Leading global accountancy body calls for detailed improvement plan and closer working with professional bodies
Responding to HMRC consultation on improving the income tax service, Lloyd Powell, head of ACCA Cymru/Wales, said: ‘A lack of investment has, over time, damaged relationships between HMRC, compliant taxpayers, and the agents supporting them, with service standards at HMRC falling to an unacceptably low standard.
‘Transparency and accountability come time and time again as being the key to tax morale and good tax engagement. This applies across the board, and tax authorities should be every bit as transparent and accountable as taxpayers and the agents who support them.
‘Stability is just as important as certainty and simplicity when it comes to the tax system. Too often changes are poorly planned, poorly communicated and poorly executed; with too many last-minute changes, this has impacted on taxpayer, agent and stakeholder confidence.
‘ACCA’s members are keen to see more detailed improvement plans for HMRC service standards as a matter of urgency. Closer partnership working with professional bodies, such as ACCA, could help highlight and prioritise areas for improvement including efficiencies that could be gained through improving access to certain information and functions for professionals.
‘While ACCA recognises the improvement plans in place, it is not confident about progress without additional measures:
Value of professionally regulated agents – government and HMRC should recognise the value of timesaving and trust offered by professionally regulated agents. HMRC should seek to enable professionally regulated agents to provide services which can provide time and resource savings for HMRC, for example, altering information such as tax codes.
Partnership – building on the work of the Charter Stakeholder Group, partnership and trust between HMRC and professional bodies should be built upon to quickly identify and address areas of concern, particularly where they waste time and resources for taxpayers, their agents and HMRC.’
Responding to HMRC’s announcement of self-assessment helpline closure, ACCA have issued a statement on HMRC digital service plans.
Lloyd Powell, head of ACCA Cymru/Wales, said:
“ACCA has concerns on HMRC’s announcement on the self-assessment trial but is pleased HMRC is looking at all options to tackle the current poor performance.
“It is good to see HMRC being flexible and adaptable in trying to deal with the most urgent queries although taxpayers should be told of alternatives with the helpline shut. However, there’s tension between HMRC urging taxpayers to file their self-assessment tax returns early and closing one of the mechanisms for getting a resolution to complex queries; the January rush is a big part of why the SA (self-assessment) helpline gets more calls in Jan/April than June/August.
“It’s all very well picking the lowest demand point to force people onto a platform which many aren’t comfortable with, but not if you’re going to try to increase demand by encouraging early filing at the same time.
“HMRC will not be able to effectively measure the change in behaviour, as the alternative has been removed. What HMRC should be focusing on is the proportion of queries settled in one interaction, this is not currently good enough and the fear is that this may get worse.
“In closing the helpline HMRC has got to make it clear to taxpayers and their advisers what other routes are available for engagement between taxpayer and tax authority. For instance, how does a taxpayer cancel an incorrect notice to file?
“The tax authorities need to be clear on what the alternative routes can actually do. Too often, taxpayers and advisers are going around in circles. Using the helpline to speak to HMRC is usually the last resort for tax professionals. So, the alternative solutions need to provide a better service than most users currently experience.
“There is a concern that this move will just help HMRC keep up with the workload in revised benefit claims which is entering peak season, rather than address the significant backlogs which have built up.
“Taxpayers and their agents want and need to see an improved level of service in, for instance, VAT registrations which is now taking months instead of the one month that is expected. Addressing the backlog could see a reduction in demand for contact as users will no longer need to chase HMRC for a response.
“It would be helpful to have transparency to have sight of HMRC’s metrics and analysis to form a view on the success of the trial, understand the difficulties encountered and see what lessons could be learnt to replicate success.
“ACCA does recognise that HMRC is asking for engagement, and it is pleased to offer all the help and insight it can.”
Perane urges Chancellor and Treasury select committee to launch urgent inquiry
Inheritance experts, Perane, have sounded the alarm on billions of pounds owed to His Majesty’s Revenue and Customs (HMRC) through deceased shareholdings which are slipping under the taxman’s radar.
Perane has spent the last 12 months developing a pioneering deceased share ownership search tool which has now revealed a massive black hole in HMRC’s tax revenues caused by inheritance tax swindlers.
In just one case, uncovered in the last few weeks by Perane, an executor failed to declare hundreds of thousands of pounds worth of shares on an inheritance where property and share assets amounted to three quarters of a million pounds.
