- By Steven Hayes
- Published 08/3/2012
If you commute to and from work in a bus or train, and your employer participates in the TaxSaver scheme, you may be able to get tax benefits on monthly, annual or part yearly tickets. Before you participate in this scheme, it is necessary to understand the way it works and the advantages it offers.
The Process: The first thing an employee needs to do is enquire whether their employer participates in the scheme or not. If they do, you may go ahead and ask about your participation related details. However, if your employer has not yet registered, they would need to complete the required process for registration.
Your employer needs to purchase the monthly, annual or part yearly tickets for employees. You may also seek approval from the company you work for to make this purchase. However, it is better to let your employer handle the matter, as no individual staff members can order the tickets.
Your employer needs to designate the job of ordering the tickets for employees to the TaxSaver administrator. It is their responsibility to determine the type of the tickets to buy, the time for this and other related matters. What things need to be considered when buying these tickets? Here are the details.
· The tickets can be purchased from the first day of the month
· The companies decide whether to offer monthly or annual tickets for employees
· The companies also decide the time to offer annual tickets or employees
However, the TaxSaver administrator needs to keep in mind that there are deadlines applicable on the issuance and delivery of the tickets. Ordering the tickets for employees at the right time is, therefore, an essential.
The Identification: To participate in the scheme and get the necessary tickets, an employee needs to produce the right identification proofs. CIÉ Photo ID cards and digital photos are necessary to participate and avail of the benefits of this scheme. Where do you get these ID proofs from? Here are the right places to get this.
The CIÉ Photo ID cards are available from the Dublin Bus Head Office as well as the primary Railway Stations. You may also get this card from the TaxSaver administrator at your office, if the arrangements are made in this manner. Your digital photograph needs to be transferred to the online account of your employer for processing.
The Advantages: The employees get the bus and train tickets as part of their salary package. This provides them tax relief as well as relief from PRSI payments. This ensures that you get a convenient option to commute between work and home, and you also save money on it.
How much do you save? Enquire about this from the TaxSaver administrator at your company. They would be able to help you to understand this. You may also utilise the online tools available for calculating your tax savings. These tools are easy and effective, making them appropriate for use.
Consider the TaxSaver scheme benefits for employees before you decide whether to participate in it.
Steven Hayes is an experienced supplier working in the TaxSaver scheme. He provides tips and suggestions regarding the way employees may avail of TaxSaver tickets. If you are looking for more details regarding the way the scheme works or the method to get bus or train ticket, he suggests you to visit www.travelhub.ie/ for further information.
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