Payments to Staff – 15 Tax Free Options

It is difficult for businesses to retain staff and we are often asked for ways to remunerate them in a tax efficient manner.

Detailed below are 15 various options:-

1. Working from Home

Where employees work for substantial periods outside the employer’s business premises in the course of the performance of the duties of their employment, an employer can cover certain costs on a tax free basis:

  • Equipment such as computers, printers, office furniture, telephone line and internet access provided to facilitate work in the employee’s home where personal use is incidental.
  • A contribution of up to €3.20 per day for light and heat expenses. The employee can also claim additional amounts on a vouched basis where actual costs incurred exceed this level.
  • Costs of business calls on home and personal mobile phone.

2. Sport Club Subscriptions

If the employer pays the subscription on behalf of the employee, the amount paid is declared as notional salary and the equivalent tax is deducted from the employee.  For example a golf club subscription costing €1,500 will in effect only cost the employee €750, assuming 50% income tax marginal rate applies.

These can be made tax free where membership of the club is available to all employees.

3. Non-Cash Gift – Voucher or Benefit

The limit for giving a tax free voucher to an employee is €500 per annum. These are normally provided as vouchers and are tax free to the receiver.

4. Company Car or Pool Car

If private use is excluded, then the cost to the employee can be zero.

Depending on the amount of business mileage, Read more

Posted on August 10, 2017 by Cooney Carey

Forensic Team: What We Do

Our forensic accounting team use our skills in accounting, auditing, taxation, law and investigation to interpret the data available and deliver a concise report suitable for discussion, debate and ultimately as evidence in court.

We deliver focused investigations using our knowledge of auditing, personal forensic accounting, taxation, company law, banking facilities and industry sectorial knowledge. We have the forensic skills to identify undeclared assets and income, and the experience and credibility to work as forensic accountant experts and give clear advice to legal advisors. We deliver concise reports that have been well received by legal advisors, law enforcement agencies and judges.

Skills of our Forensic Accountants

  • Ability to review the financial evidence available and give opinion on options
  • Identify the additional required information
  • Ability to give initial opinion on case and identify strengths and weaknesses of the evidence
  • Critique report of expert witness on the other side of case
  • Ability to work with and add value to legal team
  • Negotiating wise and workable solutions
  • Giving evidence and cross-examination in court

Do you have any questions?

We are happy to help. Please post your comment below or call Lisa Byrne, Audit Manager at Cooney Carey, on 01 677 9000. Alternatively, send her an email: lbyrne@cooneycarey.ie 

If this article helped you, please share it with others.

Posted on July 21, 2017 by Cooney Carey

Fraud Prevention: Put Measures In Place To Avoid The “Fake” Payment Scam

Unfortunately, we are seeing more of this type of scam. What it involves is a fraudster providing their bank details to a company when a payment to a supplier/third party is being made.

Examples:

1. Company A seeks to make a payment to a supplier or a third party in a transaction. The fraudster has hacked the emails and sees that a payment event is due to be made. The fraudster intercepts the e-mail with the correct payment details and changes them so that the payment is made for their benefit.

2. Another case involved a fraudster reviewing a company website and getting the names of individuals in the company. They then write an email (seemingly from the company “boss”) to the finance person in the company to instruct them to make a payment to the fraudster’s bank account.

You may think this will not happen in your organisation and hopefully it will not, but you should be aware that these type of “fake payment” scams are very common at the moment and small and large businesses are being targeted and have lost significant monies.

How To prevent this type of scam?

We would recommend one key control to prevent this type of scam which is to phone the person to whom you believe is to be paid and confirm the bank details by phone.

What questions do you have?

We are happy to help. Please post your comment below or call Paul Leonard, Partner at Cooney Carey, on 01 677 9000. Alternatively, send him an email: pleonard@cooneycarey.ie

If this article helped you, please share it with other businesses. 

Posted on July 18, 2017 by Cooney Carey

← Older Posts


Get in touch