Cycle to Work - Tax Free Bikes -

All bikes at iSport.ie are available for purchase through the bike to work scheme. iSport.ie is also partners with Raleigh2work.ie and Biketowork.ie

What is the bike to work scheme?

On 1 January 2009 a new government scheme to encourage people to cycle to work came into force. Cycling keeps you fit, it's fast, cheap and reliable - and it's good for the environment.
The new bike scheme covers bicycles and accessories up to a maximum cost of €1,000 (you can purchase a bike over €1,000 but you only get the tax benefit on the first €1,000). The bicycle must be purchased by your employer but the scheme can then operate either with your employer bearing the full cost of the bicycle, or by way of a salary sacri?ce agreement (like the existing travel card scheme) in which you pay for it, tax free, over 12 months.
Participating in the bicycle scheme is easy. If your employer decides to take part, they simply buy the bike and equipment on your behalf and off you go. It is up to you and your employer to decide whether they buy the bike outright for you or whether you pay for it via 'salary sacrifice'. Either way you save on tax.
The scheme is flexible in its application in that your employer doesn't have to specifically notify the Revenue Commissioners that you're availing of the scheme and there are no Government forms to fill out. However, your employer does have to maintain the normal records such as invoices and payment details associated with buying the bike.

What are the benefits to the employer?

There are countless benefits for a company to introduce its own cycle to work scheme:

• Improving Your Company's Environmental Image. Encouraging cycling to work reduces carbon pollution and shows the employer has a keen interest in the well-being of the local community and environment. This will improve the company's corporate image and levels of corporate 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 employer is seen to be concerned about employee's welfare. The Scheme also offers a tangible benefit to staff in addition to the basic salary package.
• Reducing Parking and Congestion Problems. Relieve pressure on corporate parking and traffic congestion. 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 in the workplace for parking thus reducing the company's exposure to the recent 200 euro car parking tax.