| payback.ie http://forum.payback.ie/ |
|
| [2011] Cycle to work scheme http://forum.payback.ie/viewtopic.php?f=5&t=37 |
Page 1 of 1 |
| Author: | eamon [ ] |
| Post subject: | [2011] Cycle to work scheme |
The cycle to work scheme is described here: http://www.revenue.ie/en/practitioner/l ... cycles.pdf Please note that the employer should purchase the bike, otherwise the exemption will not apply. The money should be deducted from the salary by means of salary sacrifice before any tax / PRSI calculations are made. The Revenue leaflet advises to treat the scheme as Benefit in Kind and proceed with the salary sacrifice To do a salary sacrifice in Payback, assuming a gross of €1000 and a salary sacrifice of €100 please set up the elements and deductions like this: Code: Set up these elements:
Description Amount Type Tax PRSI Levy Salary 900 Normal Y Y Y Salary Sacrifice 100 Normal Y Y N And this deduction Description EE Amount Tax Salary Sacrifice 100 N |
|
| Page 1 of 1 | All times are UTC |
| Powered by phpBB® Forum Software © phpBB Group http://www.phpbb.com/ |
|