COVID 19 - E-BIKING IS A SOCIALLY DISTANCED ALTERNATIVE TO PUBLIC TRANSPORT
Cycle to work
The Government Cycle to Work Scheme is a scheme designed to give Employers the opportunity to offer their Employees big savings when purchasing a bicycle / electric bike, once every four years for the purposes of primarily commuting to work.
Your Employer is not obliged to offer this scheme, but most do so. The amount you save will depend on the rate of Income Tax you pay. The Employer is invoiced directly for the eBike and buys the bike on your behalf, then deducts the reduced payment amount from your pay packet.
How much can I save? Up to 50%
On purchasing an eBike for €1200, you will save €594 off this price if on the 40% tax rate. So you have €606 deducted from you take home pay by your Employer to pay for the eBike.
If on the 20% tax rate, you save €353 and have €846 deducted from you take home pay by your Employer to pay for the eBike.
Your employer may take this deduction from your pay packet, in a lump sum, over a few months, or over a 12 month period.
How do I avail of Cycle to Work Savings?
Email sales@lectro.ie and ask us to send you a no obligation Sales Quotation for the model you are interested in. You then present this Sales Quotation to your employer (HR/Payroll Dept). The next step will be one of two ways:
1) Your employer will fill in their details and return to it to us. We invoice them directly and they pay us the full amount. They then deduct the full amount from your Gross pay but you only pay the reduced amount from your take home pay packet. This is a direct sale under the Cycle to Work Scheme.
OR
2) Your employer may be signed up to an independent Cycle to Work to broker such as BiketoWork, Bikes4Work or Taxfreebicycles.com that process all their employee Cycle to Work purchases. In this scenario we provide a Sales Quotation by email and your employer processes the purchase through the broker who contact us. They issue you a coupon and you collect the bike from us. You still make the same savings and it is deducted the same way from your pay packet..