Mastercard REWARD card approved by HMRC
Today, the prepaid contactless Mastercard from Programme Manager Performance Bonus Ltd was approved as a ‘non cash voucher’ by HMRC.
Reward your employees.
Now rewards made through the REWARD cards to your own employees can be accounted for annually to HMRC through a PAYE settlement arrangement (PSA) rather than monthly through payroll and then the P11D process. And rewards can be made fully ‘tax paid’ to boost their motivational value.
Also tax and Employers NI contributions on awards can be paid to HMRC in one amount by 19 October following the tax year they were made (giving up to 18 month cash flow benefit).
Plus, payments made via non cash vouchers are completely exempt from Employees National Insurance contributions.
Reward the employees of others
Accounting for rewards given to the employees of a third party (dealers, resellers, travel agents etc) becomes much simpler with the non cash voucher authorisation by being able to account to HMRC through a taxed awards scheme (TAS) which is also an annual process.
– With the added benefit of being able to pass responsibility to recipients for declaring the income on their annual tax returns, because only payment of the employees National Insurance is a statutory obligation.
Contactless prepaid Mastercard rewards
The BONUS rewards card is a re-loadable contactless Mastercard, which is welcomed in over 30 Million places around the world.
Designed to be delivered fast to organisations wanting to reward fewer than 250 people and/or not wanting to wait the 8-12 weeks for their own fully branded solution to be ready.
According to David Burton CEO Performance Bonus, “we have seen the incredible value that can be achieved with a well designed incentive and reward programme, and have been looking for the right partners to help us create an unbranded solution that any organisation can use, regardless of their size.
Now those people who ‘go the extra mile’ for their organisation can get the bonus they deserve and increase their income, be that for a Long service award, customer service bonuses, commission payment, recruit a friend, birthday or Christmas bonus the potential is truly infinite”.