Instead of declaring £400,000 worth of shares on an estate valued at £750,000, the executor declared only £149,626 in total– a figure which just happened to fall £374 under the threshold for inheritance tax (IHT). At the time, in 1993, IHT was set at £150,000.
Bruce Cane, CEO of Perane, said:“What we have uncovered is constructive white collar fraud on a black market scale, with shares moving unspotted and undeclared through the generations.
“Perane’s unique data suggests that billions of pounds are being lost to the taxman because executors fail to declare inheritance, in many cases engaging in illegal and deliberate tax evasion.
“Perane has also discovered that a significant number of unscrupulous individuals are avoiding tax using FTSE shareholdings, by failing to declare the transfer of share ownership sometime after a death occurs.”
According to Perane, high levels of fraud are occurring because necessary legal checks are not being conducted, and in some cases because solicitors and professional executors are unwittingly facilitating it.
Cane added: “With shares going undeclared and inheritance tax going unpaid, law-abiding taxpayers, and the country, are being well and truly ripped off often by those with the most money.
“That’s why we have written to the Chancellor urging him to act immediately to stop the shareholding tax-swindlers, and to the Treasury select committee urging them to immediately launch an inquiry into how much money is going missing every year.”
Although HMRC is putting more resources into targeting the estates of wealthy deceased individuals, Perane’s tool could be used to generate tens of millions of pounds more in unpaid taxes from those engaged in evasion, deliberately or otherwise.
Perane’s share search tool looks at historic probates and checks what shareholdings are held by registrar, stock, and value. That data is then matched to the executor. Perane can also spot if the shares are suspected of being transferred to another family member at the registered address.
In another case uncovered by Perane, a non-legal lay executor has so far failed to distribute £143,000 of shares to other family beneficiaries since 2006, instead squirrelling away the money. That means £57,000 of inheritance tax has gone unpaid to HMRC.
In addition, in a small sample of 200 probate cases, Perane located:
undeclared shareholdings above inheritance tax level where £140,000 was due to HMRC
a further £150k where the lay executors had not declared the shareholdings and were taking the dividends
Inheritance tax is currently payable at a rate of 40%, paid on the value of any estate above £325,000.
Solicitor Michelle Tongue fromPrivate Client Solicitors, Manchester, said: “When an estate is subject to an inheritance tax liability, the personal representatives must complete a comprehensive form in which they must provide accurate valuations of all assets, including properties.
“HMRC are querying more and more of these forms, and are clearly actively stepping up efforts to recover money from families who incorrectly declare the value of an estate and underpay their inheritance tax bill.”
Perane has found that between 2% and 3% of searches reveal shareholdings that probate searches have failed to uncover during administration, dating back into the 1990s.
Perane’s findings are being provided to HMRC so that collection of outstanding tax can be made from the executors, since the stock is still held and can be easily sold.
Leading independent accountancy firm, Kilsby Williams, has announced a series of promotions within its tax and business services teams to start the new year.
Dafydd Ford, who has been with the firm for over 15 years, has been promoted to Tax Associate. Dafydd has experience advising clients across a broad range of sectors and has used that experience to identify key tax planning opportunities for many clients over the years. He has particular expertise in areas such as property tax, investment tax relief and research and development tax relief.
Dafydd said: “Since starting my tax career with Kilsby Williams in 2007, I have been impressed by the company’s attitude and support regarding professional development. I have been able to take opportunity after opportunity to thrive and hone my skills into key specialisms. I am excited to begin this year in my new role.”
Fellow colleagues Sandy Gaywood and Diane Nettleton have been promoted to Senior Tax Managers.
Sandy is a personal tax specialist who provides proactive advice and practical solutions for her clients. Diane’s focus is also personal and partnership tax compliance, with her expertise centring on tax planning for individuals who are coming, leaving or returning to the UK.
Other promotions for managerial roles were awarded to Kathryn Hof and Lucy Lloyd, while Ross Johnson has been promoted to Business Services Assistant.
Simon Tee, Managing Partner at Kilsby Williams, said: “Our staff are our most valuable asset and the relationship we have with our employees is of the utmost importance to us. As well as attracting the best talent from outside of the firm, we firmly believe in supporting the professional development of our employees and rewarding their progression in the company.
“We are therefore delighted to announce this series of promotions within the teams as we enter a new year.”
