Preferential loans from employer to employee

Cork2021

Hi,

ive been thinking recently about asking my employer for a preferential loan to clear some debts and to buy a site…. How does this work? I’ve seen that it’s BIK on revenue but how do I repay my employer the amount? Is it through my salary etc??? Any help would be great.

Cork2021

Has anyone any experience of the above question???

Jim_Hodge

Google is your friend

Preferential loans (revenue.ie)

You pay PAYE, PRSI and USC on it for a start.

Cork2021

Thanks Jim,

it’s the paying it back thing is what I’d like to figure out

coylemj

https://www.boards.ie/discussion/comment/119633798#Comment_119633798

I'd expect that, for ease of administration, most would want the repayments to be deducted from your salary i.e. it would be done through the payroll.

But it's totally between you and your employer.

Cork2021

https://www.boards.ie/discussion/comment/119633973#Comment_119633973

Thanks. Yeah it’s something I must enquire about and see do they actually do it before I make a decision