Payroll Principles (Level 3): Benefit In Kind
Application of PAYE/PRSI & the USC, and how to determine the relevant value for Benefit In Kind. Updated with Budget 2014 details.
Introduction to Benefit In Kind (BIK)
- What is BIK?
- What does it mean?
- How does it work?
Exceptions to the Rule (What items have no Tax Liability?)
- What can be given to employees without BIK liabilities?
- Exceptions to the rules. Travel Pass, Bicycle Allowance, Small Benefits, etc.
- Efficient payment of items, staff discounts.
- Records required by the Employer
Application of PAYE/PRSI/USC (How it all works?)
- How to apply the different charges Tax/PRSI/USC
- How to determine the applicable value (Notional Pay)
- Records Required for Revenue
General Valuations (What to do with miscellaneous items?)
- Determine the value of the BIK on miscellaneous items
- Mobile Phones, Phone Credit, Laptops, Medical Insurance,
- Home Expenses, Club Membership, use of company assets, etc.
Company Cars (What to do and how much to charge?)
- Standard BIK formulas for existing cars
- CO2 BIK formulas for new cars from 2009, (Applicable?...No)
- Pool Car’s, Car Allowances, Motoring Expenses
- Change of Car over the course of the year.
- Required Records
Company Vans (What to do and how much to charge?)
- BIK formula for private use of Vans
- Rules for limit use with BIK exemption
- Pool Van, Van Allowance, Motoring Expenses
- Change of Van over the course of the year.
- Required Records
Share based Remuneration (What's that now?)
- What is it & does it effect and how?
- Employee PRSI & USC liable.
- Employer PRSI & PAYE liable?
- Records required?
Preferential Loans (Cheap loans?)
- Defining a Preferential Loan
- Determining the relevant rate, home loan or standard loan.
- Determining the cost for both the employer and the employee
Please Note the course content maybe subject to change, when possible advance notice shall be issued.