The Bike to Work scheme is a Government incentive to encourage more people to cycle rather than drive to work. Joe Daly Cycles is an approved dealer for this scheme.
How does it work?
It couldn’t be simpler. The Scheme enables an employee to get a bike and accessories of up to €1,250 for regular bikes & €1,500 for e-bikes in value tax free once every 4 years through their employer.
5 Easy Steps
Step 1. Check that your employer is registered for the Cycle to Work Scheme.
Step 2. Come to see us and choose the right bike for you from our wide range. We then give you an invoice to present to your employer.
Step 3. Your employer pays for your bike (and accessories) by cheque, bank transfer or voucher.
Step 4. Collect your bike (and accessories)
Step 5. Pay for your bike (and accessories) over 12 months through a salary sacrifice arrangement with your employer.
You can spend more than the scheme limit but will not qualify for any exemptions on any spend above €1,250/€1,500.
We provide a free service after 6 weeks to ensure your bike stays in top condition.
Drop in to see us so that we can help get you on the road.
TAX SAVINGS
Typical example of savings as higher rate taxpayer (41%)
Higher Rate Taxpayer: 41% tax + 4% PRSI + 7% USC = 52%
Bicycle & Accessory Purchase €250 €500 €750 €1000
Tax Relief Saving % 52% 52% 52% 52%
Tax Relief Saving €136 €260 €390 €520
Net Cost €120 €240 €360 €480
Cost split over 12 months; €10 €20 €30 €40
When you pay for your bike this way you are not liable for tax, levies or Universal Social Charge on your payments.
Qualifying Equipment / Accessories
Most of the essential accessories that you will need are covered under the scheme. For example, lights, locks, helmets, hi-vis clothing, panniers, carriers, baskets etc. Check out our wide range when choosing your bike and include these on your invoice.