Established in 1991, Kilsby Williams works with clients from across South Wales, the Midlands and London, ranging from sole traders to companies in international quoted groups.
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Image caption: L-R – Kilsby Williams managing partner Simon Tee, tax associate Dafydd Ford and senior partner Stephen Williams
Tax is always a scary topic for people to deal with. If you’re a basic salaried employee, your company doubtless handles most aspects of tax for you. All you might need to do is submit a tax return in time each year. But for freelancers, gig workers, small businesses, and even hobbyists who get occasional windfalls from their talents, it can be intimidating indeed. Today we go through some basics of taxation in the UK you should know.
Who Collects Taxes in the UK?
In the UK, taxes are collected by Her Majesty’s Revenue and Customs (HMRC) on behalf of the government. The main taxes you will find are income tax, National Insurance contributions, value added tax (VAT), and corporation tax.
There are a lot of different tax types, however, and some are very niche. For example, importers and exporters will also have to pay customs tax.
Of course, not every person pays every tax type. The tax types you need to pay will vary based on how you make your income, and what industry you work in. How you are employed (for example, salaried employee vs contractor) will also matter, as will whether you are a citizen and resident in the UK for tax purposes.
The Most Common Tax Types
What do these different tax types even mean, however? Here’s some quick notes on the more common ones.
Income tax is applied to an individual’s salary, wages, and other forms of income such as rental income and investment income. The rate of income tax varies depending on the amount of income you earn, with higher earners paying a higher rate. These tax rates are typically updated annually, and can be accessed online.
National Insurance contributions are paid by individuals and employers on a person’s earnings, and are used to fund the UK’s state benefits system, including the National Health Service (NHS) and the state pension. Almost every working citizen pays in to the NI.
Value added tax (VAT) is a tax on goods and services that is added to the price at the point of sale. The standard rate of VAT in the UK is currently 20%. VAT is applied to most things you purchase, with the exception of zero rated items. For non-citizens who are only visiting the UK, VAT can be refunded at ports of entrance and exit with proof.
Corporation tax is a tax on the profits of limited companies and other organisations. The current rate of corporation tax in the UK is 19%. You would have to be one of the different types of registered businesses in the UK for this tax type to apply. Businesses are taxed as ‘legal entities’- in other words, they are separate ‘people’ to the directors or owners under law.
There are also other taxes such as council tax, capital gains tax, inheritance tax, stamp duty and excise duties on certain goods.
Exceptional Taxes
There are also times you may be taxed on once-off amounts or legacies you receive. This can be a source of confusion for many people. For example, we often see people ask, “Do you have to pay tax on gambling winnings in the UK?” The answer is…it depends! Capital Gains tax is a tax which triggers when you sell large assets (like houses) over a certain worth. Under that value, it won’t be attracted. Inheritance tax is, of course, a tax on goods you receive as a legacy, and again there’s a threshold of worth before it has to be paid. For gambling wins, the answer is no, in the UK you don’t pay tax on your winnings as it isn’t a recognised profession- but in the US, they do. Likewise, bonuses are sometimes taxed, but sometimes not. So if you’re expecting to receive a lump sum benefit for any purpose, it’s alway wise to check what the tax implications may be.
While the tax system in the UK can seem complicated, it’s just a matter of understanding what tax you qualify for and when it falls due. You can often get help directly from HMRC, and a good accountant or legal advisor can always help too.
December is often a time when businesses look to give back to their employees and celebrate the company’s success over the last year. The most common way to do so is through a Christmas bonus, usually in the form of some extra cash, but this is not always the best way to get the most from your money.
Cash bonuses paid by businesses are subject to Income Tax, which means that anyone who receives a bonus will not benefit from the full value of your Christmas gift. If you give goods with a cash value, these will also be subject to a tax liability that will reduce their value in most cases. These factors can make it difficult to decide how much to offer as a bonus, and may lead you to ask whether you can give a Christmas bonus without incurring this tax liability.
Thankfully, there is a way. By using the trivial benefits exemption to offer staff (including company directors) bonuses in the form of gift vouchers, you can avoid any tax liability for the business and for the recipient and let your staff enjoy the full value of a well-earned Christmas bonus.
Here, the expert chartered accountants at Sherlock & Co will explain how the trivial benefits exemption works, the restrictions that apply, and what businesses need to do in order to take advantage of this exemption in time for Christmas.
How can I make sure gift vouchers qualify as tax-free bonuses?
Gift vouchers are among a number of possible items that may be considered “trivial benefits” under tax law. Unlike cash bonuses or goods, trivial benefits are not subject to Income Tax, although there are some conditions that you must meet when giving vouchers to ensure that they qualify as trivial benefits.
If the gift vouchers meet all of the following restrictions, it will be considered a trivial benefit:
– Each voucher must cost a maximum of £50
– The voucher must not be a cash voucher or be exchangeable for cash
– The recipient must not be entitled to the voucher through the terms of their contract
– The voucher cannot be given as a reward or performance incentive
– The voucher cannot be provided as part of a salary sacrifice arrangement
Not only are vouchers that meet these conditions free from any Income Tax liability, but their cost is a tax-deductible expense for the business. It does not matter where you buy the voucher from, so you are free to pick something your staff will like. You might choose a popular high-street shop, an online outlet, or a voucher that they can spend in multiple places to allow them to choose for themselves.
Are there limits to how many vouchers I can give?
There are no limits on how many vouchers you can give, but there are some limitations on how many staff members and directors can receive. For employees, there are very few restrictions and they can enjoy essentially unlimited trivial benefits each year (that meet the above conditions), but they cannot receive more than one per day.
For directors of companies with five or fewer shareholders, there is an annual limit of £300 per tax year on the trivial benefits they can receive. These businesses are referred to as “close” companies and this £300 limit extends to anyone who lives in the same household. Nevertheless, this means that directors can enjoy up to six £50 gift vouchers each year without incurring any additional tax liability.
For these reasons, vouchers that qualify for the trivial benefits exemption can be a good way to offer bonuses throughout the year. What is more, trivial benefits are discretionary, which means that you do not have to give them to every employee. You can give to one employee, a group, or your entire staff – just remember, you cannot give them in recognition of hard work without incurring a tax liability and this may be more difficult to prove if you give them to only a few select recipients.
With all of this in mind, we hope that you take advantage of the trivial benefits exemption and give a generous, tax-free Christmas bonus to your staff this year.
Against the backdrop of the cost of living crisis, online searches in the UK for ‘side hustle’ have grown by 58% in the past year. In fact, as reported in CityAM, a recent study found that 10 million Brits are considering taking on a second or even a third job to make ends meet (while 5 million have done it already).
Darren Fell, CEO and Founder at online tax and accountancy platform, Crunch, said: “We’ve all seen those case studies in the news where someone has thrown in their day job to pursue their side hustles full time, and while it’s certainly possible for some, leaping from permanent employment to focus purely on your own business ventures isn’t always viable. The reliable income from a 9-5 is something that only a few can spare to ditch, especially amid the cost of living crisis, but the extra income and sense of fulfilment that can come from pursuing a side hustle or small business idea are nonetheless attractive. With this in mind, we have put together our tips for setting up a small business while remaining employed at your day job for anyone seeking the best of both worlds.”
Check your employment contract – thoroughlyBe sure to read through your current employment contract with a fine-tooth comb before you make any moves towards starting your own business at the same time. This is because there may be contractually binding clauses that set out whether or not you can pursue your own business during your tenure as an employee – even if you’re doing so outside of your normal working hours.
There may also be clauses or policies in there that state what amounts to a conflict of interest. The last thing you want is to risk termination by inadvertently (or even deliberately) breaching your contract – so give it a thorough read-through, and raise any questions or grey areas with your HR department.
Be aware of your employment rights and benefits – they could transform your ability to take on a side hustle or start a business of your own.Working two jobs can be very challenging and, unless you set boundaries, it can cause a whole host of problematic consequences.
If you overwork, both endeavours will suffer. If you devote too much time and energy to one, the other will be stunted. It’s challenging to juggle both, but thankfully there are a few options to help you strike the balance.
Firstly, you have the right to request flexible working from your employer – in fact, since 2014, this right was extended to all employees, rather than only those with family commitments. That said, remember you only have the right to request it; your employer is within their rights to deny your request if they have a legitimate reason.
Secondly, you could propose working part-time, a reduction in your contracted hours, or even suggest working on a job share basis, especially if there’s someone else in the business who has the same intentions as you. Neither of these things hurt to ask if you feel that you’re working yourself too hard in your pursuit of a second self-employed job.
