Posts

The Wheels on the Company Car Go…

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In our ever shifting modern landscape it can be hard to stay consistently abreast of small changes to rules and regulations and amendments to costs we don’t often consider (is anyone else lamenting the increasing cost of stamps and feeling like their grandmother when admitting it? No? Just us?) Occasionally, changes to important parts of our everyday lives can be implemented almost without our knowledge as they may not be widely publicised or may simply fall beneath the din of the other news of the day. Here at EcovisDCA we want to ensure that you are always aware of changes which may affect your pocket whether positively or negatively, and today we want to inform you about a change to motor travel rates for Civil Servants which may have escaped your notice as these changes have not been massively advertised.

The motor travel rates for Civil Servants apply where employees use their private vehicles for business purposes. In these cases the costs can be reimbursed through the flat-rate mileage allowances which have been amended per a general review as of April 1st 2017.

  • Key changes to previous arrangements include:
  • Distance bands increased from 2 to 4, which may benefit workers who do a great deal of driving for business.
  • Lower recoupment rate for the first 1,500km.
  • Increased recoupment rate from 1,500 to 5,000km which again may benefit those who do a lot of business driving.
  • More beneficial compensation rates for cars with lower engine sizes and emissions, benefitting those workers already conscious of their carbon footprint and encouraging others to be more aware.
  • Changes to the mileage formula apply and rates will be locked in for a period of 3 years.

Should you require further information or guidance on how this may affect you and your business or any other business or financial issues, please don’t hesitate to contact us.

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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY

TaxSaver TaxSaver, They Know how to Save you

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There is no denying that we live in quite expensive times with the general cost of living continuing to increase steadily. As a result, both business owners and employees alike are as always looking to where costs can be cut or savings can be made. Travel and food are often the biggest savings downfalls for employees. When hoping to cut costs these are often the first avenues to be explored, which is often exploited by advertisers insisting on informing of us of the many varied other things we could do with the cost of our morning cappuccino.

For those of us who simply cannot function in the morning without that well needed caffeine fix and the knowing glance from our local barista, the good news is that there are many available ways to save without sacrificing the sacred morning routine. For both business owners and employees alike, the travel Taxsaver could be a fantastic solution which can save the company money whilst also ensuring a happy workforce by saving the employees money on their daily commute.

This scheme has proven its worth as over 3500 companies currently purchasing travel tickets for their employees. The system allows companies to save up to 10.75% in PRSI whilst employees can save between 31 and 52% in tax on the cost of their travel.

The taxsaver travel ticket is purchased through the company and can be paid for by the employee through salary sacrifice, in place of a bonus or as an additional perk as part to their salary. Companies can register to take part in this service via www.taxsaver.ie and can now order employee tickets via an online service to be delivered directly to the company saving time as well as money, which none of us will ever complain about these days.

Employees hoping to save up to 52% on their commute can contact taxsaver on 1850211777 to see if their company is registered or direct their employer to the website in order to register. Once organised the company will purchase the ticket on your behalf (payment method to be agreed upon) and this will be delivered direct to your workplace so you can start saving for those cappuccinos or rainy days.

Additionally, there is a choice of travel options available as you can choose bus, rail or a combination of the two depending on your most used mode of transport.

With such large savings at the fingertips of both employers and employees, it is no surprise that this has already proven to be a popular choice, and is sure to grow.

Should you have any concerns, queries or require further information on these or any other business and financial matters please don’t hesitate to contact us we are always available to help.

 

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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY