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Cycle To Work Scheme.
Library of Knowledge No. 64
Cycle To Work Scheme – save up to 52%
This scheme aims to encourage you to cycle to and from work. Under the scheme the employer can buy a bicycle and safety equipment for the employee. This will not be a taxable benefit-in-kind.
There are now two limits, depending on the type of bicycle purchased.
Two Limits:
- For pedelecs or ebikes and related safety equipment the limit is €1,500.
- For other bicycles and related safety equipment the limit is now €1,250.
The following new safety equipment, if purchased with the bicycle, are also covered:
- cycle helmets
- bells and bulb horns
- lights, including dynamo packs
- mirrors and mudguards
- cycle clips and dress guards
- panniers, luggage carriers and straps
- locks and chains
- pumps, puncture repair kits, cycle tool kits and tyre sealant
- reflective clothing, white front reflectors and spoke reflectors.
The employer makes payment in full to the cycle provider and the amount is deducted periodically from the employee net pay over a period of not more than 12 months.
It is possible to reapply for the scheme every four years.
For further information see https://www.revenue.ie/en/jobs-and-pensions/taxation-of-employer-benefits/cycle-to-work-scheme.aspx
Stay safe.