Consider whether your company can provide you or a key employee with the use of any assets that would be exempt from a charge to income tax as a Benefit-in-Kind.
Where an employee/ director is provided with the free use of an asset by his employer then a Benefit-in-Kind charge will arise. However there are certain assets that can be provided by an employer without being treated as a taxable benefit. These include:
- A monthly or annual bus, rail or ferry pass issued by an approved transport provider,
- A mobile phone for business use where the private use is incidental to the business
- High speed internet access where the private use is incidental to the business
- Computer equipment where the private use is incidental to the business
- The costs and expenses in connection with personal security assets and
- An expense of up to €1,000 on a bicycle and bicycle safety equipment for the purpose of cycling to work.
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