Tax Free Vouchers increased to €500 annually
Tax Free Vouchers
Employers may now give a voucher worth up to €500 to an employee tax free since 22nd October 2015 following recent publication of the Finance Bill 2015. This is increased from the exiting €250 but like the previous one terms and conditions apply. A welcome break for employers and employees who may want to share in some Christmas giving without having to worry about tax.
Non-resident no-executive directors travel expenses
The Finance Bill among other things clarifies that vouched expenses for travel and subsistence incurred by non-resident non-executive directors will not be subject to Irish Income tax from 1st January 2016. The expenses must be incurred solely for attendance at meetings relating to the affairs of the company in the capacity as director. Prior to 1st January 2016 these expenses were taxable. O’KellySutton welcomes this relief, one that we have been calling for a while now.
For more clarification on any aspects of Finance Bill 2015 please call Pat Sutton or Patrick O’Rourke on 045 530777 or firstname.lastname@example.org