Here’s another great benefit of contracting! Under Revenue’s rules, all contractors can claim a €500 tax free non-cash bonus each year. 

In order to facilitate this, Fenero has partnered with One4All, so that all Fenero Contractors can easily avail of Revenue’s Small Benefit Exemption Scheme.

How does it work?

Under the Small Benefits Exemption Scheme, contractors can receive a non-cash bonus of up to €500 in value on a completely tax free basis each year from their umbrella company. As the payment must be in a non-cash form, the most common way to avail of this scheme is by purchasing gift vouchers via your umbrella company. Your umbrella company orders the One4All voucher on your behalf. 

If you were to purchase a €500 gift voucher personally (i.e. not via your umbrella company), you are buying it out of your after-tax income so there is no tax benefit to you. Ordering via your umbrella company enables to you avail of Revenue’s Small Benefits Exemption Scheme and therefore gives you access to this nice-to-have tax benefit!

 

What’s the catch?

None really; Revenue do however place certain conditions which are:

 


  1. A maximum voucher of €500 can be received by a contractor in each tax year.

  2. You can avail of a tax free voucher only once per year, even if you do not take the full €500. For example, you cannot take a voucher of €350 early in the year and take a further €150 later in the year. The scheme allows for one voucher per year up to the value of €500. Therefore to maximise the tax relief available, you should order the full €500 voucher. The voucher must be paid for through your umbrella company or own private limited. It is not possible for you to personally purchase the voucher and claim it as an expense for tax free reimbursement.

  3. You cannot receive the bonus in cash.

 

Sounds great, how do I order one?

Let us know that you wish to avail of the scheme and your umbrella company will order the One4All voucher on your behalf. 

If you are a Fenero Umbrella Contractor and want to order to order a gift voucher, please reach out to us on UmbrellaSupport@Fenero.ie

There is no is no deadline for ordering gift cards and they are available to purchase throughout the year. As you can claim one in each tax year, it is possible to claim a voucher in December and then again in January. Make sure to put a reminder in your calendar so you don’t forget to claim next year too!

 

Where can I spend my One4All Gift Voucher?

One4All gift vouchers are accepted in more than 8,500 retailers nationwide. Visit www.one4all.ie for more information!

 

Get in touch for more help!

Fenero are multi-award winning friendly tax specialists and experts in all things contracting. We are straight-talking technical experts, with a single-minded mission to deliver market leading customer experience; fast, friendly, informative service and great value fees.

We are proud winners of the prestigious overall award of Accountancy Practice of the Year in the 2019 Irish Accountancy Awards! So talk to the best in the industry for all the expert tax and financial advice you need to maximise the financial benefits of contracting!

For more information, drop a line to the friendly, expert crew in our Customer Experience Team on
01-687 7400 or via email
 UmbrellaSupport@Fenero.ie. We look forward to helping you!

 

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