BIK One Off Payments

BENEFIT IN KIND - ONE OFF PAYMENTS

IT IS IMPORTANT TO READ THE FOLLOWING NOTES CAREFULLY BEFORE PROCEEDING.

BENEFIT IN KIND ON ONE OFF PAYMENTS

Vouchers

Expense incurred by the employer less any reimbursement to the employer by the employee, e.g. shopping vouchers, holiday vouchers, bonus bonds, cash vouchers.  This one off payment is subject to PAYE, USC & PRSI on date of receipt by the employee.

Transfer of Assets

Where an employer gives an asset to an employee, the taxable benefit for the year must be calculated with reference to the higher of :-

            - expense incurred by the employer, and

            - realisable value of the asset less any reimbursement to the employer by the               employee

Provision of Goods

Where an employer gives goods to an employee, the taxable benefit for the year must be calculated with reference to the higher of :-

            - expense incurred by the employer, and

            - realisable value of the goods less any reimbursement to the employer by the               employee.

ONE OFF PAYMENTS

To access this utility go to Employees > Update employee benefits>

Ø   Select One Off Payments

Ø   Enter Date payment was given to employee

Ø   Enter Description of One Off Benefit i.e. voucher, goods etc.

Ø   Enter Value

Ø   Click Update file and show calculation of Notional Pay

The One off benefit will be added to the employee's Gross Income each pay period to ensure that the correct PAYE, USC and PRSI is charged.