The third, and probably most common, option, is to manage your time very carefully, while staying aware of the impact on your wellbeing and productivity. The trick is to find a balance that works for you. Maybe you can devote one weekend a month to your new business, or maybe weekday evenings. Make sure you have downtime to spend with family and rest.
Get organised
If the third option above is your most likely route to starting a side hustle or business of your own, you’ll want to structure your to enhance your productivity. Set realistic goals and stick to them; a good example would be to look at what you want to achieve over a 30-, 60-, or 90-day period, and construct a week-by-week checklist of what you need to do to get to those milestones. There are many Apps that can help you with this, like Todoist, Trello, Scrivener, Goals on Track, Toodledo and ATracker to name just a few.
Be respectful
While your side venture may be new and exciting (possibly more so than your day job), remember that you’re still employed and need to be respectful. Don’t waste company time working on your business idea – this could harm your reputation and burn bridges you might regret later on. If you do decide to focus on your own thing full time, try to leave your day job on good terms – you’ll thank yourself for doing this if you ever need to call on your former boss or colleagues for support.
Don’t shy away from networking
There are many resources to help support you whilst you consider or plan to start your own business – these range from funding and grants to crowdfunding, or if you’ve got a few flush friends, peer-to-peer lending. Networking is your best friend, no matter what stage your business is at, so don’t shy away from local events. Your city’s Chamber of Commerce is a good place to start for this, as well as conferences, Slack and Discord communities specific to your industry.
Tell HMRC
If you’re starting your own business, as either a sole trader or limited company, you’ll need to let HMRC know. This is so you can file your Self Assessment on time and pay the correct tax on your income. It is a legal requirement to inform HMRC once you start earning from your business. Don’t create any additional worry or concern for yourself by not having your taxes organised. Crunch has a useful article on the tax implications of being self-employed and freelancing on the side that can help you get started.
Newport-based tax and accountancy specialists Kilsby Williams has appointed five new members to its tax team.
The series of appointments, ranging from graduate to managerial roles, sees the tax team grow to its highest number ever.
Cardiff University graduates Colin Evans and Robert Harris join the team as Tax Assistants. The pair will be assisting with the preparation of personal and corporation tax returns, company secretarial matters and other administrative tasks, alongside structured training.
Robert said: “Joining Kilsby Williams, I was immediately amazed by how good the firm is to its employees. I think that anyone would be happy to join such a nice team.”
Joseph Charlton, a qualified chartered accountant, joins Kilsby Williams as a Tax Senior. In his new role, Joseph will work alongside tax managers to assist in matters of tax planning and compliance.
Joseph said: “I am excited to have been given the opportunity to work for such a highly regarded firm within south Wales, especially one that offers the opportunity to progress professionally whilst also supporting me in further training and development.”
Jamie Cannings and David Pescod have been appointed as Tax Managers.
Jamie, who previously worked in the tax department of a Chartered Accountants firm in south Wales, will be responsible for managing a portfolio of individual, partnership and trust tax clients. ACCA qualified David joins from an accountancy practice in Morpeth, Northumberland and will manage a portfolio of corporate, personal, trust and estate clients.
Jamie said: “I am looking forward to getting to know my clients and expanding my knowledge and understanding of more technical tax planning. Kilsby Williams provides the perfect opportunity for me to develop in this area, especially with its client base and focus on advisory work.”
Mary McDonagh, Partner at Kilsby Williams, said: “We are delighted to welcome Colin, David, Jamie, Joseph and Robert to our largest ever tax team. These new appointments will strengthen our team and comprehensive tax services, providing our clients with even more support with compliance and tax planning opportunities.”
Established in 1991, Kilsby Williams works with clients from across south Wales, the Midlands and London, ranging from sole traders to companies in international quoted groups.
Employees at companies in the UK are increasingly switching to electric cars due to a combination of environmental, tax relief and regulatory reasons, it emerged today.
Unprecedented demand is being seen by Azets, the UK’s largest regional accountancy firm and business advisor to SMEs, following a new strategic partnership with Total Motion, a major UK fleet management and leasing provider which offers salary sacrifice car schemes via trading company Pink Salary Exchange.
Richard Goddard, partner and head of tax at Azets South West and Wales, provides advice to employers looking to move away from diesel and petrol towards a green fleet, including plug-ins.
He said: “The UK’s net-zero carbon strategy is rightly focusing minds in a way we’ve never witnessed before and this is showing through increased demand for electric battery company cars. We are inundated with requests from companies keen to reward staff with a government-approved tax ‘benefit in kind’ through zero carbon or low carbon emission vehicles.
