Free staff benefit: Bike and equipment up to €1,000 tax-free with Bikes4work
There are over 80 different government supports available to small businesses but many of them are not well known or understood. Each week in the SFA e-zine, we will profile a different support that could improve your business, giving you information and advice.
Health and wellbeing is becoming an increasingly important factor in our work and personal lives. Maintaining a healthy workforce is vital for businesses of all sizes, however it can be difficult to introduce meaningful wellbeing benefits to all staff, especially for small firms. One4all’s Bikes4work programme helps businesses take advantage of the Government Cycle to Work scheme, offering staff the chance to save up to 52% on the cost of a brand new bike and equipment.
A tax-free scheme allowing employees to purchase a brand new bike and equipment tax-free through their employer.
- Minimal administration for the employee and employer
- Improve your overall health and fitness
- Reduce your carbon footprint
- Reduce your daily commute time and cost
- Make your salary go further each month
- Free from road tax and insurance
- One4all’s Bikes4work offers the widest range of bike retailers nationwide, including exclusive access to Halfords stores
- Special offers when you purchase your bike through Halfords
Working weeks are continuously growing longer – Irish people are now working a half hour longer per week than they were five years ago – and workloads are ever increasing, often without compensation. This means less time for leisure, socialising, and of course looking after health and wellbeing.
Recent research from One4all has shown that one in five workers in Ireland say their work commitments regularly or frequently stop them from exercising or keeping fit. 41% said their work commitments occasionally stopped them exercising.
Looking after employee health – both physical and mental – can help increase productivity, reduce absenteeism, and even bolster staff retention. The Bikes4work scheme is free to introduce in your business and will be open to all employees.
From a government policy perspective, the scheme also has the advantages of reducing carbon emissions and relieving traffic congestion.
The Bikes4work scheme is offered by One4all Rewards. The One4all corporate sales team will be happy to help introduce the scheme to your business, and One4all manages the whole process to ensure employees receive their bike and equipment with minimal fuss and administration. One4all can also visit your business with a range of bikes to help your staff choose the right bike and equipment.
The bike and safety equipment is purchased by the employer and the employee covers the cost by means of a salary sacrifice over the course of a maximum of 12 months. He/she will not be liable to income tax at his/her marginal rate, employee’s PRSI or USC on the amount of the salary sacrificed. Employer’s PRSI is not payable on the amount sacrificed.
If you are interested in offering the Bikes4work scheme to your staff:
- The scheme is open to businesses of all sizes
- In addition to the purchase of a bicycle the following safety equipment also qualifies:
- 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 the cycle can be safely secured
- Pumps, puncture repair kits, cycle tool kits and tyre sealant to allow for minor repairs
- Reflective clothing along with front reflectors and spoke reflectors
- One4all Bikes4work offers the largest selection of bike retailers nationwide including exclusive access to Halfords stores nationwide and exclusive discounts and offers when you purchase a bike from Halfords
- This scheme can be availed of in addition to the Travel Pass/Tax Saver Commuter Ticket; they are not mutually exclusive
- The scheme is available to both employees and directors
- One4all works with SMEs to ensure the scheme is easy to run and promote to your staff
- For more information visit www.bikes4work.ie
- For additional guidance from Revenue, click here.
Employee wellbeing (physical, nutritional, mental and financial) is the subject of the first Business Bytes event of the new season, on Wednesday 11 October - find out more and book now.