Employee Benefits

MARCH 6, 2024

Spring Budget 2024: The government is to cut employee national insurance contributions (NICs) by two pence, falling from 10% to 8% from 6 April. This means that a person on the average wage now has the lowest effective personal tax rate since 1975. But as always, the devil is in the detail. a month and £125.60 respectively.

Insurance 111

Insurance Taxes Government Salary 111

Employee Benefits

FEBRUARY 21, 2024

The new year has already brought some welcome news for employees, with the cut in employee national insurance contributions (NICs) from 12% to 10%. The extent of the savings will depend on an employee’s salary , with annual savings of £457 for employees on average earnings of £35,400 and £754 for employees earning over £50,270 per annum.

Insurance 108

Insurance Employment Taxes Salary 108

Employee Benefits

FEBRUARY 22, 2023

Car salary sacrifice arrangements remain a popular employee benefit; in its January 2023 Leasing Outlook , the British Vehicle Rental and Leasing Association (BVRLA) found a 20.5% year-on-year increase in company cars funded through salary sacrifice to quarter three in 2022. What are car salary sacrifice schemes?

Salary 98

Salary Taxes Insurance Government 98

Employee Benefits

APRIL 22, 2024

The frozen tax thresholds could see some employees ‘dragged’ into paying more tax and have less disposable income as a result. A salary sacrifice arrangement can support employees who are dealing with the impact of fiscal drag. Employers should ask employees about their financial pressures to understand how to support them.

Employment 59

Employment Taxes Finance Net Pay 59