Cycle To Work scheme explained
The Cycle to Work Government Scheme is the most affordable way to buy a bike. Introduced in 2009 as a tax incentive scheme, it is designed to encourage more people to get on their bikes and cycle to work!
Tax Benefits
Are you aware that you can save up to 51% off the price of a new bicycle & accessories up to a maximum cost of €1,000 under a Government Cycle to Work Scheme?
Bike/Accessory Choices
You can choose from any of our new bicycles in store or from our online catalog. If you cannot see what you are looking for, speak with us and we can arrange a bicycle that suits your needs.
What happens next?
Once you have chosen the bicycle and accessories, McCormack Cycles will provide you with a quotation. This quotation would be given to your employer and they will then arrange payment to McCormack Cycles. Once we receive this payment, the bicycle and accessories can be delivered or collected, whichever is easiest for you!
Example Savings...
| YOUR ANNUAL SALARY | €30,000 |
|---|---|
| COST OF BIKE/ACCESSORIES | €999 |
| EMPLOYEE SAVINGS | |
| Reduction in income tax | €200 |
| Reduction in PRSI | €40 |
| Reduction in USC | €70 |
| Your estimated savings | €310 |
| Final Cost of Bike | €689 |
| EMPLOYER SAVINGS | |
| Employer PRSI savings | €107 |
| YOUR ANNUAL SALARY | €40,000 |
|---|---|
| COST OF BIKE/ACCESSORIES | €999 |
| EMPLOYEE SAVINGS | |
| Reduction in income tax | €400 |
| Reduction in PRSI | €40 |
| Reduction in USC | €70 |
| Your estimated savings | €510 |
| Final Cost of Bike | €489 |
| EMPLOYER SAVINGS | |
| Employer PRSI savings | €107 |