So I can pay my plumber for fixing a leak with the loan of a laptop say, and there's no tax liability for either party?
Is the RTE payments scandal symptomatic of a lack of Ethics in Irish business?
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Sophrosyne
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Ok @odyssey06 let’s back up.
If I engage Jack the plumber or the painter or the electrician, I am not his employer and I am not concerned with employer’s PRSI or his holiday pay or his leave entitlements or any other employer obligations. I pay him for his services, plus the VAT on those services.
As mentioned, benefits-in-kind only arise where there is an employer/employee relationship.
That doesn’t mean that certain barter arrangements do not attract a tax liability.
Both IFRS & GAAP accounting frameworks require barter arrangements to be included in business accounts based on an estimate of their monetary value.
If I engage Jack the plumber or the painter or the electrician, I am not his employer and I am not concerned with employer’s PRSI or his holiday pay or his leave entitlements or any other employer obligations. I pay him for his services, plus the VAT on those services.
As mentioned, benefits-in-kind only arise where there is an employer/employee relationship.
That doesn’t mean that certain barter arrangements do not attract a tax liability.
Both IFRS & GAAP accounting frameworks require barter arrangements to be included in business accounts based on an estimate of their monetary value.
Thanks, I was curious as to how it should be recorded, BIK or <insert X here> which is why my opening question was more vague:
Perhaps some posters with more knowledge than me of tax and reporting etc may like to share an opinion on how this should have been taxed
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Presumably that’s how Renault could reconcile the arrangement for tax purposes - the value of the car provided relative to the personal appearances received.
But from an individual’s perspective, is there a tax liability arising from the loan of a car.
Is there any liability in terms of the income foregone in lieu of services provided?
If I’m a self-employed plumber, for example, can I carry out work in exchange for goods or services without any related tax liability?
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Sophrosyne
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The only reason I replied to @odyssey06's post was to correct widespread misunderstandings regarding benefits-in-kind.
There are not enough known facts to discuss RTE and related issues.
If you are interested in bartering per se, there is a discussion over on boards.ie.
There are not enough known facts to discuss RTE and related issues.
If you are interested in bartering per se, there is a discussion over on boards.ie.
Sophrosyne
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Regarding presenter’s income, according to David McWilliams, his ma could host the Late Late Show.
I’m sure she could not and neither could he.
This is typical of the malicious satisfaction being taken by some and worthy of the worst of the gutter press.
In comparisons of income, would a highly paid employee with a commensurate occupational pension be the same as the comparable income of a self-employed individual who makes their own pension arrangements?
Oireachtas committees also need to control questioning by some of its members, who are getting way ahead of themselves. I am thinking of Mattie McGrath calling for Garda investigations when, so far, there is no evidence of fraud. Also, the concentration on commercial costs alone without the value of the related sponsorship raised is also inappropriate and one-sided.
I’m sure she could not and neither could he.
This is typical of the malicious satisfaction being taken by some and worthy of the worst of the gutter press.
In comparisons of income, would a highly paid employee with a commensurate occupational pension be the same as the comparable income of a self-employed individual who makes their own pension arrangements?
Oireachtas committees also need to control questioning by some of its members, who are getting way ahead of themselves. I am thinking of Mattie McGrath calling for Garda investigations when, so far, there is no evidence of fraud. Also, the concentration on commercial costs alone without the value of the related sponsorship raised is also inappropriate and one-sided.
Back on topic: Is the RTE payments scandal symptomatic of a lack of Ethics in Irish business?
No, RTE is symptomatic of any organisation whose employees/members think that they are operating on some higher moral plane, who talk about how they are working for some higher cause and possess some higher sense of duty and ethics.
Examples include:
The Catholic Church.
The Boy Scouts.
The Order of Malta.
The BBC.
The Medical Sector.
The Education Sector.
Most Charities.
When you start believing that a cohort of people is inherently more honest, virtuous or ethical due to the work they do, especially if you are a part of that cohort, then it is almost inevitable that there will be abuse, corruption, cover-up's, cronyism and high levels of waste.
RTE is no different. The reputation and integrity of the organisation became more important than the individuals and the mission they claimed to serve. Just like the BBC, and the others listed above, most of whom have had their own scandals, both lesser and greater.
Never believe your own propaganda.
No, RTE is symptomatic of any organisation whose employees/members think that they are operating on some higher moral plane, who talk about how they are working for some higher cause and possess some higher sense of duty and ethics.
Examples include:
The Catholic Church.
The Boy Scouts.
The Order of Malta.
The BBC.
The Medical Sector.
The Education Sector.
Most Charities.
When you start believing that a cohort of people is inherently more honest, virtuous or ethical due to the work they do, especially if you are a part of that cohort, then it is almost inevitable that there will be abuse, corruption, cover-up's, cronyism and high levels of waste.
RTE is no different. The reputation and integrity of the organisation became more important than the individuals and the mission they claimed to serve. Just like the BBC, and the others listed above, most of whom have had their own scandals, both lesser and greater.
Never believe your own propaganda.
Brendan Burgess
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that's all folks. There are plenty of other websites where you can continue this discussion.
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