanted to get the LBS to order in a bike for me. The shop owner knocked €75 off the RRP of the bike but said that was the best he could do as One4All take 10% of the voucher value.

I was suprised by this as all over the Bikes4work.ie site it states "OUR SERVICE IS FREE OF CHARGE"

10% = €100 for a voucher
fran426ft is offline  
04-12-2013, 17:23   #619
TychoCaine
Registered User
 
TychoCaine's Avatar
 
Join Date: Dec 2004
Location: Shannon
Posts: 495
Send a message via ICQ to TychoCaine
10% of a €1k transaction just for doing some paperwork that's probably 99% automated anyway seems poor value, but the employers don't care because someone else pays it. Thankfully my employer does it direct, so they just handed me a cheque. :-)
TychoCaine is offline  
09-12-2013, 11:00   #620
wicklowwonder
Registered User
 
wicklowwonder's Avatar
 
Join Date: Apr 2009
Location: Wicklow man living in Dublin
Posts: 1,471
Just got a bike on the bike to work scheme. Wondering about insurance can anyone recommend a good bike insurance scheme?
wicklowwonder is offline  
Advertisement
09-12-2013, 15:29   #621
Jabel
Registered User
 
Join Date: Mar 2009
Posts: 330
Hi all.
Can anyone tell me what the procedure is for changing jobs during the scheme?
Jabel is offline  
09-12-2013, 15:42   #622
CramCycle
A wholly unreasonable man
 
Join Date: Feb 2010
Location: Laboratory, Dublin
Posts: 15,173
Quote:
Originally Posted by Jabel View Post
Hi all.
Can anyone tell me what the procedure is for changing jobs during the scheme?
None, if there is any remaining payments to the company you work for now, they should take it as a lump sum out of your final paycheck and that is that.
CramCycle is offline  
04-01-2014, 01:06   #623
doyler442
Registered User
 
Join Date: Dec 2006
Posts: 319
Hi

I'm looking to purchase a bike through the education department, and want to get it from the Canyon website but there seems to be a few issues:

- their Cycle To Work Scheme Application Form says bikes can only be purchased from certain providers but the link they give no longer works: http://www.opw.ie/en/OurBusinessUnit...to-WorkScheme/. This means I've no idea where I can purchase a bike from.

- the form also seems slightly conflicting saying "Please ensure that the bank account is within the Republic of Ireland and will support the Electronic Money Transfer System." while also saying later "Where the supplier’s bank account is not based in the Republic of Ireland there may be an additional nominal fee to facilitate the payment to the supplier by the Electronic Money Transfer System, which will be included in the salary sacrifice figure.". So I'm assuming I can buy a bike from outside of Ireland but I'll be charged the transfer fee.

I'm finding this confusing, so just wondering if anyone can tell me if they managed to buy from the Canyon website through the educational department cycle to work scheme? And if not, does anyone know who I could contact to find out?

Cheers
doyler442 is offline  
04-01-2014, 01:09   #624
robertxxx
 
Join Date: Mar 2010
Posts: 1,137
I got a bike about 2.5/3years ago, fully paid up, so now I'm in a new job can a get another bike (I think not) but could I ask my job for it.
robertxxx is offline  
Advertisement
04-01-2014, 01:13   #625
TychoCaine
Registered User
 
TychoCaine's Avatar
 
Join Date: Dec 2004
Location: Shannon
Posts: 495
Send a message via ICQ to TychoCaine
Quote:
Originally Posted by robertxxx View Post
I got a bike about 2.5/3years ago, fully paid up, so now I'm in a new job can a get another bike (I think not) but could I ask my job for it.
No. You can only do it once every 5 years.
TychoCaine is offline  
04-01-2014, 01:20   #626
Walnutsink
Registered User
 
Join Date: Sep 2010
Location: Auckland
Posts: 58
Quote:
Originally Posted by doyler442 View Post
Hi

I'm looking to purchase a bike through the education department, and want to get it from the Canyon website but there seems to be a few issues:

- their Cycle To Work Scheme Application Form says bikes can only be purchased from certain providers but the link they give no longer works: http://www.opw.ie/en/OurBusinessUnit...to-WorkScheme/. This means I've no idea where I can purchase a bike from.

- the form also seems slightly conflicting saying "Please ensure that the bank account is within the Republic of Ireland and will support the Electronic Money Transfer System." while also saying later "Where the supplier’s bank account is not based in the Republic of Ireland there may be an additional nominal fee to facilitate the payment to the supplier by the Electronic Money Transfer System, which will be included in the salary sacrifice figure.". So I'm assuming I can buy a bike from outside of Ireland but I'll be charged the transfer fee.

