May 2015
11
Bike to Work Scheme extended for another 5 years
The Bike to Work tax break scheme is to be extended for another five years.
This allows commuters to get a bike worth up to €1,000 through their employer.
Anyone who availed of the Bike to Work scheme in 2009 is now entitled to get a second bike tax-free worth the same amount.
The bike to work is a salary sacrifice that is not liable to PAYE, PRSI or USC.
You can enter in the details of the bike to work into Thesaurus Payroll Manager using the following steps.
In Add/Amend Employee details, go to Deductions, and into the “Other allowable” section enter in the description Bike to work.
Enter in the amount to be deducted each week/month into the field and Update.
The amount entered in here, will be deducted every week or month depending on when you update your payroll.
