FYI only: New ERR reporting from Jan 2024

Calahonda52

https://revenue.ie/en/employing-people/becoming-an-employer-and-ongoing-obligations/reporting-jan-2024/index.aspx

20 minute video on same in the link

PaybackPayroll

We've been working over the last few months putting this in to our Payroll software.

Something to be aware of is the small benefits exemption. This should be used for the 2 x €500 gift vouchers. However, at the moment it appears that employees can only submit two of these and the third may become liable for tax. So, for example don't do this:

Jan 2024: €500 gift voucher

Mar 2024: €4.50 Easter Egg gifted to employee

Dec 2024: €500 gift voucher.

The final non-taxable small benefit will be rejected (because of the Easter egg)! Of course this may change, or I may have picked it up wrong, but this is my current understanding.

SureYWouldntYa

https://www.boards.ie/discussion/comment/121396870#Comment_121396870

The gift being in two benefits has been the rule for a while now, or at least since they upped it to €1,000 last year it may have one benefit before this. It's quite annoying for anyone who wants to reward employees in an ongoing way without the large burden on cashflow

PaybackPayroll

https://www.boards.ie/discussion/comment/121396915#Comment_121396915

Yes, the two gift vouchers thing hasn't changed.

What's different now is the way it's being reported. Report another small benefit (such as an Easter egg or bunch of flowers etc) in addition to the gift cards, and you could be goosed!

SureYWouldntYa

https://www.boards.ie/discussion/comment/121399787#Comment_121399787

Ah okay i get you now, that could sting some people if they report everything