Business Advice

2 ways to reduce your tax bill

Here are some simple steps to reduce this year’s tax bill.

Tis the season to be Jolly.

Throw that Christmas party. 

Revenue allow seasonal parties, special occasion meals or other inclusive events, such as sports days, for your employees. The cost of these events are not taxable BIKs, provided the expenses are reasonable and available to all employees.

Vouchers to Employees 

Tax-free vouchers are an efficient way to reward your staff during the year or with a bonus this Christmas.

Provided certain guidelines are followed, neither your business or your employees will pay PAYE, PRSI or USI, potentially saving a total of €653.65 in tax per employee, when the maximum €500 is given.

If you haven’t availed of the Small Benefit Exemption Scheme so far in 2019, make sure you do before 31st December 2019! Buy ythem here One4All

Here are two simple things you can do this December to reward your staff and reduce your tax bill and make you the good guy.

Any questions let me know.

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