Did you participate in the Cycle To Work Scheme in 2021? Regardless of the month, you can purchase a new bike and avail of the next tax relief in January 2025. Since your last participation, there have been a couple of changes: the single limit of €1,000 has been replaced by tiered limits. Now, it’s €1,250 for a normal bike, €1,500 for an e-bike, and €3,000 for a Cargo bike. The waiting time has also been reduced to four years. So, what do you need to do if you want to avail of the scheme again? Cycle Superstore provides tips on how to make the process run smoothly.
1. Check Your Eligibility:
Check with your HR department to see if there are any criteria for availing of the scheme. Some organisations may have specific times or approved bike shops for purchases. Civil or public servants may need to choose from an approved suppliers list. Most employers won’t have strict criteria, but it’s good to confirm with your HR department.
2. Get A Quote:
Visit our store on Airton Road, Tallaght, and speak to a sales team member. They’ll guide you through available options and accessories. The scheme doesn’t cover e-scooters or second-hand bicycles. Once you’ve chosen your bike and accessories, the team will generate a quote. You can also generate a quote online on our dedicated Cycle To Work page HERE.
3. Submit Your Quote:
Provide your HR department with the quote from Cycle Superstore. You’ll sign a written agreement with your employer, detailing the salary sacrifice and how the cost is deducted from your salary over 12 months.
4. Collecting Your Bike:
Your employer will purchase the bike for you. Once we receive payment, we’ll notify you when your bike is ready for collection. You can buy a bike exceeding the limits; any balance can be paid by yourself, through Humm finance, or by trading in your old bike. Repayments come out of your salary before tax, USC, and PRSI are deducted. The employer must pay for the bicycle; the tax exemption doesn’t apply if you pay, and your employer reimburses you.
Remember: The specifics of the Cycle to Work Scheme may vary between employers, so check with your HR department for precise details and procedures.
Check out our full range of bicycles HERE
