Tangible Gifts as Tax-Efficient Employee Rewards

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Presentation transcript:

Tangible Gifts as Tax-Efficient Employee Rewards Small Benefit Exemption Scheme Long Service Awards Allowance Case study with tangible gifts as rewards

Small Benefit Exemption Scheme Revenue allows one, non-cash benefit per employee, per year, up to the value of €500. Tangible gifts are eligible for the Small Benefit Exemption. Cash Vouchers Gifts Allowance Taxed Tax-free Up to €500 PAYE, PRSI or USC do not need to be applied to the benefit

Long Service Awards Allowance Revenue also offers generous tax relief on Long Service Awards, when the awards take the form of tangible gifts. The allowance is €50 for each year of service, starting at 20 years and every 5 years thereafter. Length of Service Cash Vouchers Gifts Allowance 20yrs Taxed Tax-free 20 x €50 = €1000 25yrs 25 x €50 = €1,250 30yrs 30 x €50 = €1,500 35yrs 35 x €50 = €1,750 40yrs 40 x €50 = €2,000 PAYE, PRSI or USC do not need to be applied to the benefit

Long Service Awards – Revenue Rules The award is made to mark long service of not less than 20 years The award is a tangible item (that is, not vouchers, bonds or cash) e.g. TV The cost is not more than €50 for each year of service No similar award has been made to the employee within the previous five years.

Grafton Merchanting ROI Irelands largest Builders/Plumbers Providers Strong portfolio of brands 1,250 employees nationwide Operation for over 100 years - 50 locations nationwide Annual turnover of over €300 million Strong local presence and a customer focused culture

Programme Objectives Recognise long serving employees with 10, 20, 30 & 40 years of service Embed a valued benefit to support employee retention Remove the monetary value associated with the award Drive local engagement with managers and employees Educate managers on the value of employee recognition

Loyalty Programme Customised and branded programme on RewardNet® Distributed letters to employees with unique login details Selected gifts are delivered to the various locations Supported by a national communications plan from HQ

Points: flexibility & choice

Premium gifts

All in a day’s work … Orders fulfilled from our dedicated warehouse facility Source gifts directly from brand manufacturers and distributors We make it easy for companies to give their employees a choice of tangible gifts

Thank You! Ann Lyons Managing Director Gift Innovations ann@giftinnovations.ie www.giftinnovations.ie Tel: 061 306006 Mob: 087 798 1854