Gift vouchers for directors and employees €1000 tax free
A welcome increase in this bonus this year announced in the budget. You can give all employees (including directors) up to €1000 tax-free in non-cash vouchers per annum. These are widely accepted for regular Christmas shopping.
For an equivalent cash bonus to an employee it could cost you €2135 for the employee to receive €1000.
Income Tax 2022
Reduce your Income Tax bill for 2022 by investing in tax efficient schemes before 31/12/2022. For pension relief you can continue to pay up to the deadline day in November 2023.
Corporation Tax 2022
If you have a company with a calendar year-end, the deadline for investing in company pensions, charitable deductions and other items that will reduce your CT bill for 2022 will be 31 December.
Capital Gains / Capital Acquisitions Tax 2022
You can give or receive a gift of up to €3,000 tax-free in any year from any person. This can be a good way to transfer monies within families and friends.
Tax Refund claim for 2018 before 31/12/2022 deadline
Don’t miss the 31/12/2022 deadline for claiming a tax refund for 2018. Nearly €1bn is left behind in unclaimed tax refunds in Ireland mainly from health expenses not claimed and unused credits, like health insurance if paid by employer
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Other PAYE benefits to consider
Some other benefits are exempt or have reduced rates include the following: