All Tax-efficient benefits articles – Page 9
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OpinionSusan Ball: What do the changes to salary sacrifice mean for employers?
With publication of the Finance Bill, the final legislation around changes to salary sacrifice is now available, and considerably more pages have been added. Given the volume of additional legislative text, coupled with the short timeframe between publication and the 6 April 2017 effective date, employers face significant practical difficulties ...
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ArticleThe tax and legislation changes impacting reward from April 2017
Chancellor Philip Hammond used both the Autumn Statement 2016 and the Spring Budget 2017 to confirm a number of measures that will affect the pay and benefits landscape. Below is a round up of these measures, along with other tax and legislation changes coming into effect from April 2017:National minimum ...
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ArticleGovernment legislates for changes to salary sacrifice arrangements
The government has published draft guidance on the changes to certain benefits that attract tax and national insurance contribution (NIC) advantages when offered through a salary sacrifice arrangement for the 2017-2018 tax year.The changes form part of the Finance Bill 2017 and are due to come into effect from 6 ...
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Article32% take part in company car schemes to drive a better car
Around a third (32%) of respondents cite the ability to drive a better car as their reason for taking part in a company car scheme, according to research by Maxxia.Its survey of 207 UK employees who are part of a salary sacrifice or traditional company car scheme or who receive ...
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ArticleTesco to back pay staff after salary sacrifice-linked living wage error
Retail organisation Tesco is to provide back pay to 140,000 former and current employees after it was found that their pay fell below the national living wage after salary sacrifice deductions.An internal review of Tesco’s reward system found that some employees were being left with a base salary below the ...
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ArticleGovernment to consult on accommodation benefits
Spring Budget 2017: The government is to consult on proposals to bring the tax treatment of employer-provided accommodation, board and lodgings up to date.The consultation was announced in the Autumn Statement in November 2016 and confirmed in the Spring Budget 2017 policy paper.The consultation will include proposals that consider when ...
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ArticleGovernment to call for evidence on taxation of benefits in kind
Spring Budget 2017: The government is to publish a call for evidence on exemptions and valuation methodology for the income tax and employer national insurance contribution (NIC) treatment of benefits in kind.The government announced its intention to call for evidence on this issue in the Autumn Statement 2016, and reconfirmed ...
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ArticleHow to future proof a reward strategy in light of changing pay regulations
Need to knowNew legislation on the horizon could increase pay bills in certain sectors.Changes to salary sacrifice arrangements could also impact the benefits mix.Reward professionals need to communicate with employees, the wider business and government.This year will see a raft of pay and benefits-related initiatives come into force or appear ...
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ArticleBuyer's guide to bikes-for-work schemes
The facts:What are bikes-for-work schemes?Bikes-for-work schemes are tax-exempt arrangements that encourage employees to cycle to work to reduce environmental pollution and promote healthier lifestyles. The scheme enables employers to fund bikes and safety equipment, and loan these to employees.Where can employers find more information?Additional information can be found on the ...
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ArticleWhat impact will the Autumn Statement changes have on engagement with ultra-low emission vehicles?
Need to know:From April 2017, current tax and national insurance advantages for some company car salary sacrifice schemes will be removed, with the exception of arrangements relating to ultra-low emission vehicles.Pre-existing car salary sacrifice arrangements in place before April 2017 will be protected until April 2021.There will be new tax ...
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OpinionKevin Gude: Salary sacrifice changes risk turning certain health benefits into luxuries
The forthcoming changes to salary sacrifice rules, in particular, the effect on health screening and other medical benefits, reflect a carelessly fragmented attitude towards the nation’s wellbeing and fitness. As the NHS struggles to meet the needs of an ageing, increasingly long-living but unfit population, the Treasury is withdrawing its ...
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Supplier article
Understanding and preparing for salary sacrifice changes
The benefits landscape has changed, but there are measures you can take to try and regain control of the new world of salary sacrifice. But as an HR professional, why does this matter? Many companies have been using the tax savings to fund other HR programmes or pass along savings ...
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Supplier article
Changes to workplace savings from April 2017
A number of key changes to workplace savings are due to come in that employers and employees should be aware of.WEALTH at work has outlined below some of the key changes coming up.Salary sacrifice – The government has announced from April 2017 it is limiting the range of benefits that ...
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ArticleBuyer's guide to corporate gym membership
The facts:What is corporate gym membership?This can be offered to staff by their employers on a paid-for or discounted basis, providing access to a gym, health club, leisure or sports centre, or even exercise classes, as part of a voluntary or flexible benefits package.Where can employers get more information?Visit the ...
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Article27% believe the salary sacrifice changes will damage employee engagement
More than a quarter (27%) of employer respondents believe that the limitations on salary sacrifice arrangements will damage employee engagement and employee relations, according to research by Jelf Employee Benefits.Its 2017 Jelf employment survey, which surveyed approximately up to 350 employers across England and Wales, also found that 47% of ...
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ArticleHow will the limits on salary sacrifice tax advantages impact benefits strategies?
In the Autumn Statement 2016 presented on 23 November, Chancellor Philip Hammond confirmed that the government will limit the range of benefits that attract tax advantages when offered through a salary sacrifice arrangement.The announcement followed a government consultation, which ran from 10 August to 19 October 2016. Following the Autumn ...
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OpinionLovewell's logic: Is the abolition of salary sacrifice actually an opportunity?
This week’s Autumn Statement brought months of speculation to an end when Chancellor Philip Hammond announced that the tax and NI advantages on benefits offered via salary sacrifice will be abolished from April next year.Contrary to many reports in the national press over the last week or so, this was ...
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ArticleHow the Autumn Statement 2016 will impact employee benefits
On 23 November 2016, Chancellor Philip Hammond delivered his Autumn Statement 2016 speech. Below is a round-up of the key announcements with a bearing on employee benefits:From April 2017, the government will limit the range of benefits that attract tax and employer national insurance (NI) advantages when offered through a ...
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ArticleGovernment limits tax-efficient salary sacrifice arrangements
Autumn Statement 2016: From April 2017, the government will significantly limit the range of benefits that attract tax and employer national insurance (NI) advantages when offered through a salary sacrifice arrangement.Pensions and pensions advice, childcare, bikes-for-work schemes, and ultra-low emission vehicles (ULEVs) will be exempt from the changes.Arrangements in place ...
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ArticleGovernment retains freeze on fuel duty
Autumn Statement 2016: Chancellor Philip Hammond has announced in his Autumn Statement speech that fuel duty will be frozen at 57.95p litre for the seventh consecutive year from April 2017.The continued freeze is estimated to save the average car driver £130 a year and van drivers £350 a year. This ...