1. The national minimum wage will increase from EUR9.25 gross per working hour to EUR9.55 gross per working hour in respect of hours worked on or after 1st January 2018.
2. Self-employed workers who cannot work due to long term illness or disability can claim Invalidity Pension from 1 December 2017. For more information, here is the press release: http://www.welfare.ie/en/pressoffice/Pages/pr201117.aspx
3. PAYE Modernisation will commence on January 1st 2019. This will move your reporting obligations from once a year (via the P35) to real time reporting, eliminating the need for P forms, such as P30s, P35s, P45s, P46s or P60s. You can find all the info regarding this major update in our blog: http://charteredaccountantsashbourne.ie/2017/06/16/paye-modernisation/
4. The small benefit exemption will allow you to give your employees or directors a voucher or a benefit (a tangible asset other than cash), which cannot exceed EUR500. No PAYE, USC or employer/employee PRSI apply. Please be aware the following conditions apply:
1. You can only give one qualifying voucher or benefit to an employee per tax year: in other words, you cannot give two vouchers with a value of EUR250 each.
2. The voucher or benefit cannot exceed EUR500 in value. If it exceeds the threshold of EUR500, the full value is subject to PAYE, USC and PRSI. So for example, if you give your employee a voucher or benefit worth EUR600, PAYE, USC and PRSI is charged on the EUR600, not just on the EUR100 exceeding the threshold.
3. It cannot be exchanged in full, or part, for cash.
4. The employee is not allowed to surrender part of his/her remuneration in exchange of a tax-free voucher or benefit.
The blog does not purport to give any definitive taxation or professional advice on any matter. Any information contained herein is not a substitute for direct consultation with one of our professional team. We have made every attempt to ensure that the information contained herein is accurate, but we are not responsible for any errors or omissions. We do not represent that the information herein is comprehensive or complete in the sense that it discusses all issues of relevance to a particular situation. We do not accept responsibility or liability in any circumstances in respect of the accuracy or content of this information