BIK Preferential Loans


For further information on Benefit in Kind, click here


To access this utility go to Employees > Update employee benefits > Click Loans

  • Enter Amount of Preferential Loan - 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.

  • Enter interest rate being charged if applicable

  • Enter the start date of loan

  • Enter the end date of loan if the loan expires before 31st December

  • Click 'Update file and show calculation of notional pay'


Please note: the loan benefit will be added to the employee's gross income each pay period to ensure that the correct PAYE , USC & PRSI are charged.

 

 

Subsequent Loans

Please note: the original loan should NOT be removed. Simply enter the end date of original loan and start the new loan in the section provided.

  • Enter the end date of original loan

  • Enter amount of the new loan - the amount entered would normally be the original loan 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.

  • Enter the interest rate being charged if applicable

  • Enter the start date of the loan

  • Enter the end date of the loan if the loan expires before 31st December

  • Click 'Update file and show calculation of notional pay'

 

Need help? Support is available at 01 8352074 or thesauruspayrollsupport@brightsg.com.

HelpYear End 20222023 Thesaurus Payroll Manager - System RequirementsSigning into Connect for 20232023 Budget - Employer Summary2023 Payroll Manager - AvailabilityStarting the New Tax YearImporting from the previous yearMoving to Thesaurus Payroll Manager from another softwareGetting started - First Time UsersCompany SetupDigital CertificatesAdd/ Amend EmployeesRevenue Payroll Notifications (RPNs)Payroll CalendarProcessing PayrollPayroll DeductionsPayroll Submission Requests (PSRs)Distributing PayslipsPaying EmployeesCorrectionsRevenue PaymentsRevenue - Contact Telephone NumbersReportsProcessing StartersProcessing LeaversBenefit in KindStatutory Sick Pay (SSP)Illness BenefitParenting BenefitsPensionsChanging an Employee's Pay FrequencyPayroll JournalsBackup and RestoreTransferring Payroll Manager from one PC to anotherCSOHolidaysLeave EntitlementsEmployment LawGeneralGlossary of Terms (Pre 2019)Thesaurus ConnectGDPRLicence Agreement for Thesaurus Payroll ManagerBright ID