Travel to Work Concession

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Provision of monthly or annual bus or train passes by an employer to an employee or director is not a taxable benefit in kind (BIK).

This exemption applies not only to transport services provided by State companies but also to transport services provided by licenced private transport operators to include travel on commuter ferry services which operate within the State in respect of journeys which begin and end in the State. In order for this exemption to apply the employer must incur the expense of the bus/train or ferry pass.

Alternatively Revenue allows employers to provide a bus/train or ferry pass to an employee and in return reduce the employee’s gross salary by an equivalent amount, known as a “salary sacrifice” arrangement. This usually results in a reduction of PAYE, PRSI and USC payable by the employee and a corresponding reduction in employer’s PRSI.

What Questions Do You Have?

We are happy to help. Please post your comment below or call Mary Flanagan or Louise Edwards on 01 677 9000. Alternatively, send us an email: info@cooneycarey.ie

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Posted on October 7, 2015 by Mary Flanagan

Accrual Of Statutory Annual Leave When Absent On Certified Sick Leave

sickness

Since 1st August 2015, the Organisation of Working Time Act 1997 has been amended, to provide that any day of absence on certified sick leave is considered to be time spent working for the purpose of accruing statutory annual leave.

This change brings the annual leave provisions of the Organisation of Working Time Act 1997 into line with the annual leave provisions of the EU Working Time Directive as interpreted by the Court of Justice of the European Union (CJEU).

The Impact of this change

This change primarily affects those employees who are absent on long term sick leave, as any employee who works 1,365 hours in a leave year is automatically Read more

Posted on September 22, 2015 by Mary Flanagan

Home Renovation Incentive (HRI) Scheme

home renovation

The HRI scheme has been extended to include rental properties owned by an individual and occupied by a tenant, where the tenancy is registered with the Private Residential Tenancies Board (PRTB).

Tax Credit

The HRI scheme gives tax relief to homeowners in the form of a tax credit who use VAT registered and tax compliant contractors to carry out qualifying renovations and improvements to their principal private residence or rental property situated in the state.

The amount of the tax credit is Read more

Posted on July 9, 2015 by Mary Flanagan

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