Dundalk Chamber are encouraging employers to reward their employees up to €500 tax free under the Revenue’s Small Benefit Exemption.
Under the Small Benefits Exemption Scheme, a Company Director and Employees can receive a non-cash bonus of up to €500 in value on a completely tax free basis each year.
Dundalk Chamber said that as the payment must be in a non-cash form, the most common way to avail of this scheme is by purchasing gift vouchers.
Shop Local Gift Vouchers can assist you save money by taking advantage of the Government Small Benefit Exemption Scheme, according to Dundalk Chamber.
Employers can save 56% on staff rewards now by giving employees a Shop Local Gift Voucher instead of cash.
Every Director of a limited company can also avail of a €500 tax free payment as they are considered an employee of the business.
Unfortunately, this benefit does not apply to Sole traders / Partnerships however it would apply to their employees.
The Shop Local vouchers can be spent in over 360 shops in Dundalk and surrounding areas. The Vouchers come in €5, €10, €20 and €50 denominations and have no expiry date and no commission for you or the shops.