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A benefit for all....
- Employees and employers both benefit when a bonus is paid in gift cards
or gift vouchers
- With the use of our Online Corporate System (OCS) you can make a number
of small awards that culminate in an overall single benefit of €250
- Our OCS is approved by the Revenue Commissioners for BIK development
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Reward your staff with €250 Tax & PRSI Free
Under the Revenue Commissioners’ approved ‘Small Benefit Exemption’
scheme, employers can now provide employees with a gift card or voucher
up to the value of €250 as a once-off benefit during the tax year which
is not subject to PAYE, Income Levy, Healthy Levy or employee & employer
PRSI. The €250 gift card or voucher is tax free even if the employee is
receiving other taxable BIK.
There is no requirement to make a return to the Revenue Commissioners in
relation to this benefit. According to the Revenue Commissioners
payments can only be made in one installment, but to allow companies make
several payments to the sum of €250, we offer a unique online management
tool (OCS) to manage such payments.
Our OCS system allows companies to make a number of small awards to an
individual employee which culminates in an overall single benefit of no
more than €250, rather than being limited to making just one payment.
Due to its management control features,
our OCS system has been approved by the Revenue Commissioners for use by
Irish companies wishing to avail of this tax and PRSI concession.
Employers & employees both benefit when a €250 bonus is paid in gift
cards or vouchers rather than in cash. Employees are rewarded with
something they actually want. It is something that they can take home to
their family rather than a cash bonus that can be just absorbed into
their pay cheque. The company not only reaps the rewards of increased
morale, productivity and loyalty, but due to the tax advantages with
gift cards and vouchers both parties also benefit significantly from
this.
Giving a reward that is tax-free can’t guarantee a successful employee
reward programme, but we can provide you with BIK advice, software
solutions and the most suitable reward product guaranteed for achieving
a successful rewards programme for your business.
For any queries regarding the BIK tax benefit on gift cards and vouchers
simply ask any member of our Corporate Sales Team.
Click here to email our Corporate Sales Team or phone ph: 01 – 8708181.
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