Vouchers considered income

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birdy

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Apologies if this seems daft or has been answered before but I couldn't see it.

Basically for Janurary I have been very strict with myself as regards keeping a spending diary and have noted everything. However I got Dunnes Stores vouchers at Christmas which I will use this week for grocery/food shopping.

Are vouchers considered an income for budgeting purposes & keeping track of spending, or would I disregard what I spend on vouchers altogether from outgoings.

Trying to get accurate idea of my spending, & writing everything down has been an eyeopener
 
If you were paid a bonus in vouchers they'd be subject to tax as a benefit in kind. If you paid tax on them treat them as normal income perhaps?

If they were a gift I'd be inclined to regard them as a treat that lets you spend a bit more without technically breaking your budget.
 
Just in relation to the tax issues ... an employer can give a small gift of €250 or less in cash or kind (e.g. vouchers) to employees each year and it is can be exempted from BIK income tax and PRSI/health contribution deductions. Otherwise the payment in cash or kind is BIK and must be put through payroll as if it was normal income.
 
As they were a gift, I would not treat them as income. If you got a pair of socks or a book you wouldn't be including them in your accounts, so even though you are spending your gift vouchers on food, I would not count them as income.

However, in terms of what you are spending on food, the cost that you incur before you use the vouchers must be accounted for, otherwise you won't have a clear idea of what you are spending on food!

Oh dear, I appear to have contradicted myself! Maybe include it as a separate income category so you are not confusing it with earnings? Or spend it on socks instead of food! Have would you categorise a euro you found on the street!?
 
The vouchers were for €100.00 and a present. I intend stocking up on lots of non-perisables getting stuff for the cupboard.

I possibley will keep the regular food part seperate from the stock items & include that on the budget.

Thanks again for all input & sorry if it seems trivial in the greater scheme of things.
 
OK - I was just wondering if they might have been more than the small gift exemption threshold of €250 and thus giving rise to an outstanding tax liability. This is not the case as long as this threshold is not breached.
 
Clubman you have to be kidding! So if I give someone a wedding present of (say) €300 they have to declare it as income?
 
No. I was referring to an employer giving an employee vouchers. But I guess I misread the original query too.
 
What constitutes a voucher? would a prepaid visa debit card constitute a voucher for revenue purposes?
 
anne09 said:
What constitutes a voucher? would a prepaid visa debit card constitute a voucher for revenue purposes?
Click to expand...

Are you asking in relation to tax issues or for personal budgeting (which is what the OP was wondering-I think)?
 
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