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Cycle to Work Scheme
Our Bike to Work scheme is designed
to help both employers and employees
take advantage of the Governments
cycle to work tax initiative,
and make the process as simple as possible for everyone.
THE BIKE TO WORK SCHEME EXPLAINED
By taking part in this scheme you can save up to 50% of the cost of your bike and accessories. By paying for your bike and accessories out of your gross wages and spreading the cost over one year you can make incredible savings! If you are in the higher tax bracket you save up to 50% of the cost of your bike, and if you in the lower tax bracket you will save approximately 30% of the cost of your bike and accessories.
WHAT THE EMPLOYEE DOES: Check if your employer will take part in the scheme. If they will, come to Revolve Bike Shop and pick out your bike and anything else you want. We will advise you which bike suits you best, whether you want comfort or speed, or both! We then give you an invoice which you pass on to your employer. When your employer pays us you can pick up your bike and accessories. Your employer will then deduct that amount from your gross wages over the coming year. If you are on the higher tax bracket and you want to purchase a bike/accessories for €1000 you get 50% off and it only costs you €500. Spread this out over a year and it only costs you €41.60 a month which is automatically deducted from your wages. You can spend any amount up to €1000 and still get 50% off. Similarly, if you are on the lower tax rate you get approximately 30% off.
WHAT THE EMPLOYER DOES:
First of all decide if you want to take part in the scheme. The benefits for you are saving on employee PRSI, and having fit and happy staff! When an employee brings an invoice to you from Revolve Bike Shop, you make payment to us by cheque or bank transfer. You then deduct that amount from the employees’ gross wages over the coming year. Then you simply keep the aforementioned invoice and a record of the salary sacrifice on file. There are no forms to fill out or any need to inform the revenue commissioner. As you can see this scheme is of great benefit to everyone involved and couldn’t be simpler. If you have any questions please give us a call or drop into REVOLVE BIKE SHOP. We have a huge range of bikes and accessories with something to suit everyone’s cycling style and needs. With the Cycle to Work scheme everyone wins - Employees make big savings on new bicycles and accessories and Employers save money on PRSI and get a healthier and more productive staff.
Cycle to Work for Teachers Teachers wishing to participate in the scheme should print the document below, and bring it into our store when you come to pick your bike. We will fill out the details of your purchases and you fill in your personal details. Then simply send your forms to the department and as soon as your cheque comes through we will give you a ring and you can collect your new bike and accessories!! Details of submission deadlines are on the application form below. Please be aware that you do not need to use an agency such as BikeToWork to participate in the scheme, as this will simply delay the process.