Bike To Work Scheme

A new Tax incentive aimed at encouraging employees to cycle to work was introduced by the Irish Government in January 2009.

The new bike scheme covers bicycles & safety accessories up to a maximum of €1,000. Under the scheme purchases exceeding this amount can be made with the first €1000 benefitting from the scheme. The bicycle must be purchased by your employer but the scheme can then operate either with your employer bearing the full cost of the bicycle, or by way of a salary sacrafice agreement in which the employee pay’s for it in installments at the reduced tax free rate over 12 months. If your employer decides to participate in the scheme, they simply buy the bike & equipment on your behalf & off you go, it’s as simple as that!

Besides being good for the Environment employees can save up to 47% of the retail price of bike & equipment in addition to saving money on monthly fuel, parking, car & train fair bills. Cycling keeps you fit, it’s fast, cheap & reliable & your employer will also save money on PRSI while also getting a healthier & more productive staff.

The Bike Store is a fully Irish owned company here to help employees & employers take advantage of the Governments Cycle to Work Tax Scheme. Check out our Savings Calculator here to see how much you can save.

How does it work?

Employee comes to shop and chooses bike & equipment
Invoice is made up payable to the company/employer.
Employee pays deposit
Bike is held until payment comes from your company. Deposit is refunded to employee.
The employees will have title to bike and equipment
Limit on the value of such purchases is €1,000 for each employee. Where the cost of purchase exceeds this amount employee pays the balance
The exemption may only apply once in any five-year period in respect of any employee.

Other Qualifying equipment:

Cycle helmets which conform to European standard EN 1078
Bells and bulb horns
Lights, including dynamo packs
Mirrors and mudguards
Cycle clips and dress guards
Panniers, luggage carriers and straps to allow luggage to be safely carried
Locks and chains to ensure cycle can be safely secured
Pumps, puncture repair kits, cycle tool kits and tyre sealant to allow for minor repairs
Reflective clothing along with white front reflectors and spoke reflectors

Employee Information Page

The Bike Store is here to help you take advantage of the Governments Cycle to Work Tax Scheme. This is a Government initiative that enables your employer to buy a bicycle and safety accessories for you, without you being liable for benefit in kind taxation. For a tax payer at the top rate, this equates to a minimum saving of 41% on the cost of a new bike. By participating in the Bike to Work Scheme your employer can help you purchase a bike and safety equipment worth up to €1,000.

Benefits to the Employee:

With the introduction of the Bike toWork Scheme you can buy a new bike & accessories & save up to 47% on this purchase (depending on tax bracket)
The Bike Store is one of the biggest online cycle shops in Ireland & can offer a huge choice of cycle brands in addition to accessories & safety equipment.
The Bike Store is based Kilkenny City Centre where we can offer professional advice on bike fitting, set up, spare parts and accessories.
You will benefit from improved health & fitness levels.
Order online & have your goods delivered for Free.
By way of salary sacrifice agreement between yourself & your employer you agree to forego or sacrifice part of your salary every pay period (weekly, fortnightly, monthly as the case may be) in order to cover the cost of the bike & equipment provided by your employer. So now you can make your salary go further each pay period with no finance charges & the amount of salary you sacrifice will be exempt from tax, employee’s PRSI and income levies. The salary sacrifice arrangement must be completed within a maximum period of twelve months.
Corrporate Discounts - You will be entitled to further discounts from The Bike Store if your employer has signed up to our Corporate Discount Scheme, therefore making extra savings to the Government Bike Scheme.
Once HR has approved your purchase, you could have your bike within 1 Day.
The Bike Store offers free delivery on all bikes to your door if necessary.
Regular cyclists are as fit as an average person 10 years younger, live two years longer and breathe in less pollution from traffic than car drivers. Ten minutes of gentle cycling burns up to 100 calories.
Cycling to work is reliable and saves time.
Cycling is the cheapest, fastest and easiest way to get around town.
Cycling to work saves money, if you currently spend as little as €5 a day on parking charges and fuel, changing to cycling could save of €1200 a year.

Our expert staff are available to talk to at our retail premises, unit 17. Market Cross, High St. Kilkenny.

Please contact us on 056 7729555 or by email at info@bikestore.ie

For more information you can browse the Government website at www.bikescheme.ie

Employers Information Page

The Bike Store offers all employers a free and user friendly service enabling them to support their employees to participate in the Governments new cycle to work Tax Scheme. This scheme covers bicycles and accessories up to a maximum cost of €1,000 per employee. The bicycle must be purchased by the employer & the scheme then operates either by being purchased directly by the employer where it can be claimed as a tax exempt benefit in kind or by way of a salary sacriﬁce agreement in which the employee pays for it, tax free, over 12 months. Your employee can save up to 47% off the price of a bike & accessories and the employer can save 10.75%.

Benefits for the Employer

Save on PRSI payments
Healthier work force
Minimum Administration by using The Bike Store
Happier Employees as extra discounts offered if you join our Corporate Discount Scheme
Regular cyclists tend to be fitter and healthier than non-cyclists, contributing towards greater productivity & lower rates of absenteeism due to illness.
Cyclists tend to be more punctual employees as their planned route is the same every day without having to wait in lengthy queues.
Being a cycle-friendly employer is a way of winning valuable publicity at relatively little cost.
Reduced parking problems: Fewer car parking spaces will be required for employees which will in turn decrease your company having to pay the recently introduced car parking tax for employees(check this fact is right, bike to work have it on their site worded slightly differently)
Minimum administration for employers who purchase through The Bike Store
Quick turnaround, normally 1 day from registration to the employee collecting or being delivered their bike.
Once employers sign up to our Corporate Discount Scheme, this will entitle your employee to further discounts
No administration charges with The Bike Store having a single point of contact for enquiries & invoices.
Improve corporate image by supporting a greener environment, contribute to lowering carbon emissions
Our expert staff can visit your company to explain how the Governments cycle to work scheme operates and the easy steps employers & employees can follow, allowing them to have their qualifying bikes and equipment within a few days.