EisnerAmper Ireland takes part in Techies4TempleStreet 2019 in aid of Temple Street Children’s Hospital
EisnerAmper Ireland is proud to have been a participant in the 2019 Techies4TemplesStreet event, which took place on Friday 5 July. Techies4Templestreet is a unique charity event that brings together the technology and business communities to network and compete in an intellectually challenging treasure trail while making an impact on the lives of the children of Temple Street Children’s University Hospital. The three EAI teams were faced with questions, clues and different challenges that saw them venture across south Dublin, searching for clues from Herbert Park to Sandymount beach.
The event attracted over 1,600 participants from Ireland’s tech and business communities, ranging from start-ups to MNCs. It was a fantastic opportunity to compete in an intellectually challenging event while simultaneously helping to support a good cause. Read about our previous fundraising initiatives in aid of Temple Street Foundation with our ‘Sponsored Walk’, ‘Quiz Night‘ and ‘Bake Sale‘. To learn more about the Temple Street Hospital Foundation and to donate, click here.
We care about business and we care about the people we work with in business.
Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole. As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our firm is fundamental to our success. Learn more about our CSR policy here and our CSR initiatives here.
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Latest News →EisnerAmper Ireland partakes in a sponsored walk to raise funds for Temple Street Children’s Hospital
As part of EisnerAmper Ireland’s 2019 summer charity initiative, staff members organised a sponsored walk in aid of Temple Street Children’s Hospital.
The Techies4TempleStreet team members walked from the EisnerAmper Ireland Sandyford offices to Temple Street Children’s University Hospital. The team walked the 12km route in two hours. EisnerAmper Ireland staff members and friends and family of the Techies team generously donated to the Temple Street Children’s University Hospital for the sponsored walk.
Techies4TempleStreet team members.
EisnerAmper Ireland is taking part in a number of events this summer in aid of Temple Street Hospital, which cares for 150,000 children each year in Ireland, and will be taking part in Techies4TempleStreet this summer on 5 July. Read about our previous ‘Quiz Night‘ event and our ‘Bake Sale‘ in aid of the Temple Street Foundation. To learn more about the Temple Street Hospital Foundation and to donate, click here.
We care about business and we care about the people we work with in business.
Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole. As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our firm is fundamental to our success. Learn more about our CSR policy here and our CSR initiatives here.
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Latest News →Week 21 – Summer in Full Swing!
Joey Halligan
I spent the majority of last week working closely with Shaun Boyle on his handover as he is returning to Ireland for study leave. My client has begun to provide more of the information we require for the audit, so it is starting to progress at a faster pace. The secondment has been a great experience so far and I have learned a vast amount of knowledge from working with the Managers and Partners on the job.
We have been making the most of the great weather which has been between 27-32 degrees celsius for the last two weeks. Myself and my fellow secondee Ruairi Feehan decided to explore the west side of Manhattan last week and go for a walk along Chelsea Pier. We are looking forward to celebrating the 4th of July with our American colleagues this week.
US secondees blog 2019 →EisnerAmper Ireland’s bake sale raises funds for Temple Street Children’s Hospital
As part of EisnerAmper Ireland’s 2019 summer charity initiative, staff members organised a bake sale in aid of Temple Street Children’s Hospital.
The event was held in the canteen of the office with an abundance of delicious cakes to choose from. Alongside homemade treats made by the EisnerAmper Ireland staff members, the Techies4TempleStreet team were generously donated cakes and donuts by local bakeries in the surrounding area to be used in the bake sale. The staff at EisnerAmper Ireland kindly donated to the Temple Street Children’s University Hospital during the cake sale.
EisnerAmper Ireland is taking part in a number of events this summer in aid of Temple Street Hospital, which cares for 150,000 children each year in Ireland, and will be taking part in Techies4TempleStreet this summer on 5 July. To read about our previous ‘Quiz Night’ event in aid of the Temple Street Foundation, click here. To learn more about the Temple Street Hospital Foundation and to donate, click here.
We care about business and we care about the people we work with in business.
Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole. As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our firm is fundamental to our success. Learn more about our CSR policy here and our CSR initiatives here.
Contact Us
Latest News →Week 20 – Day Trip to Brooklyn
Ruairi Feehan
The engagement I’m working on is providing me with invaluable experience in relation to US GAAP. For example, I’ve learned all about push-down accounting which is not permitted under IFRS. I’m continuing to enjoy the experience of working in New York and New Jersey.
Over the weekend, I went to Brooklyn for a day out. I haven’t been out of Manhattan all that often. My visit to Brooklyn was one of the most enjoyable days I’ve experienced since arriving here 20 weeks ago! It was a beautiful day and it was nice to get out of the city and spend some time in one of NYC other borough’s.
US secondees blog 2019 →Gavin Lee, Head of International Trade addresses Allinial Global Conference
On 17 – 18 June, Gavin Lee, Head of International Trade at EisnerAmper Ireland, delivered a key note speech on The European Economic Outlook and the Challenge of Brexit at the Allinial Global EMEIA Regional Conference 2019, in Lisbon.
