Tax Efficient Remuneration
Rewarding employees for their hard work by providing a range of Flexible Benefits can be advantageous to businesses wanting to attract and retain talent. We can design and implement employee benefit policies that work for you and your teams.
A business can use its procurement advantages to access a range of services cheaper than an individual employee could buy alone. If structured correctly this can be combined with Salary Sacrifice which allows employees to give up a portion of their salary in exchange for non-cash benefits, examples including gym membership, shopping vouchers or medical care. This strategy can reduce the amount of National Insurance contributions paid by both the employee and employer.
Other employers choose to make use of established tax breaks (often saving both income tax and national insurance) to provide employee benefits. Examples include:
- Mobile phones
- Childcare vouchers
- Electric Cars
- Cycle to work schemes