There are simple steps you can take every day which will save you, your employees and your business a lot of money in the long run. Here are 4 tax …
Are you an employee and use your car for business travel? If your employer doesn’t reimburse you for using your car for business journeys, did you know that you can reclaim tax from Revenue?
PAYE taxpayers are entitled to various tax credits and reliefs depending on their personal circumstances. Many of these credits are already taken into account when you receive your net wages. However, some of these credits and reliefs need to be applied for each year such as relief for medical expenses. […]
Many of you may know that tax relief is granted at source for medical insurance (such as VHI, Quinn and Aviva). This means that the amount you pay your insurance provider has already taken tax relief into account. However, if your employer pays all or part of your medical insurance premium, you may be entitled to tax back. […]
The relief allows an exemption from Corporation Tax for the first three years of trading provided certain conditions are met. The company must be carrying out a qualifying trade. The value of the relief is based on the Employers PRSI paid by the company up to a maximum of €5,000 per employee and an overall maximum of €40,000. […]
Do you work full time or part time from home and only occasionally visit the office?
Are you an employer and want to provide equipment to your employees so that they can work from home?
As well as the work/life balance benefits and time savings, there are many tax benefits to eWorking.
In general, when a business purchases machinery or equipment, it can claim the cost against taxable profits over 8 years as a capital (wear and tear) allowance. However, where the machinery or equipment is energy efficient, the full cost can be claimed in year 1.
The Small Benefits Exemption Scheme allows an employer to provide an employee with a small benefit tax free each year. It is frequently paid at Christmas so is sometimes known as the Christmas bonus scheme. It is a straightforward scheme but there are some terms and conditions:
Under the TaxSaver Commuter Ticket Scheme, employers can provide tickets to employees as part of their salary package or in lieu of an annual bonus. Employees effectively get the tickets tax free.
The Cycle to Work Scheme was introduced to encourage employees to cycle to work. It offers a tax incentive to employees and employers whereby the employer purchases bicycles and equipment for employees without it constituting a benefit in kind. Employers and employees can also agree a salary sacrifice to cover the cost of the bicycle and equipment.