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Slash Your Tax for Small Businesses - 6. Employing staff, PAYE & NI obligations and taxable benefits - 6.2. PAYE/NI obligations - 6.2.6. What are benefits in kind?
6.2.6. What are benefits in kind?Benefits in kind are pretty much anything that you provide to your employees other than pay which have some sort of a value to them.Click here -
Slash Your Tax for Small Businesses - 6. Employing staff, PAYE & NI obligations and taxable benefits - 6.3. Benefits in kind - 6.3.1. What are benefits in kind?
6.3.1. What are benefits in kind?Benefits in kind are described in the tax legislation as a benefit or facility of any kind. This means that, apart from pay, anything that an employer provides to its employees that has some use or worth to them, even just for doing their jobs, is a benefit in kind.Some benefits in kind are tax free.Click here -
Slash Your Tax for Small Businesses - 6. Employing staff, PAYE & NI obligations and taxable benefits - 6.4. Salary sacrifices and flexible benefits packages - 6.4.2. What are flexible benefits?
6.4.2. What are flexible benefits?Flexible benefit packages are similar to salary sacrifices, but instead of an employee having a base salary and giving part of it up in exchange for a non-cash benefit, they have a base salary plus an amount of flexible remuneration from which they can purchase benefits from a basket of different options or, alternatively, take some or all of their flexible remuneration in cash.Flexible benefits packages tend to be used by larger employers and salary sacrifice arrangements work...Click here -
Slash Your Tax for Small Businesses - 6. Employing staff, PAYE & NI obligations and taxable benefits - 6.5. Tax-free benefits - 6.5.1. When are benefits tax free?
6.5.1. When are benefits tax free?The tax legislation sets out a number of exempt benefits, that won’t be taxable or liable to NI (employers’ or employees’) if certain criteria are met.Click here -
Slash Your Tax for Small Businesses - 6. Employing staff, PAYE & NI obligations and taxable benefits - 6.6. Pensions - 6.6.1. Are pension contributions a taxable benefit in kind?
6.6.1. Are pension contributions a taxable benefit in kind?If the pension contributions are to a registered pension scheme there won’t be a benefit in kind. Pensions are a tax-free benefit in these circumstances.Click here
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