Business Plus

Take advantage of the Small Benefit Exemption

The cost-saving way to reward loyal employees


Recent research* carried out by One4all echoes recent media coverage, demonstrat­ing how the cost of living is very much top of mind in the Irish psyche. Results show 55% of people said they are highly impacted with the rising cost of living in Ireland, with 53% worried they won’t be able to pay for gas, oil, or electricit­y bills. Interestin­gly, 51% are changing their food shopping habits to help with paying utility bills, and 82% said they would use a gift card to pay for utility bills if it was an option.

As we move into the winter months, it’s the perfect time to start thinking about how to optimise your employee engagement strategy as employees continue to go the extra mile to achieve business objectives after yet another extraordin­ary year. Showing appreciati­on for their efforts with rewards and recognitio­n is crucial in maintainin­g high levels of satisfacti­on, motivation, and productivi­ty.

TAX-FREE GIFT Did you know that as a business owner you can gift an employee up to €500 tax-free?

Through the government’s Small Benefit Exemption scheme, businesses can give up to €500 in a once-off payment per employee per annum in One4all Gift Cards — free of any tax, PRSI and USC charges.

Terry Spence, Director of Sales for One4all Rewards, says: “Our latest research highlights the serious impact of the current economic climate on employees, and it also presents a huge opportunit­y for employers to reduce their own costs by utilising the BIK exemption. Their staff can also reap the rewards of the full value of their bonus without having any tax applied, as currently an employer can save up to €653.65^ per employee.

“Earlier in the year, Tánaiste Leo Varadkar suggested that there was the possibilit­y of increasing the €500 limit to €1,000 in Budget 2023. This would be a huge boost for employers, employees and the Irish economy. With more price increases on everyday living expected before year’s end, that will impact both employers and employees alike, and the Small Benefit Exemption will become an essential tool to help all through a very demanding financial year.’’


The popular One4all Gift Card can be loaded from €15 to €150, and its digital counterpar­t can be tailored with a personalis­ed video message from you on behalf of your business or customised with a photo of your company logo, and easily sent by text or email.

For higher value loads over €150, the One4all Chip & PIN option is available in physical or digital reloadable format. EU Directives to protect Irish consumers means anonymous gift cards with a load value of over €150 currently require a simple photo verificati­on process to help protect consumers against online fraud.

Employees who received a Chip & PIN Gift Card last year benefit from previous photo verificati­on through our technology partners, ID Pal, meaning the ID process is still valid, for a period of up to four years from initial verificati­on.

For more informatio­n, email or visit one4allrew­ to place your order today.

*Source: Blackhawk Network research carried out with a panel of 1,007 participan­ts aged 18-65 in June/2022.

^Figure of €653.65 is based on giving €500 net to an employee on the 40% tax band paying full PRSI and USC.

 ?? ?? Terry Spence, Director of Sales, One4all Rewards
Terry Spence, Director of Sales, One4all Rewards

Newspapers in English

Newspapers from Ireland