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| The following is a guide only and does not constitute advice, Promo Rewards cannot be held liable for errors made in interpretation. |
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| A non-cash voucher may comprise any piece of paper or other token which is exchangeable for goods and/or services. |
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| The value of the voucher, the amount to be included as earnings for Tax and NIC purposes, is the cost to the provider in providing it. |
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| General Guidance on Legislation regarding Tax and National Insurance on Non-Cash Vouchers for the current financial year can be found in leaflet CWG2. |
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| If the non-cash voucher is to be awarded as part of an Incentive Scheme, the Provider generally enters into either a PAYE Settlement Agreement (PSA) or a Taxed Award Scheme (TAS) in order to account for any Tax or National Insurance liability arising. |
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| A PSA is most appropriate for an Incentive Scheme covering only the Provider’s own employees. Additional information available in Inland Revenue Leaflet IR 155. |
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| A TAS is appropriate to an Incentive Scheme covering own employees or third party recipients, or both. Information regarding Taxed Award Schemes is available from the Incentive Valuation Unit, telephone No. |
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| Copies of leaflets and guides referred to above can be obtained from the Inland Revenue Website on www.inlandrevenue.gov.uk or Leaflet order line |
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