Bike to work

Within the Government’s Finance Bill, there’s a tax-free benefit in kind, which allows employers to provide 1 bicycle and/or safety equipment to employees and directors who wish to use them to cycle to work. The employer buy’s the bicycle and/or safety equipment for the full retail price, and the balance is recovered from a reduction in the employee’s gross salary via a Salary Scrifice Agreement. The salary sacrifice is made prior to Income Tax, PRSI and USC and, as a result, employees pay less of all. Employers also benefit from PRSI contribution savings. The net result? You save money on every bike you process through the scheme.

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