Make sure you’re bike is right for Sportive
YOU have been out cycling for the last few weeks in preparation for the Innisfree Wheelers Autumn sportive on September 2nd. You are just back cycling. If you are enjoying the spins but are doing it on your old bike, are thinking about buying a new bike but are concerned about the cost, and what bike to buy.
Talk to an experienced cyclist about the type of bike you should buy and visit your local bicycle shops There are so many brands, so many styles, made for many different bike experiences.. The first thing to do is try out some bikes, and find what works best.
Check out the cycle to work scheme. The Cycle to Work Scheme is a tax incentive scheme which aims to encourage employees to cycle to and from work if possible or to become involved in cycling on a regular basis.
The scheme covers the purchase of bicycles and equipment up to the value of € 1,000 from approved suppliers and you can avail of the bike to work scheme once in a 5 year period.
This was introduced in 2008 and allows an employer to incur the expense of providing an employee with a new bicycle without the employee being liable for benefit- in- kind taxation. .. Under the scheme the total cost of the bicycle and or bicycle safety equipment as stated on the invoice from the supplier will be deducted from salary over 12 months. The employee will not pay tax, PRSI, Universal Social Charge or Pension Related Deduction on the remuneration sacrificed.
The application form for the scheme must be completed in conjunction with the supplier. It will contain information on the new bicycle/ cycle safety equipment supplied and the details of the supplier.
The scheme applies to new bicycles and pedicycles ( electrically assisted bicycles which require some effort from the cyclist). It does not cover motorbikes, scooters or mopeds. Purchase of the following new safety equipment is also covered: Cycle helmets which conform to European standard EN 1078, Bells and bulb horns Lights, including dynamo packs Mirrors and mudguards to ensure that the rider’s visibility is not impaired, Cycle clips and dress guards, Panniers, luggage carriers and straps to allow luggage to be safely carried. Locks and chains to ensure cycle can be safely secured. Pumps, puncture repair kits, cycle tool kits and tyre sealant to allow for minor repairs.
Reflective clothing along with white front reflectors and spoke reflectors.
Your employer pays the supplier for the bicycle and sets up a salary sacrifice arrangement from your salary over an agreed time frame ( which cannot be more than 12 months).
This generally means that you visit the shop, select the equipment you wish to buy and have the shop invoice your employer directly for the cost.
The repayment for the bicycle and equipment is then deducted from your gross salary ( this means before income tax, PRSI, pension levies or Universal Social Charge are deducted).
These deductions can be made weekly, fortnightly or monthly depending on your salary payment arrangement. Contact your employer to ask about the scheme.
Look out for a new Bike for Life Programme starting on August 30 which is being run in partnership with the Sligo Sport and Recreation Partnership and Innisfree Wheelers.