All Tax-efficient benefits articles – Page 4
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AnalysisWhat does the modern company car scheme look like?
Modern company car schemes can offer a tax-efficient means to access new vehicles.A company car can be a useful attraction and retention tool for employers.Car salary sacrifice arrangements are popular with employees due to the low cost and access to low and zero-emission vehicles.The Covid-19 pandemic saw many employees work ...
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Case StudiesStephenson Harwood's electric company car scheme supports green goals
Stephenson Harwood offers its employees a car scheme that gives them the option to drive a brand new electric car of their choice through a salary sacrifice agreement, which, in turn, supports the law firm's commitment to reducing it's impact on the environment.The scheme, introduced in 2021, is open to ...
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Supplier articleThe benefits of salary sacrifice schemes.
We ask Jonathan Watts-Lay, Director, WEALTH at work, what he thinks are the main benefits of salary sacrifice schemes.Jonathan Watts-Lay, Director, WEALTH at work, comments, “One way to save money is by paying for things through your company payroll using your pre-tax salary, so you pay less income tax and ...
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ArticleBuyer's guide to flexible benefits technology
What is flexible benefits technology? Earlier in the evolution of employee benefits, organisations would provide a static set of rewards. Although these might change somewhat according to seniority or length of service, there was little in the way of flexibility or tailoring. These benefits would likely be communicated via letters ...
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ArticlePenderyn Distillery launches electric vehicle salary sacrifice scheme
Welsh whisky and spirits distillery Penderyn Distillery has introduced an electric vehicle salary sacrifice scheme for its workforce.The employer, which operates across two sites in the Brecon Beacons, appointed Edinburgh-based fleet management business Gofor to manage the scheme, designed to suit Penderyn’s specific objectives.Its goal was to make the switch ...
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Supplier articleSpring Budget 2023
The Chancellor of the Exchequer Jeremy Hunt, has today delivered the Spring Budget 2023. Please see our summary below:Pension allowancesThe Government will remove the Lifetime Allowance charge, before completely abolishing it in a future Finance Bill, and raise the Annual Allowance to £60,000 from April 2023.The minimum Tapered Annual Allowance ...
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Supplier articleEmployees must act fast to make the most of their tax allowances
With the end of tax year looming, employees must act fast to make the most of their £20,000 ISA allowance before the deadline of 5 April. After all, the exemption is a ‘use it or lose it’ allowance; in other words, you cannot carry forward unused allowances from previous tax ...
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ArticleForget Me Not introduces salary sacrifice pension scheme
Huddersfield-based children’s Hospice charity Forget Me Not has launched a salary sacrifice pension arrangement in order to look after the financial wellbeing of its 140 employees.Through a partnership with financial wellbeing platform Maji, the charity will pay the total pension contribution on behalf of each member of its workforce, and ...
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AnalysisBuyer’s guide to retail and discount voucher schemes
What are retail and discount voucher schemes?Employee discount voucher schemes come in various forms, all of which aim to provide staff with savings on a range of purchases, from everyday shops to big-ticket items and the latest technology. There are three main types of scheme, which might fall under different ...
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Supplier articleMini-budget update
The Chancellor of the Exchequer Kwasi Kwarteng, has today delivered the mini-budget report. Please see our summary below:Income tax and National InsuranceAs heavily rumoured, the planned cut in the basic rate of income tax from 20% to 19% has been brought forward to next tax year (April 2023) from April ...
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AnalysisAre pay rises the best staff retention tool?
Credit: GoldenShark2 / Shutterstock.comAn employer’s compensation policy needs to be fair, equitable and as transparent as possible.Regular pay increases can be useful because if these are timely and properly aligned with career opportunity and growth, they can help employees feel engaged and motivated.Employees look to prospective employers for clarity and ...
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ArticleChris Ronald: Employees need support through the cost-of-living crisis
Everyone is feeling the pinch. Inflation is outstripping benefits and wages, and coupled with recent tax hikes, real disposable income has reached its lowest point in decades. The Bank of England predicts the current cost-of-living crisis to last until next year, with the potential to continue into 2024. This is ...
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AnalysisAre car schemes still a valued employee benefit?
Need to know:Company car take-up has fallen in recent years as overall tax levels have risen.Electric cars benefit from lower rates and are now the focus for many employers.These are increasingly being offered via salary sacrifice rather than on a company-paid basis.For many years, the traditional company car scheme was ...
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AnalysisCan employees remain engaged with retirement saving while costs of living rise?
Need to know:The cost-of-living crisis may result in employees disengaging with pension saving.But the chances are employer pension communications may not be up to scratch.Delivering clear messages at the appropriate time will pay dividends in securing financial wellbeing and HR operational efficiency.Retirement savings is a bit like cleaning out gutters ...
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ArticleHSBC offers electric car leasing to 35,000 UK employees
Global banking organisation HSBC has launched a benefit enabling its 35,000 UK-based staff to lease a new all-electric vehicle through a salary sacrifice arrangement, with the option to buy at the end of the term.The business has implemented this benefit with a view to helping employees become more sustainable in ...
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ArticleThe top 10 most-read articles between 13 May – 19 May 2022
The top 10 most-read stories on employeebenefits.co.uk between 13 May and 19 May 2022 were: Goldman Sachs increases holiday entitlement for all staffTesco releases workplace menopause guideTribunal rules fair dismissal for employee with Covid concernsThe changing face of flexible benefitsAverage total pay grows by 7% in early 2022Evona and Man ...
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Article53% of employers offer an electric vehicle salary sacrifice scheme
Employee Benefits poll: More than half (53%) of employers currently offer their employees an electric vehicle (EV) salary sacrifice scheme.A fifth (21%) of respondents to an online survey conducted by Employee Benefits Magazine said they do not provide a scheme of this kind, while a further 26% said they were ...
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ArticleThe top 10 most-read articles between 22 April – 27 April 2022
The top 10 most-read stories on employeebenefits.co.uk between 22 April and 27 April 2022 were: Unum UK introduces electric vehicle salary sacrifice schemeBest Benefits Communications shortlist unveiled for Employee Benefits Awards 2022Saga and Card Factory make Best Benefits to Support Employees Post-Pandemic shortlist at Employee Benefits Awards 202275% of employers ...
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ArticleUnum UK introduces electric vehicle salary sacrifice scheme
Employee benefits provider Unum UK has launched an electric vehicle (EV) salary sacrifice scheme for its 800-plus permanent employees, to coincide with Earth Day (22 April).The initiative, backed by the Octopus Electric Dreams Car Scheme, allows staff to choose from a wide range of EV models with no up-front payment ...
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AnalysisHow financial education can help employees make their money go further
Employers may want to consider giving employees practical help that includes debt management, budgeting and top tips for saving on everyday spending.Educating employees with basic skills like budgeting and saving for a deposit for a first home can also provide help in other areas of life.Other benefits like discounted shopping ...