Let us take this opportunity to explain the benefits to the employees.
BIKE TO WORK SCHEME.
• Using the bike to work scheme your organisation can take advantage of the Government initiative, which offers TAX FREE BIKES for employees.
• A limit of €1,000 applies on the amount of expenditure an employer can incur in respect of any one employee or director.
• The employee will save 52% if you are on the higher tax band and 32% if you are on the lower tax band on purchase.
• Employee will pay back full amount to employer over an agreed period of time, but employee’s tax free allowance will increase accordingly therefore saving them 52% or 32% on purchases. Repayments on purchases have no finance charges.
• The exemption from income tax in respect of the benefit-in-kind can only be availed of once in any five-year period by an employee or director.
Higher rate of tax
Tax & PRSI (Saving 52%) 520euro
Cost to Employee 480euro
40euro per month for 12 months Example 2
Lower rate of tax
Tax & PRSI (Saving 32%) 320euro
Cost to Employee 680euro
56.67euro per month for 12 months
Benefits of Bike to Work
• Improving Your Environmental Image
Encouraging cycling to work reduces carbon pollution and shows the Department of Education has a keen interest in the well-being of the local community and environment. This demonstrates the Departments commitment of social responsibility.
• Improving Staff health, fitness and morale
A healthier, fitter workforce means better performance at work and fewer sick days being taken. Furthermore, the Department is concerned about employees welfare. The Scheme also offers a tangible benefit to staff in addition to the basic salary package.
• Reducing Parking and Congestion Problems
Introducing a cycle to work scheme will reduce traffic congestion and subsequently pollution on the roads in the surrounding area. Furthermore, fewer allocated spaces will be needed/demanded in the workplace for parking
A Tribikes representative can call to your company upon request to help promote the Bike to Work Scheme. We can bring along a selection of bicycles and accessories for employees to view and answer any questions that your employees may have. I have attached some Bike to Work information leaflets would appreciate if these leaflets could be put on staff notice boards.
Tribikes have a wide range of bicycles, cycling and triathlon accessories for beginner’s right through to experienced bicycle enthusiasts.
Our experienced staff are available for help and advice. Our in house bicycle repair centre offers bicycle-servicing options and also a bicycle fitting service free with any new bicycle purchased from Tribikes.
If you need any more information please don’t hesitate to contact our store.
E-mail firstname.lastname@example.org or email@example.com
Address Old Cork Road, Raheen, Li