Finance Bill 2017 introduced a new tax relief for the provision of electric vehicles to employees. With effect from 1st January 2018, for a period of at least one year, an employee (including directors) can be provided with an electric car without being subject to benefit in kind (BIK). Furthermore the company can even provide electric charging points for employees and directors without any tax. So if you were thinking of getting an environmentally friendly Tesla or BMWi3 then buying it through you company could be the way to go.
Other Tax Efficient Benefits
Electric cars are not the only tax efficient remuneration options for employers. A few other notable examples include:
These are some of the most basic employee rewards available, but there are many ways to incentivise and reward staff members that are integral to your business.
Contact HLB Sheehan Quinn today for more information and help on retaining your key staff in a competitive market place.
This article is for general information purposes only and does not constitute legal, tax, accounting or other professional advice. Specific professional advice should be sought on any particular matter.
Any and all information is subject to change without notice. No liability whatsoever is accepted by HLB Sheehan Quinn for any action taken in reliance on the information in this article.