Revenue announce changes to Small Benefit Exemption Scheme

Revenue have announced that for the tax year 2020, the single gift rule does not apply.  This means that now employers can reward and recognise staff working through this crisis multiple times, up to the value of €500.

This change will allow Contractors to buy more than one Gift card up to the value of €500 where previously you could purchase only one.

If you havent purchased a card yet in 2020, you can do so now through your limited company.

The cost of the purchase is on a tax-free basis and will be exempt from PAYE, USC and PRSI.   If you were to purchase a gift card personally and not via this scheme, it would cost you €500.

However, if you purchase the gift card through the Small Benefit Exemption Scheme with Icon Accounting, you will automatically receive tax relief on the purchase. This will mean the actual cost of the gift card will only be €250.

Icon Accounting and Me2You have teamed up so that you can easily avail of this scheme.

Me2You gift cards can be bought through this dedicated portal for Icon Clients. If you are in an umbrella company the funds will be deducted via your umbrella company and shown as tax allowable deduction in your next payroll. If you have your own personal limited company then you will need to pay ME2YOU directly yourself through the portal.

For more information on this scheme please contact your Icon Account Manager directly via email.