Corporate Tax-Saving initiative
Our offer allows companies to reward their staff with a tax saving initiative.
We are one of Ireland’s largest and busiest restaurant groups in Dublin City Centre, the Dylan McGrath restaurant group. We’re confident we have something to offer everyone and have offerings to suit nearly every preference. Whatever the occasion might be, we have price ranges, the best spaces and amazing food, to make it the best night out possible in Dublin. We cater for events, corporate client dinners, team nights out and private bookings in all of our venues. I have provided links to all of our websites.
As you may be aware, employers can offer a one-off non-cash payment or gift up to a value of €500, to their employees annually and it’s tax exempt. Normally, to give your employee a net payment of €500 an employer would have to pay a gross amount of c. €1,000. In addition, the employer would also have to pay Employers PRSI at 10.75% which would result in an additional €175 to be paid by the employer. Therefore, in this example, an employer would need to pay €1,175 Gross to provide a net reward of €500 to their employee.
Our offer is to give an employer the opportunity to provide their employees with a €500 voucher that can be redeemed in any of the Dylan McGrath group restaurants or bars for a price of €400. At a price of €400, an employer can offer their employees a gift valued at €500, that would have cost €1,175, if it were to be paid as a normal payment. Therefore our offer provides for a saving to the employer of €775 per employee for each voucher purchased.
|Normal Employee Payment Bonus (€)||Voucher Bonus (€)|
|Value of Net Payment to the employee||500||500|
|Cost to the employer||1,175||400|
We’re also aware that distribution of such gifts to employees could become difficult, advising both employees and HR departments could generate problems also. We have simple solutions; we handle most of the administration for the employer at no charge through our fully automated online voucher system, and provide a single point of contact for enquiries and invoice.
In addition to the cost saving, if the employer was to go ahead with the voucher purchase, we would ensure that a number of tables were kept on busy evenings in all of our restaurants for your employees and as the Corporate Account Manager I would provide a single point of contact for them when booking.
I have outlined below some of the functionalities of our online system to show you how easy this process can be:
- We have the electronic capability for the distribution and collection of vouchers for an infinite number of employees.
- These vouchers can be designed (by our design team) unique to your company employees, and exactly how you require them with you branding.
- Our electronic voucher system has the capability to confirm collection or request of vouchers by your employees with 100% security.
- We can make a few small adjustments to the system that would allow you (or HR manager) secure access to the system where you can monitor receipt of vouchers by your employees.
- We can offer you monthly reports on receipt of vouchers.
- Your employees will receive a credit card style voucher OR store the vouchers on their smart phones.
- The vouchers will be valid for all 5 restaurants and 2 bars in the Dylan McGrath Group (all based in the George’s St area); The Gastro Bar at Fade St Social, The Restaurant at Fade St Social, Rustic Stone, Taste at Rustic, Brasserie Sixty6, Bar at Rustic and The Cocktail Bar at Fade St Social.
In addition, if you are interested, we can visit your company to help employers promote this voucher offering and ensure that all your employees take full advantage of their gift.
We know that not every employer will want to offer the maximum amount of the benefit-in-kind exemption to his or her employee in restaurant vouchers, so we would be more than happy to discuss further with you a discount for a lesser amount.
If you have any further questions, please give me a call on 087 1692126.
Corporate Account Manager
Prime Steak Ltd
Unit 2 Central Hotel Chambers
 Assuming the employee is in the higher tax bracket.