I'm finding this confusing, so just wondering if anyone can tell me if they managed to buy from the Canyon website through the educational department cycle to work scheme? And if not, does anyone know who I could contact to find out?

Cheers
You could talk nicely to your local bike shop and see if they would buy it for you then you buy it from them. I started down this route but ended up getting a good deal on a similar spec bike with now waiting so I went for that.
Walnutsink is offline  
04-01-2014, 01:28   #627
Kaisr Sose
Registered User
 
Join Date: Nov 2007
Posts: 1,924
@Doyler442
It's your HR / payroll section that you need to ask. I believe an Irish VAT would be required by Canyon but not 100% on that point.
Kaisr Sose is offline  
04-01-2014, 08:02   #628
CramCycle
A wholly unreasonable man
 
Join Date: Feb 2010
Location: Laboratory, Dublin
Posts: 15,173
Quote:
Originally Posted by robertxxx View Post
I got a bike about 2.5/3years ago, fully paid up, so now I'm in a new job can a get another bike (I think not) but could I ask my job for it.
Quote:
Originally Posted by TychoCaine View Post
No. You can only do it once every 5 years.
I have done this and had no issues, there is discussion elsewhere in the forum/thread about this and the wording appears IMO to suggest once every five years per employment, ie new employment means an opportunity to use the scheme again. Probably not the intention of the scheme but that's my opinion on it.

Quote:
Originally Posted by Kaisr Sose View Post
@Doyler442
It's your HR / payroll section that you need to ask. I believe an Irish VAT would be required by Canyon but not 100% on that point.
You can buy the bike from anywhere your employer allows, so it does not always require Irish VAT eg buying from a small UK company.
CramCycle is offline  
04-01-2014, 09:29   #629
Beasty
Administrator
 
Beasty's Avatar
 
Join Date: May 2009
Location: from the Easty...
Posts: 31,166
Quote:
Originally Posted by CramCycle View Post
You can buy the bike from anywhere your employer allows, so it does not always require Irish VAT eg buying from a small UK company.
It depends on the VAT status of both the retailer and the employer:
Quote:
Originally Posted by Beasty View Post
Assuming the employer is registered for VAT in Ireland, and the bike is bought from an Irish retailer, the position is straightforward. The retailer charges 23% VAT, and the employer cannot claim it back. The same situation arises where the UK retailer is registered for Irish VAT (eg Wiggle)

If the employer is registered for VAT in Ireland and the bike is bought from a UK (or other non-Irish) retailer that is not registered for VAT in Ireland (which is often the case, the main exceptions being Wiggle and ChainReactionCycles), the employer should provide the retailer with its Irish VAT number. The retailer should then not charge any VAT. However the employer should then self-account for Irish VAT at 23%, and is unable to recover it. If the employer does not provide it's Irish VAT number, you end up paying both UK VAT (on the initial purchase) and Irish VAT (under the self-accounting system) - there is a procedure to recover the UK VAT paid but it is very messy and time-consuming, so it's better not to go there!

In all the above examples, the net position is that irrecoverable Irish VAT at 21% is suffered. It is perhaps important to note that if you are looking at prices with 20% UK VAT that come to just under €1,000, the extra 1% may bring you above the €1,000 threshhold. In this case, only the excess is a taxable benefit in kind.

The one situation where Irish VAT is not paid is where the employer is not registered for Irish VAT (not normally the case, but possible, particularly for low turnover or financial service companies). In this case the retailer charges UK VAT at 20%, but there is no mechanism for the employer to charge itself Irish VAT. Hence the VAT cost is 20% in this case.
Beasty is online now  
Thanks from:
04-01-2014, 12:13   #630
doyler442
Registered User
 
Join Date: Dec 2006
Posts: 319
Hi

Thanks for you replies - the employer in this case is the department of education, but as I mentioned they supply a link to a page that is suppose to contain the retailers that they support but that page no longer exists so its extremely annoying.

I just wanted to see if anyone in here had gone through the department when buying a bike from Canyon - I'll have a look round and see if I can figure something out and it might benefit others in the future.
doyler442 is offline  
Post Reply

Quick Reply
Message:
Remove Text Formatting
Bold
Italic
Underline

Insert Image
Wrap [QUOTE] tags around selected text
 
Decrease Size
Increase Size
Please sign up or log in to join the discussion

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Share Tweet