All Tax-efficient benefits articles – Page 7
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AnalysisHow to help employees manage their take-home pay when in a salary sacrifice scheme
Need to know:Automation and payroll tools can flag if an employee is at risk of falling below the minimum wage because of salary sacrifice, but employers should be wary of becoming overly reliant on such technology.Employee communications must illustrate clearly what the effect of salary sacrifice will be on pay, ...
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ArticleKavitha Sivasubramaniam: Promoting and communicating benefits adds to their value
As our Maximising Benefits Week in association with Tusker draws to a close, it is time to reflect on some of the trends and issues currently shaping this area of the benefits market.This dedicated week was designed to bring you exclusive insights and opinions, uncovering the latest trends and best ...
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Case StudiesSevern Trent Water places strong focus on health and wellbeing of employees
Severn Trent Water has positioned its benefits strategy to place a strong focus on the health, wellbeing and engagement of its 6,500 UK and Ireland-based employees.The organisation launched a virtual GP service in December 2018, available through its health cash plan and its contractual private medical insurance (PMI), in order ...
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Case StudiesThe benefits offered by Severn Trent Water
The benefits offered by Severn Trent Water:Pension, protection and payA defined contribution (DC) pension scheme for all employees, offering 2:1 matching contributions and a maximum 15% employer contribution.Group income protection, available for all staff on an employer-funded basis. This operates on a phased reduction model: once an employee's sick pay ...
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ArticleGovernment to tackle tax after 2019’s Spring Statement
Spring Statement 2019: The government has announced a call for evidence on insurance premium tax (IPT), in addition to a series of other consultations and responses published in alignment with the Spring Statement 2019.Chancellor Philip Hammond (pictured) outlined the tax-related consultations and published government responses in his annual Spring Statement ...
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OpinionMatthew Potter: What are the impacts from Iceland's minimum wage non-compliance case?
According to the national minimum wage regulations, a salary sacrifice scheme that brings the gross pay of a salaried employee below the minimum wage threshold is technically a breach, attracting fines and a requirement to put employees back into the position they should have been in, had the sums not ...
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ArticleZurich launches new employee benefits and portal for 5,000 UK staff
Insurance organisation Zurich has updated its employee benefits offering for 5,000 UK employees, as well as launched an employee benefits portal to better support the organisation’s agile working culture and multigenerational workforce.The new portal, called Indigo, was introduced on 7 November 2018 for the organisation’s UK-based staff. Provided by Thomsons ...
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OpinionJonathan Watts-Lay: Ensuring the savings effort pays off
Nearly half (46%) of all UK adults rate their own knowledge about financial matters as low and almost a quarter (24%) have little or no confidence in managing their money, according to the Financial Conduct Authority's Understanding the financial lives of UK adults report, published in October 2017.The impact of ...
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Case StudiesWeetabix Food Company tailors benefits platform to employee preferences
In February 2017, cereal manufacturer Weetabix Food Company launched a combined flexible and voluntary benefits platform, to align with the needs of its 1,000 UK-based employees.The platform, provided by Edenred, was designed to engage and retain Weetabix's varied workforce, as well as to attract new staff.Stuart Branch, group HR and ...
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Supplier article
Individuals pay 10 times more in tax for breaching the Lifetime Allowance
The tax collected from individuals breaching the Lifetime Allowance (LTA) has rocketed by £100m since it was introduced in 2006, with the latest figures showing that £110m in tax was collected from individuals exceeding the allowance during 2016/17, compared with less than £10m in 2006/7 when the LTA was introduced.WEALTH ...
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ArticleSurrey County Council launches cycle to work scheme
Surrey County Council has launched a cycle to work scheme as part of its new employee benefits platform for 23,000 employees.The scheme, provided by Green Commute Initiative (GCI), was implemented in August 2018 as part of the Council’s new bespoke employee benefits platform, supplied by provider My Staff Shop. The ...
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Article29% cannot explain how company cars impact upon their taxes
Under a third (29%) of respondents cannot explain how having a company car impacts on their taxes, and simply accept the amount that comes out of their pay packet, according to research by vehicle supply organisation OSV.Its survey of 759 individuals also found that 51% admit that they still do ...
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Article67% feel employers could do more to encourage active commuting
More than two-thirds (67%) of respondents believe that employers can make allowances to help encourage employees to have a more active commute, according to research by social enterprise organisation Free2cycle.The survey of 2,000 UK individuals highlighted initiatives such as introducing flexible start times, providing access to changing facilities and offering ...
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Case StudiesNewport City Council uses cycle to work scheme to boost work-life balance
Newport City Council employs approximately 5,500 staff, ranging from waste collectors to teachers and social workers, many of whom work long hours in high-stress roles, on top of which a lengthy commute might feel like yet more time taken away from other pursuits.Working with Halfords Cycle 2 Work, the council ...
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OpinionAoife Hamilton: Childcare vouchers and family-friendly ways to promote a healthy work-life balance
It is important to understand the challenges parents face in achieving their desired work-life balance.Striking the Balance: the impact becoming a parent has on working life, employment and career, a survey of 4,200 parents from across Northern Ireland published by Employers for Childcare in October 2016, revealed that 91% found ...
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OpinionSusan Ball: Employers need to review optional remuneration arrangements now
Many employers remain unaware of the change in rules covering flexible benefits and salary sacrifice, or cash alternative arrangements from 6 April 2017. With many questions unanswered, correct filing of 2017-2018 P11Ds is going to be difficult.Under the new rules, where a benefit is selected, a tax and national insurance ...
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Article40% of employees are happy with their benefits package
Just two-fifths (40%) of respondents are happy with the benefits package offered by their employer, according to research by Willis Towers Watson.Its Global benefits attitude survey, which surveyed 2,824 employees, also found that almost three-quarters (72%) of respondents who are able to tailor their provision via flexible benefit schemes, feel ...
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ArticleEXCLUSIVE: Registers of Scotland hosts benefits fairs for 1,000 staff
EXCLUSIVE: Non-ministerial government department Registers of Scotland has held two benefits fairs for its 1,000 employees in order to promote its new employee benefits platform, existing benefits package and new salary sacrifice benefits.The benefits fairs were held on 26 and 27 February 2018 at the department’s Edinburgh and Glasgow sites. ...
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OpinionLovewell's logic: Is government backtracking on tax-free childcare?
On Tuesday (13 March), the government announced that it is to delay the closure of workplace childcare voucher schemes by six months, extending the April deadline for employees to sign up to a scheme.Since it was announced that childcare vouchers would be phased out to make way for the government’s ...
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ArticleExclusive: Discover the future of salary sacrifice cars at Employee Benefits Connect
EXCLUSIVE: Delegates at Employee Benefits Connect 2018 will be able to gain insight on the future of salary sacrifice car schemes and discover the role these schemes can play as part of an organisation’s benefits package.Claire Evans (pictured), head of consultancy at Zenith, will present a session titled ‘What will ...