Have a Happy Tax Free Christmas Bonus!
It’s that time of the year again when employers are considering rewarding staff for all their hard work throughout the year. For SME’s this can be a costly exercise, and so if it can be done in a tax efficient manner all the better!
Tax Free Gift Vouchers
Under a current Irish Tax concession known as the Small Benefits Scheme, employers can now reward employees with a non-cash bonus of up to €500 in value completely tax free each year. Provided certain guidelines are followed neither the employer nor the employee will pay PAYE, PRSI or USI, potentially saving €653.65 in tax.