UCD Bikes accepts the bike to work scheme as payment for our bicycles. The Cycle to work scheme was set up by the Irish government to allow employers to purchase commuting bikes for their employees.
These bikes are available tax-free and the employee pays back the cost of the bike in incremental instalments through their pay checks.
These incremental repayments are not subject to tax, PRSI or the USC. This means employers can purchase a bike at a lower cost than buying it directly.
This scheme doesn’t just cover the actual bicycle, bike accessories – including safety equipment – can also be purchased through this scheme.
The Employee should speak to the HR department or HR representative in their company to make sure their company/employer offers the scheme
The employer and employee agree how much of the employee's gross salary will go to towards paying for the bicycle and agree on the repayment time
The employee then visits a bike shop and selects the bike and bike accessories they wish to purchase. The bike shop will then supply a written note for these selected items
Once this is supplied to the employer they will pay the invoice and supply a printed certificate to the employee.
The Employee uses this printed certificate to pick up their bicycle and bike accessories