Get the free Cycle to Work Scheme

This document outlines the Cycle to Work Scheme for 2011 and subsequent years as applicable to staff employed by Vocational Education Committees (VECs) in Ireland, detailing eligibility, application

How to fill out cycle to work scheme

How to fill out Cycle to Work Scheme

1. Check your employer's eligibility for the Cycle to Work Scheme.
2. Choose a bicycle and safety equipment from a participating retailer.
3. Get a quote for the chosen bicycle and equipment.
4. Apply for a salary sacrifice arrangement with your employer through the scheme.
5. Receive a hire agreement and a certificate to present to the retailer.
6. Collect your bicycle and equipment once the certificate is presented.

Who needs Cycle to Work Scheme?

1. Employees looking for a cost-effective way to commute.
2. Employers aiming to promote a healthier lifestyle among staff.
3. Individuals wanting to reduce their carbon footprint.
4. Cyclists needing financial assistance to purchase a bike and essential accessories.

People Also Ask about

How much do you save using the cycle to work scheme?

Once your organisation has signed up to the Cycle to Work Scheme, you can save up to 49% on your brand-new tax-free bike and accessories.

Does Cyclescheme affect my tax?

The scheme can lower your taxable income by reducing your pre-tax salary, which might result in savings on paying tax. However, it does not impact your tax bracket significantly and involves no interest payments since it functions as an interest-free loan.

What happens after 12 months of cycle to work scheme?

What happens at the end of the initial 12 month hire period? Cyclescheme will contact you to discuss your options. You will be presented with three options, however it is recommended that you extend the hire period with Cyclescheme for a further 36 months in order to make the maximum savings through the scheme.

How much do you get off a bike with a cycle to work scheme?

'Cycle to Work' is a government-backed scheme that enables you to make up to 42% savings on the price of a new bike and accessories, supported by your employer. Not only can you benefit from savings on tax-free bikes, but the scheme also allows you to spread the cost and help you get commuting!

How much do you get off on the cycle to work scheme?

By availing of the Cycle to Work benefit with Cyclesheme you can either get a pedal bicycle and accessories up to the value of €1,250 or an e-bike and accessories up to the value of €1,500. You don't pay Income Tax, PRSI or USC on the cost of your chosen bike package so can save up to 52% on the retail cost.

How much can you get on a cycle to work scheme?

The scheme itself doesn't place any limits on what sort of bike employees can get – it just has to be suitable for getting them to work. The government previously capped the total spend on cycle and equipment at £1,000, but this has now been lifted, with no upper limit in place at all.

How to save 40% on cycle to work scheme?

The saving is achieved by paying for the bike and/or accessories directly from your gross salary (before tax). This means your income tax and national insurance are based on your salary less the cost of the bike and/or accessories.

Is it worth buying a bike on the cycle to work scheme?

The cycle to work scheme is definitely worthwhile, particularly if you're a higher rate taxpayer. There's the obvious tax savings, but it also allows you to spread the cost of the bike over a longer period. A 0% credit card would offer the same benefit without the tax savings.

For pdfFiller’s FAQs

What is Cycle to Work Scheme?

The Cycle to Work Scheme is a government initiative in the UK that allows employees to purchase a bicycle and cycling equipment tax-free through their employer, promoting healthier commuting options and reducing environmental impact.

Who is required to file Cycle to Work Scheme?

Employers who wish to participate in the Cycle to Work Scheme must register with the scheme and comply with the necessary regulations. Employees can take advantage of the scheme if their employer offers it.

How to fill out Cycle to Work Scheme?

To fill out the Cycle to Work Scheme, employees typically need to complete a voucher request form provided by their employer, choose the desired bicycle and equipment, and subsequently sign a hire agreement with the employer.

What is the purpose of Cycle to Work Scheme?

The purpose of the Cycle to Work Scheme is to encourage employees to cycle to work by making cycling more affordable, improving health and fitness, and reducing traffic congestion and air pollution.

What information must be reported on Cycle to Work Scheme?

The information that must be reported on the Cycle to Work Scheme includes details of the employee, the type of bicycle and equipment purchased, the amount financed, and the terms of the hire agreement.