The Cycle to Work Scheme is a tax incentive scheme which aims to encourage employees to cycle to and from work. Under the scheme employers can pay for bicycles and bicycle equipment for their employees and the employee pays back through a salary sacrifice arrangement of up to 12 months. The employee is not liable for tax, PRSI, levies or the Universal Social Charge on their repayments.
Using the Bike to Work scheme, your employer can help you obtain a brand new bike and safety equipment worth up to 1,000 euro. You can use the salary sacrifice arrangement to pay for the bike monthly and that means you can save up to 52% of the retail price of bike and equipment. Your employer also makes savings to encourage them.
For further information on this scheme Visit Moynan's Bikes
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