Gavin presented to an audience comprising of Allinial Members from across Europe, Africa, the Middle East and India. The presentation covered a range of topics including the history of Brexit, how we arrived at the current impasse, what solutions might be available to all parties, the economic impact of Brexit on Ireland, the UK and Europe and how as a group the Allinial members may be in a position to steer their clients and their firms through these uncertain times.
Allinial Global is an international association of legally independent accounting and consulting firms who share education, marketing resources and technical knowledge across a wide range of markets. Allinial Global empowers independent accounting and consulting firms to provide the best of both worlds: the prompt, personal attention of a local firm combined with the knowledge and resources of an international association. To read more about Allinial Global, click here.
At EisnerAmper, we design and deliver business & compliance solutions to make trade happen.
At EisnerAmper Ireland, we assist companies doing business in Europe using Ireland as a base – providing Audit, Tax, Advisory, Outsourcing and Risk & Regulatory solutions. For more information on our International Trade offering, click here.
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Latest News →Benefit in Kind (BIK) – Employer Overview
What Is BIK?
As a general rule, any benefit or perquisite, other than cash, which an employer provides for an employee would be considered a BIK once it has monetary value. It is the responsibility of the employer to calculate the value of the BIK and deduct the appropriate employment taxes via the PAYE system. Benefits given to an employee’s spouse or family members would also be considered BIK.
Taxation Of BIK
Tax must be deducted on the actual value of the benefits provided, unless the actual value is not known. In this case, tax must be deducted on the estimated value of the benefit.
The value of the benefit must be added to the employee’s pay as a notional pay element in the pay period in which the benefit was provided. PAYE, PRSI and USC are then deducted from the total value of the employee’s pay plus the BIK. This should then be reported to Revenue in a payroll submission either on or before the date the employee receives their net salary payment.
How Do You Calculate BIK?
Some BIKs have specific rules which must be followed in order to calculate the taxable value.
– Example 1: How To Calculate BIK On A Company Car
The taxable value (known as the cash equivalent) is based on a percentage of the Original Market Value (OMV) of the car, less any discount received when the car was purchased*. The percentage is dependent upon the number of business kilometres driven by the employee each year, as shown in the following table:
| Kilometres Driven | (% of OMV) |
| 24,000 and below | 30% |
| 24,001 to 32,000 | 24% |
| 32,001 to 40,000 | 18% |
| 40,001 to 48,000 | 12% |
| 48,001 and over | 6% |
(Source: revenue.ie)
Journeys to and from an employee’s normal place of work are not considered business travel.
Employees who work, on average, at least 20 hours per week, whose business kilometres are between 8,000 and 20,000 km per year and who spend at least 70% of their time away from their normal place of work can avail of a 20% reduction on their cash equivalent value.
– Example 2: How To Calculate BIK On Health Insurance
If you purchase health insurance on behalf of an employee this would be considered a taxable BIK. Although the amount paid by the employer to the insurer is the net cost of the policy, the value of the BIK for the employee is based on the gross cost. The employee gets tax relief by submitting a claim for a Medical Insurance Relief tax credit via their Revenue account at the end of the tax year.
Recent BIK Updates
Before PAYE modernisation, corrections to estimated BIK values could be made at any point in the tax year up to the filing of the annual P35 return. Since 1 January 2019, when the actual value of a benefit becomes known after BIK has been calculated on an estimated amount, the correction must be made in the next available pay period.
BIK vs Non-Taxable Benefits
Although in general all benefits are taxable, there are some exceptions to this rule. The following non-exhaustive list showcases some of the items which can be provided tax-free, provided certain conditions are met:
- Expenses – Expenses must be incurred wholly, exclusively, and necessarily in the performance of the employee’s duties and must be vouched with receipts.
- Long Service Awards – The award must be a ‘Tangible Article’, i.e. not cash. The cost to the employer must be less than €50 per year of service and the period of service must be over 20 years. The employee must not have received a similar award within the previous 5 years.
- Relocation Expenses – Only expenses which are a direct result of the change of residence can be repaid tax-free. More information on Relocation Expenses can be found here.
- Travel Passes – The travel pass must be issued by a public or private operator who holds a valid licence.
- Bicycles & Equipment – The cost cannot exceed €1,000 and goods must be purchased from a registered supplier.
- Phones & Computers – Mobile phones, landlines, internet connections and computer equipment can be provided when primarily for business use.
The information above is for guidance purposes only. Tax advice should always be sought before providing benefits and reimbursements to employees without deducting employment taxes.
How EisnerAmper Ireland Can Help
The taxation of employee benefits can be challenging, particularly for non-resident employers and new businesses, although with continuously evolving legislation all employers should review their practices regularly.
At EisnerAmper Ireland, our dedicated team of payroll professionals and tax advisors are on hand to offer accurate guidance and advice on the taxation of benefits, as well as providing support and payroll processing services to both new startups and established businesses.
