Vouchers – a flat cost reward to your employees
Did you know you can give your employees a small benefit of vouchers to purchase goods or services up to €500 in value, tax free, each year under current Irish Revenue taxation guidelines. The voucher amount is a net amount tax free to both the employer and the employee. This benefit must not be made in cash, nor can the vouchers be redeemed for cash.
If more than one small benefit of vouchers is given in a year, only the first issue of the voucher amount qualifies for tax free status. For example: €250 worth of vouchers issued in June qualify for tax free status but €250 worth of vouchers issued in December of the same year cannot be given tax free. Unused small benefit allowances cannot be carried over from one year to the next.
For more information on when, how and for what you might issue voucher rewards to your employees please contact Complete HR using the contact form below.