Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi all,
Vanilla are planning an update to the site on April 24th (next Wednesday). It is a major PHP8 update which is expected to boost performance across the site. The site will be down from 7pm and it is expected to take about an hour to complete. We appreciate your patience during the update.
Thanks all.

Employers - Paying for gym membership

Options
  • 15-04-2019 12:07pm
    #1
    miller82
    Registered Users Posts: 1,634 ✭✭✭


    Hi Folks,

    I am a gym owner and am trying to work on getting corporate memberships. So, does anyone know how it works for employers paying gym memberships, i have been told that they can right off x amount . So for example a 30 euro monthly gym membership actually only costs them 10 euro ???
    Does anyone know this and ideally in terms of exact numbers ? greatly appreciated.


Comments

  • Options
    #2
    gerrybbadd
    Registered Users Posts: 10,301 ✭✭✭✭gerrybbadd


    miller82 wrote: »
    Hi Folks,

    I am a gym owner and am trying to work on getting corporate memberships. So, does anyone know how it works for employers paying gym memberships, i have been told that they can right off x amount . So for example a 30 euro monthly gym membership actually only costs them 10 euro ???
    Does anyone know this and ideally in terms of exact numbers ? greatly appreciated.

    Wouldn't this be a benefit in kind?


  • Options
    #3
    Tow
    Registered Users Posts: 6,427 ✭✭✭Tow


    BIK unless it is under the €500 exemption limit. I think most would prefer their One For All Vouchers. The days when large employers had their own sports clubs are along gone, although these companies often do pay for gym membership. Least they could do after selling of their grounds for millions.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



  • Options
    #4
    Seve OB
    Registered Users Posts: 15,824 ✭✭✭✭Seve OB


    miller82 wrote: »
    Hi Folks,

    I am a gym owner and am trying to work on getting corporate memberships. So, does anyone know how it works for employers paying gym memberships, i have been told that they can right off x amount . So for example a 30 euro monthly gym membership actually only costs them 10 euro ???
    Does anyone know this and ideally in terms of exact numbers ? greatly appreciated.

    Love to know how a 30pm cost only works out to cost 10 bucks?


  • Options
    #5
    Seve OB
    Registered Users Posts: 15,824 ✭✭✭✭Seve OB


    Tow wrote: »
    BIK unless it is under the €500 exemption limit. I think most would prefer their One For All Vouchers. The days when large employers had their own sports clubs are along gone, although these companies often do pay for gym membership. Least they could do after selling of their grounds for millions.

    Yea but no.
    500 exemption has to be in one transaction. And can only be once per year. So for this, 30 pm is 12 transactions. First payment is exempt, next 11 have tonne put trough BIK. It would obviously make sense to pay up front to avoid BIK. But that might not suit employer and also they might already give the full 500 in a voucher.

    Anyway if an employer pays 30 bucks, they reduce their taxable profits by 30, so it means they pay less tax. Standard rate of 12% , so a 3.60 tax saving. Net cost, 26.40.

    Staff member liable to pay BIK then. Say 15 quid top rate. Can be a win win situation if it is what everyone wants.


  • Options
    #6
    Tow
    Registered Users Posts: 6,427 ✭✭✭Tow


    Suits the gym for the payment to be one off and upfront. Would probably want an escrow agreement with a 3rd party to hold the money. Too many gyms going bust and you also have a likes of Squash Ireland, where the owner took in the year's subs and did a runner.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



  • Advertisement
  • Options
    #7
    DuffleBag
    Registered Users Posts: 649 ✭✭✭DuffleBag


    Would recommend signing up with Gympass. A lot companies including Tesco now a client of them and will get bigger


Advertisement