March Bonuses - Why use the Allgo Mastercard & How Enhanced Revenue Reporting (ERR) will affect awarding bonuses?
With March being a popular month for bonuses, this may be the first month that Enhanced Revenue Reporting (ERR) will affect companies. So there are some important factors and information people may need to know, such as how to report with ERR and the best way to give employee bonuses this March.
Take a look below for information in regards to reporting awards this March along with the benefits of using the Allgo Mastercard Gift Card this year.
Why use the Allgo Mastercard Gift Card?
The Allgo Mastercard Gift Card is the use-anywhere gift card that gives you the ultimate freedom to choose where you spend – instore, online and even abroad. And it can be bought by companies for their Irish employees completely tax-free up to €1,000 on the Small Benefit Scheme.
Why choose a bonus which limits where your employees can use it ? Or one that they will be taxed on? Here are just some of the reasons to choose the Allgo Mastercard Gift Card this year -
12 Reasons to Choose the Allgo Mastercard Gift Card -
When you are awarding your employees with their bonuses this year, there are a few new actions which must taken in order to comply with ERR.
How will ERR affect awarding Bonuses this March?
With March being a popular month for bonuses, this may be the first month that Enhanced Revenue Reporting (ERR) will affect companies. On 1st Jan 2024, Revenue introduced new reporting requirements for 3 types of employee expenses/benefits, including the Small Benefit Scheme rewards. This means when companies reward employees Bonuses in March under the Small Benefit Scheme, an ERR return must be filed with Revenue prior to or on the day the employee is given the gift card.
The ERR return needs to include-
How and When is the ERR return made?
The ERR return can either be submitted-
To read more about ERR Return you can read our Enhanced Revenue Reporting (ERR) for Tax-Free Gift Cards blog.
Revenue has published a lot of detail on how to make the ERR return on ROS, including a screen-by-screen video webinar, on the ERR page on Revenue.ie .
Ordering tax-free Allgo Mastercard Gift Card
To order tax-free gift cards today, please visit allgo.ie/allgo-mastercard-gift-card.