Around 90% of our advisory work on company cars used to involve internal combustion engines (ICE), with the remaining 10% covering electric – now the position seems to have reversed. The trend is toward a very strong focus on the provision of electric vehicles as part of the overall employee reward package. This seems to be the trend across the UK.Not only that, employers, with Environmental, Social and Governance on the boardroom agenda feel it is the right thing to do for the environment as we move away from polluting fossil fuels. There is the perception aspect to consider these days – pulling up to a meeting in a diesel car may leave customers wondering if your company is practising what it preaches. There’s also the regulatory side – companies are looking to pre-empt any bans on diesel and petrol vehicles in certain locations. It is perhaps only a matter of time before diesel and petrol cars are prohibited from travelling in ‘smog cities’ and it is worth bearing in mind that the government has announced new proposals which would see more than 50% of all new cars sold to be fully electric by 2028, just six years away. One more factor is also driving demand – diesel and petrol costs are at record highs.”
Demand for new electric cars is borne out by industry data – nearly 191,000 were on the roads in 2021, an 11.6% share of the new-car market in the UK.
Richard said: “According to industry forecasts, pure-electric cars are poised to make up one in six new cars on the roads this year and this will undoubtedly accelerate as the supply chain improves and the charging infrastructure grows.”
He added: “Where an employee receives a company car by reason of employment, this gives rise to a taxable ‘benefit in kind’, known as BIK. Income tax, payable by the employee, and Class 1A NICs, payable by the employer, are due on the ‘cash equivalent’ of the benefit. But conventionally fuelled vehicles are more expensive for both employee and employer – electric vehicles, and to a lesser extent, hybrid vehicles, provide significant advantages in this regard.” An illustrative example is included below.”
Azets’ strategic partnership sees the Top 10 accountancy firm provide advice to businesses on tax planning and Total Motion matching demand and marques.
Total Motion Director Simon Hill, based at the company’s headquarters in Leicester, said: “Our partnership with Azets is helping decarbonise road traffic as more companies look to the environmental, tax, staff retention and reputational benefits of pure-play electric vehicles for directors and employees. From 2030, which is not that far off the horizon, the sale of new petrol and diesel cars will be banned. That cut-off date is focusing many minds.”
Following April’s National Insurance (NI) contribution increase of 1.25%, the anticipated rush of businesses implementing a salary sacrifice arrangement as a more efficient way for employees to pay pension contributions and help offset the rise, has yet to materialise.
Employee pension contributions get tax relief however both employees and employers pay NI on the pension contribution. Salary sacrifice for employee pension contributions is an agreement between an employee and their employer where the employer pays the employee’s pension contribution to the pension scheme in addition to their own and the employee’s wage is adjusted to reflect this. As the employer is paying the employee’s pension contribution, no NI is paid on this by either the employee or employer and hence both make a NI saving. The result is the employee benefits in a net increase to their take home pay.
Many employers do not allow employees to pay contributions via a salary sacrifice arrangement and this generally stems from a lack of understanding of how it works and the benefits it provides to most employees and employers.
Stuart Price, Partner and Actuary at employee benefit specialist Quantum Advisory, believes the pension industry needs to make employers aware of the benefits of a salary sacrifice arrangement for employee pension contributions and then support employers to help staff understand the system and the benefits to them. Stuart said: “As businesses and individuals feel the pinch with the increase to NI contributions and the impact of high inflation, salary sacrifice arrangements are an effective option requiring minimal effort to initiate.
“Adopting a salary sacrifice arrangement could make a real and noticeable difference for workers, in terms of take-home pay.
“For example, an employee on a salary of £30,000 paying a 5% pension contribution would see an increase in their annual take home pay of nearly £200. For employers, the annual saving is compounded against all of their workforce; if an employer has 100 employees paying a 5% pension contribution with the average salary being £30,000 then the employer will save over £22,000 per annum.
“To help employees understand the concept, a simple communication that shows an individual’s payslips before and after salary sacrifice raises the awareness needed and provides workers with the facts, allowing them to see the financial benefits before making an informed decision about joining a salary sacrifice arrangement.”
For further information about salary sacrifice schemes and how your company can best utilise them, visit www.quantumadvisory.co.uk.
Business in the News – the latest UK Business news from NTSI
