Cycle2Work
a brand-new bike and accessories!
What is Cycle2Work?
Cycle2Work is a government initiative which offers the most cost-effective way to get new cycling equipment. The scheme is ran through participating employers, meaning you do not have to pay Tax, PRSI or USC on these products – saving you up to 47%! This reduced cost is then simply deducted out of your payslip over 12 months.
How much could I save?
Through Cycle2Work you can save anything from 32% to 47%, however this differs from person to person. Check out our handy table to see exactly how much you would save if you took part!
| Bike retail price | €500 | €1,000 | €1,500 |
|---|---|---|---|
| BASIC RATE TAX PAYER | |||
| Net Monthly Cost | €28.75 | €57.50 | €86.25 |
| Total Cost Over 12 Month | €345 | €690 | €1,035 |
| Total Savings Made Over 12 Months | €155 | €310 | €465 |
| HIGHER RATE TAX PAYER | |||
| Net Monthly Cost | €20.41 | €40.83 | €61.25 |
| Total Cost Over 12 Months | €245 | €490 | €735 |
| Total Savings Made Over 12 Months | €255 | €510 | €765 |
How do I apply for the Cycle2Work scheme?
1. Choose your bike and accessories either in-store or online so you know exactly how much you’d like to apply for.
Sign up at www.cycle2work.info/roi and complete a speedy online application. You’ll need your employer code to complete this.
3. 3. Once your employer has approved your application, you will receive your Letter of Collection instantly by email – this is what you use to redeem your bike and accessories.
Sign up nowWhat is a Letter of Collection, and how do I use it?
A Letter of Collection is exactly what is says – a letter that you use to collect your bike and accessories! To use it, all you need to do is present it at the till with your items at your local Halfords store.
What bikes can I get?
This is completely up to you! You can choose any adult bike, so take your pick from electric, folding, hybrid, road and much more! If you need some advice, check out our Buying Guides that will help you find the right bike for you and your commute.
I already have a bike, can I still take part?
Of course! You may want to get a whole new upgrade, or a second bicycle.
How does Cycle2Work differ from interest free finance?
Through Cycle2Work, you will save between 32% and 47% through Tax, PRSI or USC and the cost will simply be deducted from your payslip. You’ll also get loads of free extras, discounts and benefits on Cycle2Work which you would not get on Interest Free Finance!
For example, a bike costing €1000 could cost as little as €40.83 a month over 12 months on Cycle2Work – compared to €83.33 through Interest Free Finance.
For more information, visit www.cycle2work.info/roiFrequently Asked Questions
Through the Cycle2Work scheme you can only redeem adult bikes and cycling accessories that you will be using yourself. The below are not available on the scheme:
- Scooters & electric scooters
- Kids/Junior bikes
- Cycling technology
- Bike building costs
- Delivery costs
- Bike repairs and maintenance
- Bike repair and maintenance plans such as Halfords cycle care
To apply for the scheme, your employer will need to be signed up to the Cycle2Work scheme. To find out if your workplace is taking part, please get in touch with your HR department who will give you all the information you need to apply.
Yes! As soon as you redeem your Letter of Collection, the bike is legally yours.
The scheme is capped at €1500 for electric bikes and related safety equipment, and €1250 for standard bikes and related safety equipment. Please contact your HR Department if you do not know what your scheme’s maximum limit is.
Once Cycle2Work have received your application, this will be forwarded to your employer for approval.
After this is approved, you’ll receive your letter of collection by email. You’ll then be ready to pick up your new bike and accessories! It couldn’t be easier!
With the scheme you can get any adult bike plus a wide range of cycling safety accessories, including:
Plus, much more. For a definitive list of what accessories are eligible, please visit www.cycle2work.info/faqs.
You can apply once every four tax years.