Bonus Bonds

Humphrey

Can anyone tell me how Bonusbonds work with regard to tax for a normal PAYE worker.

Am I better of getting a Bonus in Cash or getting the BB equivelant.

I know were I can spend them etc I just need to know the tax side etc.

Humphrey.

the Guru

You dont get taxed on them you get the full bonus amount in Bonds really good i reckon as Im getting killed on tax on my bonus

Humphrey

Hi Guru
Thanks for you reply.

Although I am not too sure if it is an informed piece of information.

There is some BIK implication etc although I am not too sure on the details.

I just need someone who actually gets them to tell me exactly how it works.

Humphrey.

Cal

I'm not 100% on this but:

No RSI paid on them and no BIK.

I feel that from next Year there will be BIK which will kill their use.

Cal

edit for typo

the Guru

Hi Humphrey

I get them and I pay no tax on any of the amounts ranging from €10 to €1000

Humphrey

From want I have been reading you should be paying at least the lower rate of tax on the amount.

Maybe you Company pays the tax without your knowledge.

Humphrey.

commuterised

you can spend them in loads of places all around the country.
There's a book you can get detailing all establishments.
Just be careful, some staff don't know they're supposed to take them and will refuse you but stand your ground.

http://www.grg.ie/bonusbond/bbindex.html

This website gives you some details of where to spend them.

the Guru

Hi Humphrey

I get them and I pay no tax on any of the amounts ranging from €10 to €1000

HJ Simpson

The company pays the tax so it works out better for the employee.
I got these a few times no tax implications what so ever

HJS