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Slash Your Tax for Small Businesses - 6. Employing staff, PAYE & NI obligations and taxable benefits - 6.4. Salary sacrifices and flexible benefits packages - 6.4.1. What’s a salary sacrifice?
6.4.1. What’s a salary sacrifice?A salary sacrifice is where an employee agrees to take a reduction in salary in exchange for a non-cash benefit. HMRC says that this must be a genuine pre- arrangement that can’t be varied at will in order to be effective. Additionally, new restrictions from April 2017 mean that they can only be used for a limited number of benefits (see below).It’s usual to allow salary sacrifices to be varied on the occurrence of a life-changing event; essentially any change in the...Click here -
Slash Your Tax for Small Businesses - 6. Employing staff, PAYE & NI obligations and taxable benefits - 6.6. Pensions - 6.6.4. Can I offer pension contributions as a salary sacrifice or under a flexible benefits package?
6.6.4. Can I offer pension contributions as a salary sacrifice or under a flexible benefits package?Yes. There probably isn’t a better salary sacrifice than a pension contribution; there are no VAT considerations and it saves both employers’ and employees’ NI that would otherwise be paid extracting a salary.Click here
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