Yes – you do as it is part of Enhanced Revenue Reporting (ERR), which came into effect from the 1st of January 2024. This new legislation means that you need to report each award made under the Scheme to Revenue.
This is for reporting purposes only, there is no tax implication – the return includes the employee details and the amount of the award. You can make your return directly on ROS, but normally the return is made via your payroll system.
For more details, read our Enhanced Revenue Reporting blog post here.
To download a comprehensive pdf guide, please visit our Small Benefit page.