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Processing Benefit in Kind on Preferential Loans in BrightPay
To access this utility go to Employees, select the employee in question from the listing and click 'Benefits' on the menu toolbar, followed by 'Loan'.
1) Description - enter a description of the loan.
2) Type - indicate whether the loan is a qualifying home loan or other loan.
3) Loan amount - enter the value of the loan being provided.
Please note, the amount entered should be the original loan amount if it was made this tax year or the loan amount outstanding at the start of the tax year. If the period of the loan is for less than one tax year, you should enter the average outstanding for the portion of this tax year that the loan is active.
4) Interest rate - enter the interest rate percentage being charged on the loan.
5) Start Date - enter the start date of the loan.
6) End Date - enter the end date of the loan if the loan expires before 31st December.
7) Click Save to save the Benefit In Kind entry.
The 'Notional Pay' will be added to the employee's gross income each pay period to ensure that the correct PAYE, Universal Social Charge and PRSI are charged.
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