Once off Benefits for Employers & Employees
Small benefits
It’s that time of year again where employers try where they can, to give a small gift in the form of voucher to their employees.
Where your employer provides you with a small benefit i.e. a benefit with a value not exceeding €500 , PAYE, PRSI and USC will not be applied to that benefit.
What to watch out for as a recipient of such a gift:
- No more than one such benefit received by you within a tax year will qualify for such treatment.
- Where a benefit exceeds €500 in value, the full value of the benefit will be subject to PAYE, PRSI and USC deductions.
This benefit is also available to directors of the company and same rules above apply.
Should you have any questions, please don’t hesitate to contact any of our offices.