Small Benefit Exemption

[JamesBM]

I work through a limited company of which my wife and I are directors. I intent to avail of the Small Benefit Exemption to pay us both €1,000. I have read/heard various things about Revenue's view on what is an isn't allowable in terms of the form this can take and the requirement that the benefit cannot be turned into cash. Is a prepaid card such as "CleverCards" https://clevercards.com/ or something similar acceptable?
The above is "plugged" on the institute of Chartered Accountants website as suitable but it is a paid post!

 

[ClubMan]

Have you read this - and the "Further Guidance" documents linked at the end of the page - already?

Small Benefit Exemption

This page explains the small benefit exemption provided to employees

www.revenue.ie

 

[JamesBM]

Have you read this - and the "Further Guidance" documents linked at the end of the page - already?

Small Benefit Exemption

This page explains the small benefit exemption provided to employees

www.revenue.ie

Yes, thank you. I have previously read that Revenue could disallow anything that had the potential to be turned into cash and they might take that view with pre-paid cards. To be clear I intent to spend the cards not get cash. It seems like a slightly bizarre distinction given the reduced use of cash but I am always wary of tax issues.

 

[ClubMan]

Perx cards users to be allowed by Revenue (and maybe still are) even though they could be turned into cash via PayPal. You might want to check with your company accountant as to what is acceptable if it's not clear from the Revenue info above.

 

[abc_xyz]

My company has used both prepaid CleverCards and One4All gift cards to reward employees with small amounts for various reasons. I've no involvement with the finance side of things but I believe it uses that Small Benefit Exemption as there was no benefit in kind for the employees.

 

[Blackrock1]

Perx cards users to be allowed by Revenue (and maybe still are) even though they could be turned into cash via PayPal. You might want to check with your company accountant as to what is acceptable if it's not clear from the Revenue info above.

Perx is a prepaid credit card so can be used in lieu of cash in any event, they are still fine to give as far as I know