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Business/Tax Updates
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McMahon Keyes & Co.
Accountants and Tax Consultants
Statutory Audit Firm
042-9663384

http://www.mcmahonkeyes.ie

Business/Tax Updates

November 2016
Dear Reader,
Please take a couple of minutes of your time to read this. It may be of some help to you.
 
JobsPlus Incentive
Do you need to increase your staff numbers but do not think you can afford it?
Jobsplus is an employer incentive which encourages and rewards employers who offer employment opportunities to the long term unemployed. 

The employer will receive a payment of €7,500 over two years for each person recruited who has been unemployed for 12 months and a payment of €10,000 for each person recruited who has been unemployed for 24 month.

In order to qualify the employer must offer full time employment (30 hours per week over at least four days)

For more information follow the link below:
http://www.welfare.ie/en/Pages/JobsPlus-Employers.aspx
 
Tax free Vouchers to Employees
With Christmas coming up employers will want to reward their employees for their hard work during the year. Where an employer provides an employee/director with a voucher not exceeding €500 PAYE, USC and PRSI does not apply.

No more than one such voucher given to an employee in a tax year will qualify. (i.e if two vouchers of €250 are given to an employee during the year the first voucher is tax free , while the second voucher must be taxed) 
 

Employed/Self-Employed

The status of a worker is not as simple as calling a job "employment" or "self-employment." It depends on what they actually do and the terms and conditions of their contract. 

Incorrectly recording an employee as a self-employed sub contractor will lead to the revenue grossing up the payments to the worker. A payment of €1,000 to a worker could cost you an additional €500 in taxes.

Follow the link below to see what determines employment or self-employment:
http://www.revenue.ie/en/tax/rct/determining-the-correct-employment-status-of-a-worker.html
 

Minimum Wage Increase

As per the budget the minimum wage will increase to €9.25 on the 1st January 2017. Please make the person responsible for your payroll aware of this. Sub minimum rates still apply and details can be found at the following link:
http://www.citizensinformation.ie/en/employment/employment_rights_and_conditions/pay_and_employment/pay_inc_min_wage.html

 
 
If you would like any further information on the above then please give us a call.
Please feel free to forward this to any of your colleagues.

 

Sincerely,

McMahon Keyes & Co.
 
Copyright © 2016 McMahon Keyes & Co., All rights reserved.


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