This year you may consider rewarding your employees for their work. As an employer you can provide an employee with a small benefit with a value not exceeding €250 Tax Free. PAYE, PRSI and USC need not be applied to that benefit. This can only be given to an employee once in the income tax year. Where a benefit exceeds €250 in value, the full value of the benefit is liable to PAYE, PRSI and USC.
Monetary benefits e.g. cash, cheques, credit transfer etc.; do not qualify under the small benefit exemption. However, you can give a voucher up to the value of €250 which does qualify under the scheme. The small benefit exemption does not apply to the numerous values of benefits. It applies to a single benefit only.
As a Tailored Payroll client we keep you up to date on how you can save Tax in your payroll. Contact us today for a competitive price and you can continue to make savings on your payroll while remaining compliant. Our flexible service includes:
- PAYE,PRSI and USC Calculations
- Registration of Employer with Revenue
- All employer Revenue submissions to include: P30’s,P45’s, P35, P60’s and registration of new employees
- We provide email Payslips and P60s to employees
- Creation of Bank file for payment to employees
- No hidden costs
For more information about this business visit their website or email to email@example.com. Tailored Payroll is part of Use SBC as a channel initiative. If you want your business to be featured, click here.