Who are Cycletowork.ie?
Cycle to work.ie is a company created to help employers and employees make the most of the Government's Green Transport Plan Initiative. We were instrumental in the schemes development & use our industry experience to get you the bike you want.
Who can get a bike?
Employees paying PAYE, who have a contract that outlasts the duration of the salary sacrifice period are eligible, provided they are over 18 years old, earn more than the National Minimum Wage after the loan repayment has been deducted, and have completed the employer's probationary period (if applicable).
What is salary sacrifice and how are savings made?
With a salary sacrifice you pay back the loan on your bike, accessories and safety equipment from gross rather than net pay for the hire period (usually 12 months), allowing you to benefit from income tax and PRSI relief.
How much can I save?
Typical savings are between 30% and 50%., but the actual amount you pay depends on your personal tax band, and the way your company runs the scheme. Higher rate taxpayers will save more. If the employer uses external finance (ie your employer borrows the money to buy the bikes from an outside agent) then savings are normally about 5% lower. Finally, the fair market value payment needs to be taken into account when calculating the total savings.
Can I get any bike?
You can choose any bike, including electric and folding bikes,
Do I have to use the bike for work?
You can use the bike however you like; a bike purchased under the Cycle to work scheme should be used for work journeys at least 50% of the time. You don't have to cycle to work for a specified number of days throughout the year and you don't have to record your trips or mileage. You may not claim expenses for business trips made using the bike until the end of the salary sacrifice period..
What's the best way to insure the bike?
Your Household policies are usually the cheapest option
What happens if I leave my job or I'm made redundant?
The agreement to pay your loan is non-cancellable, so you will be obliged to pay the remaining amount in full, without any tax exemptions. If you opt to take ownership of the bike you may have to pay an increased fair market value.
Is there a credit check?
There is no credit check