Employee Benefits
MARCH 6, 2024
In his Spring Budget, Jeremy Hunt, Chancellor of the Exchequer, said that this will save the average worker on a salary of £35,400 around £900 a year, once combined with the 2p cut announced in the Autumn Statement 2023. This means that a person on the average wage now has the lowest effective personal tax rate since 1975.
Employee Benefits
FEBRUARY 21, 2024
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. So, employees should see an increase in their monthly net salary. Many low earners will find themselves paying tax and NICs for the first time.
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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?
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.
Employee Benefits
AUGUST 22, 2023
This pension gathers contributions from: • the employee • the employer • the state (via tax relief) Which Employees are Entitled to a Workplace Pension? Under UK pension rules, 8% of an employee’s aggregate salary should be put into a pension plan. Using an annual salary of £50,000 as an example: • £208.33
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