Sail & Save – Taxsaver scheme

 

Do you use the ferry regularly to travel to / from work? Do you want to pay less tax? Do you know about our Taxsaver Annual Tickets? You can save time and hundreds of euro by availing of the Taxsaver Scheme.

 

Taxsaver tickets are purchased by an employer on behalf of an employee. Usually, the cost of the ticket is then deducted directly from the employee’s gross salary. Massive savings can be made off the regular price, depending on ticket type and your tax band. You could get each trip for as little as €1.70!

 

We have three different ticket types: Gold, Silver and Bronze. If neither of these tickets suit let us know and we can try find a ticket which works for you. Each ticket is valid for 12 months and can be used any day, any time.  Working out your usage over a year will help you decide which ticket option is most suitable. The table below details each ticket option and the costs:

 

 

Once ordered we will provide you with a laminated copy of your ticket and a key fob. Either can be use to validate your ticket onboard. You will also be able to login to our smartphone app “Passage Ferry” and show your ticket on your smartphone, as well as tracking your ticket usage.

 

How Taxsaver works:

There are several ways an employer can assist an employee in receiving a TaxSaver Ticket.

 

Option 1 - Salary sacrifice

Employees can reduce their gross salary by the cost of their chosen ticket and will therefore reduce the taxable element of their salary.

Example:

• Employee earns €40,000 Gross Salary
• Gold annual ticket costs €1,575 and is deducted from their gross salary
• New taxable salary is €38,425
• As salary decreases so does the amount of tax paid. A €1,575 reduction in salary leads to a €15.75 reduction in take home pay per week, just €819 per year.
• €819/480 trips equals €1.70 per trip, cheaper than the toll bridge!
• You can work out the savings for yourself here.

 

Option 2 - in place of a cash bonus

Employees can use their cash bonus to purchase a Taxsaver ticket.

Example:

• Employee receives a bonus of €2,000
• Annual ticket costs €1,575 and is used as part of the bonus
• Amount of bonus which is taxable-€425

Receiving a Taxsaver ticket in place of a cash bonus offers regular commuters an ideal tax saving method of payment.  

 

Option 3 - addition to salary

These tickets can of course be purchased by an employer for an employee in addition to salary as a staff retention tactic. To order contact our office.

 

Mutually Beneficial

This scheme doesn’t just benefit the employee. The employer will also save 10.75% on Employer PRSI when you make this deduction from salary payments. Employers can reward their employees and save money doing so.

 

If you have any questions, need any more information, or would like to place an order please contact our office on 051-382480 or email info@passageferry.ie