christmas bonus

[Sammie]

we have the option of getting cash or vouchers for our christmas bonus. what is the best option in relation to tax? are vouchers taxed?

 

[CCOVICH]

There is a tax/PRSI exemption for vouchers up to a certain amount AFAIK.

 

[Sammie]

There is a tax/PRSI exemption for vouchers up to a certain amount AFAIK.

what is AFAIK? do you know the amount? and is it worth my while gettng vouchers rather than cash?

 

[Past30Now]

I believe the amount is €250 per employee in Gift Vouchers.

Past30

 

[Towger]

what is AFAIK? do you know the amount? and is it worth my while gettng vouchers rather than cash?

You have a BIK limit of €250 per year. So providing you have received no other Benefit In Kind from your employer, you can receive up to €250 of vouchers without paying Tax or PRSI. 'I think' if the value exceeds €250 you have to pay tax on the whole value. If so look for €250 in vouchers and the rest in cash.

Towger

 

[26cb]

AFAIK = As Far As I Know, AFAIK......

 

[Lorz]

Does the €250 tax free amound have to be paid in vouchers or can you receive a cheque?

 

[DirtyH2O]

Is this restricted to PAYE employees only?

 

[CCOVICH]

Does the €250 tax free amound have to be paid in vouchers or can you receive a cheque?

It has to be vouchers-how would a cheque be any different from cash?