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: 

  • Electric vehicles BIK is being charged from 1/1/2023 but there is none if the car costs less than 35k.
  • Cycle to work scheme allow up to €1250 for normal bikes and €1500 for electric ones. This is up to 52% reduction in cost for directors and employees. There is also a direct saving for the Employer of 10.75% of Employers PRSI avoided.
  • Tax saver scheme allows for employees public transport costs to be reduced by up to 52% with the employer also getting the Employers PRSI bonus
  • eWorking Allowance – you can pay directors and employees €3.20 per day spent working remotely. Alternatively there is an option for employees to claim for vouched expenses

Hopefully there is something here that you’ll find useful. The vouchers are really good value for everyone especially with all the Christmas shopping that needs doing. 

Best wishes for Christmas from all of us here at Bradán and we look forward to an improved 2023 for us all.