Learn more about our Outsourced Payroll Services here.
Request a payroll quote or request a callback from our specialists now.
*Discounts of more than 10% must be approved by Revenue.
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The content above is provided for general information purposes only and is not intended to provide, nor does it constitute, professional advice on any particular matter.
EisnerAmper Ireland hosts Learn, Dine, Connect: Structured Finance Technical & Industry Update
On Thursday, 20 June 2019, EisnerAmper Ireland hosted the second in its two-part series of technical and industry updates for the Structured Finance community in Shanahan’s on the Green. The event covered various subjects including, challenges currently facing the Structured Finance industry, and also served as an opportunity to highlight any potential developments that may affect the industry going forward. Topics discussed on the night were:
- The Structured Finance Journey – and the Role of the Irish SPV’s
Ronan Murphy, Partner, Head of Structured Finance - Current Compliance Challenges Facing Irish SPV’s
Alan Garry, Partner, Audit & Advisory - Implementing Effective Organisational Arrangements
Dave Montgomery, Partner, Head of Risk & Regulatory
From left to Right: Gavin Lee, Ray Kelly, Ronan Murphy, Alan Garry and Paul MacCarthy.
At EisnerAmper, we design and deliver business & compliance solutions to make trade happen.
At EisnerAmper Ireland, we provide audit, accounting, risk & regulatory, advisory and secondment services to securitisation companies, special purpose vehicles, Section 110 companies, aircraft leasing companies, banking institutions and financial services entities. For more information on our services to the Structured Finance industry, click here.
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Latest News →EisnerAmper Ireland hosts Quiz Night in aid of Temple Street
EisnerAmper Ireland held a staff Quiz Night in its Dublin office, in aid of Techies4TempleStreet a fundraising campaign for Temple Street Children’s University Hospital.
The evening was a great success and an opportunity for our staff to enjoy a night of challenging quiz questions while raising money for a worthy cause. The evening also gave the attendees an opportunity to win plenty of fantastic prizes donated generously by some local businesses in Sandyford and in the wider Dublin area.
The winning team.
EisnerAmper Ireland is taking part in a number of events this summer in aid of Temple Street Children’s Hospital, which cares for 150,000 children each year in Ireland. We will also be taking part in Techies4TempleStreet on 5 July. To learn more about the Temple Street Hospital Foundation and to donate, click here.
We care about business and we care about the people we work with in business.
Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole. As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our firm is fundamental to our success. Learn more about our CSR policy here and our CSR initiatives here.
Contact Us
Latest News →Week 19 – My Last Week
Shaun Boyle
It’s hard to believe that my 6 month secondment is coming to an end. I’ve made some good friends and gained valuable experiences during my time in New York. It has been a pleasure working with my colleagues in both New York and New Jersey. This week I have been conducting analysis on accounts receivable and inventory reserves while also gathering our queries relating to the journal entry testing performed. As I’m finishing up next week I’m putting together a handover for the senior replacing me. This job has been very challenging but I’m glad that I had the opportunity to work on it.
As this weekend will be my last in New York, Ruairi and I are planning on heading to Brooklyn one last time with a couple of friends from EA US. Joey will be back with us on Sunday and I’m sure there will be one last party in the big apple before I depart.
US secondees blog 2019 →EisnerAmper Ireland hosts Learn, Dine, Connect: Structured Finance Technical & Industry Updates
On Thursday, 13 June 2019, EisnerAmper Ireland hosted the first in its two-part series of technical and industry updates for the structured finance community in Shanahan’s on the Green. The event provided an opportunity to discuss the important challenges currently facing the Structured Finance industry, and also to look to the future and highlight any potential developments that may affect the industry going forward. Topics discussed on the night were:
- The Structured Finance Journey – and the role of the Irish SPV’s
Ronan Murphy, Partner, Head of Structured Finance - Current Compliance Challenges Facing Irish SPV’s
Alan Garry, Partner, Audit and Advisory - Implementing Effective Organisational Arrangements
Dave Montgomery, Partner, Head of Risk & Regulatory
At EisnerAmper, we design and deliver business & compliance solutions to make trade happen.
At EisnerAmper Ireland, we provide audit, accounting, advisory and secondment services to securitisation companies, special purpose vehicles, Section 110 companies, aircraft leasing companies, banking institutions and financial services entities. For more information on our services to the Structured Finance industry, click here.
Contact Us
Latest News →Week 18 – Aidan’s Fond Farewell!
Joey Halligan
In the last few days, I’ve been focusing on some of the more technical areas of my audit. This has been challenging and I’ve been in close contact with my manager when working on these sections. There have also been a number of new staff which have been added to the audit team who I met with during the week.
Last weekend we said goodbye to our colleague, Aidan Lundy, who finished his secondment with us. We celebrated his last night by going to McSorley’s Old Ale House which is considered to be the oldest bar in New York.
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