Halfords cycle2work

02. How much can I spend?

You can spend up to €1,000 on a bicycle and safety accessories. If you see a bike that costs more then you can add to this amount from personal funds, however there will be no tax benefit on that amount.

03. How much can I save?

Typical savings are between 30% and 51%, but the actual amount you save depends on your personal taxation and company.

04. Is there a credit check?

No, there are no credit checks involved.

05. Am I eligible to get a bike?

The scheme must be operated by your employer and is open to all salaried full and part time employees. You must be an Irish taxpayer earning above the national minimum wage to benefit from the tax efficiencies of the scheme. Your employer may choose to add additional eligibility criteria.

06. What is a salary sacrifice?

With a salary sacrifice you pay back the loan on your bike and safety accessories out of your gross pay over a maximum period of 12 months (it is a similar arrangement to the existing Travel Pass Scheme). You will not be liable to tax, PRSI or levies on the salary given up and can therefore make huge savings on the bike and safety accessories depending on your personal taxation.

You can join the scheme once every five years

07. Do I own the bike?

Yes, as soon as you have redeemed your letter of collection (voucher) for the bike you take ownership for it.

08. What is the payback period?

A maximum of 12 months via a salary sacrifice

09. What bikes/equipment can I get?

The exemption will cover pedal bicycles and tricycles, and pedelecs (an electrically assisted bicycle which requires some effort on the part of the cyclist in order to effect propulsion). It will not cover motorbikes, scooters or mopeds.
Cycle helmets which conform to European standard EN 1078
Bells and bulb horns
Lights, including dynamo packs
Mirrors and mudguards
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

10. Do I have to use the bike for work?

You can use the bike for both commuting to work and for leisure purposes; however a bike purchased under the Cycle2Work scheme should be mainly used for commuting to work.

11. Do I need to maintain the bike myself?

You are responsible for maintaining the bike for your own use. When joining the Halfords Cycle2Work scheme we offer a Free Build, 6 Week First Service and Bike Care Plan.

12. What happens if the bike is stolen?

If the bike is stolen you will still be liable for any outstanding monies, so it’s very important to make sure the bike is insured. You could help prevent theft by acquiring a cycle lock along with your bike.

13. Is it my responsibility to insure the bike?

Yes, the bike is owned by you, therefore it is your responsibility to insure it. You may want to contact your home insurance provider for further advice.

14. What happens if I leave my job or if I am made redundant?

The bike and goods remain your property and it is your obligation to pay back the purchase price, minus the savings in tax within 12 months. The agreement to pay your loan is non cancellable, so you will be obliged to pay the remaining amount in full, without any tax exemptions, regardless if you leave your job or are made redundant.

15. I want to join the scheme - what do I have to do next?

Get your company on-board. They need to sign up to the scheme before you can join.

Print this letter and give it to your HR Manager / Employer or copy and paste this link www.halfordscycle2work.ie and email it to them.