Analysis – Page 3
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AnalysisWhat are the current trends in fleet funding?
If you read nothing else, read this…There are six types of funding options available to employers to fund company cars.Contract hire is the most popular of these and is often used for salary sacrifice arrangements.Employers are opting for a combination of funding methods to offer more choice to employees.Organisations are ...
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AnalysisHow to align tax-efficient benefits with a CSR strategy
If you read nothing else, read this…Employers can align a range of benefits to their CSR strategy, including bikes-for-work schemes and payroll-giving plans.Tax-efficient benefits are an obvious choice, because employers can donate the national insurance (NI) savings and employees can donate the NI and tax savings they make.Tax-efficient benefits, such ...
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AnalysisGuy Roberts: Cars are the biggest benefit, but can be the trickiest
After a house, a car is typically the biggest purchase a person makes. So it is no surprise that cars are quickly becoming an essential part of a competitive benefits package.However, company cars have always posed challenges. Balancing issues such as the choice of cars, recharges and ex-employees leaving cars ...
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AnalysisA quick guide to employee benefits tax
Tax-efficient benefits offered through a salary sacrifice arrangement are exempt from income tax, employer’s NI and employee’s NI. This is so because a benefit offered in this way reduces an employee’s pay, so less tax and national insurance is due and the employer will not have to pay NI contributions ...
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Analysis
The pros and cons of salary sacrifice training benefits
If you read nothing else, read this…Work-related training offered through a salary sacrifice arrangement brings national insurance savings for employers and employees.The training must be work-related, but it can be extended to include language or IT courses, for example.Offering training in the workplace can boost employee engagement and motivation.In the ...
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AnalysisKey components of a 2013 travel policy
If you read nothing else, read this…Low-emission cars are increasingly popular in employers’ schemes.Journey planning can help employees use the most cost-efficient routes for their journeys.Fewer employers offer new recruits a fuel benefit.Green agendaLow-emission cars are an increasingly common feature of employers’ travel policies as they strive to reduce their ...
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Analysis
Key considerations for salary sacrifice car schemes
If you read nothing else, read this…A car salary sacrifice policy may include an early termination fee to be paid by the employee.Employers can add a premium to cover any exit penalties.Employers are obliged to continue to offer the same level of benefits to staff on maternity or paternity leave.But ...
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AnalysisHow to green a flexible benefits scheme
If you read nothing else, read this …In October 2013, for the first time, UK quoted companies will have to report their greenhouse gas emissions in their annual accounts.Sustainable and green benefits include bikes-for-work schemes, low-emission company cars, environmental pension investments and opportunities to eco-volunteer.These perks, as part of a ...
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AnalysisSalary sacrifice car schemes explained
IF YOU READ NOTHING ELSE, READ THIS…Salary sacrifice company car schemes may not be suitable for every employer.The most common barrier to introducing a scheme is lack of understanding about cost and implementation.Employers should engage a qualified tax adviser to ensure deductions from salary are dealt with properly.Salary sacrifice company ...
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Analysis
Take care with tax on bikes for work
Guidance produced by tax information provider Tolley, in partnership with Philip Rutherford, senior tax director for Molson Coors Brewing Company, says there is a general exemption from tax and reporting for the employer when providing bikes and associated safety equipment, but this only covers the use, loan or hire of ...
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Analysis
Top 10 reasons to introduce a bikes-for-work scheme
If you read nothing else, read thisBikes-for-work schemes can have a number of advantages for employers and staff.Through such schemes, employers can loan bikes and accessories to staff with payment made via a salary sacrifice arrangement, which results in tax savings for the employee, and national insurance savings for the ...
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Analysis
Make the most of bikes-for-work schemes
If you read thing else, read this…Bikes-for-work plans have tax and national insurance efficiencies, but take-up can vary between 2% to 20%.Employers can make a scheme more appealing by introducing measures that make it easier to cycle to work, such as bike-parking facilities and onsite showers.Promoting it alongside wider initiatives, ...
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Analysis
Safety is priority with bikes for work
If you read nothing else, read this... Employers should ensure they use a reputable bikes-for-work provider. Promoting awareness of the importance of safety equipment and cycle safety should be part of the launch of a scheme. Unless an employee uses their bicycle for work purposes, it is unlikely a case ...
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