All Tax-efficient benefits articles – Page 6
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ArticleCentrica introduces electric car salary sacrifice scheme
Energy services business Centrica has launched a fully electric salary sacrifice company car lease scheme for its more than 25,000 employees.The company, which has nearly 700 Vauxhall Vivaro-e British Gas vans for engineers and 3,000 set to be delivered by the end of 2022, is operating the provision through salary ...
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ArticleTrain delays: time to reassess staff travel benefits?
Something for the weekend: Have you even been standing on a train station platform looking in despair at the departures board that shows yet another late service, wondering why this has happened to you yet again? Rest assured that you are not the only one, particularly if you live or ...
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Article43% of employers plan to offer more eco-friendly cars
New data has found that four in 10 (43%) UK companies said introducing more environmentally friendly vehicles is top of their list of car benefit changes in the next 12 months, up from 33% in 2020.Willis Towers Watson’s 2021 Car benefits survey report, which questioned 620 UK organisations, highlighted that ...
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ArticleKavitha’s keynote: Financial struggles continue despite NMW rise
The Budget 2021 announcement on Wednesday (27 October) confirmed an increase to the national minimum wage (NMW), which has been welcomed by many employees who have been facing financial struggles during the Covid-19 (Coronavirus) pandemic.Indeed, with the NMW rate rising from £8.91 to £9.50 next April, many low-paid workers are ...
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OpinionMark Ormston: Key considerations to introducing a salary sacrifice pension scheme
When introducing a salary sacrifice pension scheme, early engagement with payroll is key, as it is vital to involve them as soon as possible in the discussions. An employer may discover the systems or software currently being used have certain limitations or missing functionality to meet desired requirements.Employers should consider ...
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AnalysisTop tips for introducing salary sacrifice pension schemes
A salary sacrifice pension arrangement should not be agreed if the effect of this, such as a reduction in the employee’s pay, would lead to a breach of the national minimum wage legislation. A simple step, such as giving employees full transparency on which businesses the ...
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OpinionPaul Hollick: The future of staff travel schemes
Prior to the Covid-19 (Coronavirus) pandemic, mobility was beginning to gain pace as a form of business travel. This took the form of staff travel schemes based around a mobility allowance offering a wide range of options that were not just trains and other forms of public transport, but car ...
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Case StudiesShrewsbury and Telford Hospital supports staff with bike scheme
The Shrewsbury and Telford Hospital NHS Trust is the main provider of acute hospital services for Shropshire, Telford and Wrekin, and mid Wales, and employs 6,500 members of staff.The trust launched its bikes-for-work scheme in 2012 in partnership with Vivup, providing the benefit to employees via an enrolment window option ...
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AnalysisHow do staff travel schemes vary around the world?
Bikes-for-work schemes are increasingly popular in Germany, where employees can typically save up to 40% on the total value of the bike.
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ArticleBelfast NHS workers get emergency childcare tax bill
A total of 130 NHS workers have reportedly received an increased tax bill due to their emergency childcare during the Covid-19 (Coronavirus) pandemic.According to staff employed by the Belfast Health and Social Care Trust, they were offered free emergency childcare as they could not work from home when schools and ...
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ArticleNHS Fleet Solutions to offer employees electric cars
NHS Fleet Solutions has ordered 500 electric Nissan Leafs for its salary sacrifice scheme, which will be available to health workers and other public sector staff.The business, which is operated by Northumbria Healthcare NHS Foundation Trust, has provided more than 75,000 vehicles for the NHS and other public sector organisations ...
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Article50% use salary sacrifice benefits for pensions
Research conducted by Workplace Pensions Direct (WPD) and YouGov has found that only half of British businesses are using the salary sacrifice benefits available for workplace pensions.According to WPD, this means that more than 15 million people could be missing out on the ability to contribute an average extra £204 ...
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AnalysisTop tips on implementing electric company car schemes
Need to know: Electric vehicles are now a realistic option for company fleets, either as an employee benefit or through salary sacrifice arrangements. Favourable benefit-in-kind rates are making this more attractive compared to petrol or diesel options. But some concerns remain around charging infrastructure and battery ...
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Article25% would increase pension contributions if they understood tax relief
One in four people would be more likely to increase pension contributions if they understood tax relief better, according to new research.A survey of 2,000 UK adults carried out by Opinium on behalf of insurer Royal London found that 15% of respondents fully understood how tax relief on pension contributions ...
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ArticleShare schemes found to boost wealth by up to £10,000
Staff who take advantage of share schemes could be better off to the tune of £10,000 compared to those who do not, according to new research.Data from the Social Market Foundation (SMF) revealed there is a distinct ‘wealth benefit’ of participating in share ownership schemes – and yet less than ...
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ArticleWomen have 39% smaller pension pots
New research has revealed the pensions gender gap is more than double the difference between men and women’s average earnings, with women having significantly smaller pension pots.Profile Pensions' analysis of 20,000 customers discovered the gap is such that it means men can expect to retire on an average of £21,800 ...
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ArticleGroup protection usage hit by data privacy fears
New research has suggested that slower-than-anticipated uptake of some group protection benefits may be due to data privacy fears.According to a study by Legal and General, 19% of staff questioned who had access to employee assistance programmes (EAPs) revealed that privacy concerns were a barrier to usage – a figure ...
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ArticleRoyal Mail workers set to receive share dividend
Tens of thousands of Royal Mail workers are set to receive a one-off 10p per share dividend after the delivery company announced adjusted operating profits rising to about £700 million in the year ending March 2021.The dividend – more than double what it was just two years ago and the ...
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ArticleOdey Asset Management loses incentives tax case
Hedge fund firm Odey Asset Management has lost its legal battle with HMRC in which it argued executives who were part of a partnership pay plan between 2011-12 and 2015-16 did not need to pay tax on their share options.The plan put 17 of its executives into a special purpose ...
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AnalysisHas the role of health cash plans changed during the pandemic?
Need to know:The use of online counselling, virtual GP services and employee assistance programmes (EAPs) has soared since the start of the pandemic.Health cash plan providers are offering claim period extensions and payment holidays to help employees.The importance of providing all-round health support, as cash plans do, has become ever-more ...