Payroll Principles (Level 3): Benefit In Kind 

Application of PAYE/PRS & the Income Levy, and how to determine the relevant value for Benefit In Kind

Introduction to Benefit In Kind (BIK)

1. What is BIK?
2. What does it mean?
3. How does it work?

Exceptions to the Rule (What items have no Tax Liability?)

1. What can be given to employees with out BIK liabilities?
2. Exceptions to the rules. Travel Pass, Bicycle Allowance, Small Benefits, etc.
3. Efficient payment of items, staff discounts.
4. Records required by the Employer

Application of PAYE/PRSI/Income Levy (How it all works?)

1. How to apply the different charges Tax/PRSI/Income Levy
2. How to determine the applicable value (Notional Pay)
3. Records Required for Revenue

General Valuations (What to do with miscellaneous items?)

1. Determine the value of the BIK on miscellaneous items
2. Mobile Phones, Phone Credit, Laptops, Medical Insurance,
3. Home Expenses, Club Membership, use of company assets, etc.

Company Cars (What do and how much to charge?)

1. Standard BIK formulas for existing cars
2. New CO2 BIK formulas for new cars from 2009
3. Pool Car’s, Car Allowances, Motoring Expenses
4. Change of Car over the course of the year.
5. Required Records

Company Vans (What do and how much to charge?)

1. BIK formula for private use of Vans
2. Rules for limit use with BIK exemption
3. Pool Van, Van Allowance, Motoring Expenses
4. Change of Van over the course of the year.
5. Required Records

Car Parking Levy (What’s that now?)

1. Who does it effect and how?
2. Shared Parking, First Come, First Serve
3. Who’s exempt? Shift workers, employees on maternity.
4. Records required?
5. Employer Provided Accommodation (Who pays the rent?)
6. Free or subsidized employee accommodation
7. Temporary or occasional use, short term verse long term.
8. Furniture provided and cost paid for by the employer?
9. Formula to determine BIK value.

Preferential Loans (Cheap loans?)

1. Defining a Preferential Loan
2. Determining the relevant rate, home loan or standard loan.
3. Determining the cost for both the employer and the employee

Please Note: Course content is subject to change without notice.