Stamp Duty on ATM/Debit cards replaced with new transaction fee

Stamp Duty on ATM/Debit cards will be abolished from 1st January 2016 and replaced by a 12 cent ATM transaction fee. The yearly fee will be capped at €2.50 for ATM cards and €5.00 for combined ATM/Debit cards.

From October 31st 2015 the transaction limit on contactless payments have increased from €15 to  €30. This means that consumers won’t have to enter their PIN, instead simply press their Debit card against the card machine for purchases up to a maximum of €30.

Contact Tailored Payroll for all your payroll needs on 0419883524 or Request a callback from a qualified Payroll Team member today.

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Increase in Small Benefit Exemption just in time for Christmas!

The minister for Finance has fast tracked the increase in the threshold for the Small Benefit Exemption from €250.00 to €500.00, for Christmas 2015. The change was detailed in the Finance Bill published In October.

Under the Revenue Commissioners approved Small Benefit Exemption Scheme, employers can provide their employees with a small benefit which will not be subjected to PAYE, PRSI or USC. However there are some rules that come with this:

  • The benefit cannot be cash
  • An employee can only receive one such benefit in one tax year
  • The benefit cannot be part of a Salary Sacrifice scheme
  • Whereby the benefit exceeds the threshold, the full value of the benefit will be subject to PAYE, PRSI and USC

The Small Benefit for employees is usually given by the Employer in the form of a voucher, often at Christmas time.

National Minimum Wage changes from January 1st 2016

The National Minimum Wage will increase from January 1st 2016 from €8.65 gross per working hour to €9.15 gross per working hour. The pay increase will see the lowest paid workers get a €1,014 rise before Tax over a year based on 39 hours per week.

  • Employees under 18 years of age will be entitled to €6.41 (previously €6.06) per working hour
  • Employees in the first year of employment that are over the age of 18 are entitled to €7.32 (previously €6.92) per working hour
  • Employees in the second year of employment over the age of 18 are entitled to €8.24 (previously €7.79) per working hour

Minimum wage for trainees: Employee aged over 18, in structured training during working hours: 1st one third of course €6.86 (was €6.49), 2nd third of course €7.32 (was €6.92) and 3rd part of course €8.24 (was €7.79).

Contact Tailored Payroll for all your payroll needs on 0419883524 or Request a callback from a qualified Payroll Team member today.

Motor Tax reduced for Commercial Vehicles from January 1st 2016

In Budget 2016 Motor tax on commercial vehicles is to be overhauled.  This will see the largest vehicles dropping by nearly €4,300 a year.

Minister for Finance Michael Noonan said he will be replacing the current 20 existing motor tax rates for commercial vehicles with just five. These will range from €92 to €900. The current system starts at €333 and rises to €5,175.

The new regime will feature an annual motor tax charges as below.

€92 for electrical goods
€333 for vehicles up to 3,000kgs
€420 for vehicles up to 4,000kgs
€500 for vehicle between 4,000kgs and 12,000kgs
€900 for vehicles over 12,000kgs

Contact Tailored Payroll for all your payroll needs on 0419883524 or Request a callback from a qualified Payroll Team member today.

Home Carer’s Allowance changes in Budget 2016

The home carer’s tax credit may be claimed by a couple where one spouse/civil partner cares for one or more children or elderly incapacitated persons.

It was announced in Budget 2016 that the Home Carer’s Tax Credit given to married couples or civil partners where one spouse or civil partner works in the home caring for a dependent person will increase from €810 to €1,000 in 2016. The home carer’s income threshold will also increase from €5,080 to €7,200.

A Home Carer’s Tax Credit can be claimed when:

  • The married couple or civil partners are jointly assessed for tax
  • One spouse or civil partner works in the home caring for one or more dependent people
  • The home carer’s own income is below the threshold in the tax year you are claiming for.

A dependent person is a:

  • Child for whom child benefit is payable
  • Person aged 65 or over
  • Person with a disability that requires care

A dependent person you are caring for cannot be a spouse or civil partner. They can however, be a relative by marriage, or someone for whom you act as a legal guardian.

Applications for the Home Carer’s Tax Credit should be made to Revenue.

Contact Tailored Payroll for all your payroll needs on 0419883524 or Request a callback from a qualified Payroll Team member today.