Employers – Make Significant Savings on Tax when Rewarding Your Staff!!
Employers can save 54% on staff rewards by giving employees Wexford Chamber Shop Local Vouchers instead of Cash!
Under the Government Small Benefit Exemption Scheme, you can provide employees with a non cash benefit up to the value of €500 once in every tax year, which is exempt from Income Tax, Universal Social Charge (USC) and employee and employer’s PRSI. These exemptions do NOT apply to cash or cheque payments. Therefore, our Shop Local Vouchers are an ideal way of using the Small Benefit Exemption to reward employees.
| Bonus Paid in Cash | Bonus Paid by Wexford Chamber Shop Local Vouchers | ||
|---|---|---|---|
| Cash per employee | €500.00 | Cash per employee | €500.00 |
| PAYE calculated @ 40% | €200.00 | PAYE calculated @ 40% | Nil |
| USC calculated at 5.5% up to annual earnings of €70,044 | €27.50 | USC calculated at 5.5% up to annual earnings of €70,044 | Nil |
| PRSI calculated at 4% for weekly earnings above €424 | €20.00 | PRSI calculated at 4% for weekly earnings above €424 | Nil |
| Total Gross Pay | €747.05 | Total Gross Pay | €500.00 |
| Employers PRSI Calculated at 10.75% | €80.35 | Employers PRSI Calculated at 10.75% | Nil |
| Total Cost to Employer | €827.85 | Total Cost to employer | €500.00 |
2015 saw €78,000 worth of Wexford Chamber Shop Local Vouchers sold in Wexford and remember that this is money guaranteed to be spent in Wexford, which is supporting local businesses and jobs.
As a community, we need to realise that our spending decisions this Christmas will directly impact on the job security of our friends and families. Every Euro we spend locally has a multiplier effect in our community that benefits us and the local economy.
These “local currency” vouchers are available in denominations of €10, €25 and €50 and can be spent in over 110 shops in Wexford. For a full list of participating shops see Voucher Shops
Vouchers can be purchased online here, by phoning Catherine D’Arcy on 053 9122226, by emailing Catherine on accounts@wexfordchamber.ie or by calling into the Wexford Chamber offices based in the Wexford Chamber Office, Hill Street, Wexford.