Cycle To Work
What is the Cycle to Work Scheme and how does it work?
The Cycle to Work initiative, introduced in 2009, is a government scheme designed to encourage more people to cycle to and from work. It enables employees to purchase a brand new bike and accessories tax-free through their employers. The cost of the bike and accessories are then recouped through a salary sacrifice arrangement over a period that can range from 1-12 months. Depending on an individual’s personal tax band, this could allow the employee to save between 31% and 51% of the cost. The amount of the purchase is capped at €1000.
Employees can apply for a bike and accessories once every 5 years. If any employees have already availed of the Cycle to Work in 2009, 2010, 2011 or 2012 they are now eligible to re-apply for the scheme, irrespective of what month the original application was made.
There are numerous benefits for employees:
- By cycling to work, you'll ensure your employees stay active.
- Cycling represents a cheap, fast and reliable mode of transportation with no tax, NCT or fuel costs to deal with.
- Cycling helps you sleep more deeply, boost fitness levels, increase brain power and fight off any infections and illnesses.
As as employer you will also benefit in a number of ways namely:
- Savings of 10.75% in Employer PRSI
- Benefit from a greener corporate image and a healthier and happier workforce.
- Employees who cycle regularly tend to be fitter and healthier than non-cyclists leading to greater productivity and less absenteeism.
- With no traffic jams to worry about employees who cycle to work will invariably be more punctual and will arrive at work alert done their daily exercise en route.
There are just a few simple steps to follow:
- Get your Bicycle Quote from us
- We will hold your selected bike and accessories with a refundable deposit, while you give the quotation to your employer.
- They will then issue payment (generally bank transfer, cheque, voucher).
- Call our shop to arrange collection
- Enjoy your new bike!
Buckley Cycles caters for companies of all sizes and would be happy to visit your workplace to help promote and explain the Cycle to Work scheme. There, we can showcase some of the bikes available to employees and answer any queries they may have. This can be done on social days or be incorporated into workplace wellness weeks as a means of promoting health related programs in your business. All of our employees are keen cyclists and can offer you and your staff the very best advice on the full range of bikes and accessories available to them.