Improvements to the cycle to work scheme in Ireland | Save tax and get healthy.

Do you want to get healthy and save some tax?

If you answered yes to both, you should avail fo the new cycle to work scheme announced by the Government as part of the July Stimulus Package.

There has been a change to the amounts you can spend on your new bike.

The amount allowed has increased from €1,000 to €1,250 and up to €1,500 for electric bikes.

Now get on your bike and save some tax.

hello and welcome to my channel if this is your first time to come across me you’re very welcome my name is martin i’m a chartered accountant and help business owners do with their finance their time and their energy today’s top video is all about energy what the government announced in the july stimulus package has been a change to the cycle to work scheme so for anyone who wants to increase get a little bit fitter and of course avail of some tax saving this is the video for you hope you get some enjoyment of it so the government have announced that level of a thousand euro has been increased to 1250 euro for every employee so that is welcoming so that will include your bike and also your safety equipment in addition if it is a case of new to the scheme if you haven’t if you wish to get an electric bike there is an allowance of 4 or 1500 towards electric bikes so if this case you want to pick up a cyclone but you’d still like to have the security of a little bit of a help along on those hills if it’s a hilly route or a long distance for you you have the option of using an electric bike so this game is up and running again you can claim it once every four years which has been reduced from once every five years so if you are within that four year window you can’t currently available of it but once you go outside the four years you will be in a position to do it and of course there is some good tax saving here as in the payment of the bike goes off against the taxes amount taxable amount that you would be normally paying so you actually pay through your taxes so just be aware that one note is that for employers out there who may be struggling cash flow-wise no harm for employees just to run it by them just to make sure that they are currently using it normally employers would like to have these things cleared off at the end of the year so at the end of december each year going into the new financial year so just run it by them beforehand but it has been announced the limits have been increased from 1000 up to 1250 for an ordinary bike and to 1500 for anyone who is interested in an electric bike and of course this tax havens go hand in hand with these new bikes so i hope you enjoyed this video and of course if you if we haven’t done so already and you wish to subscribe please think about it and until the next time we chat you take care of yourself