Employment tax opportunitiesLow risk ways to generate recurring, above-the-line savings |
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There are a range of ideas that currently exist in the area of employment tax savings. There are three areas in particular which represent low risk ways of generating quick, above the line and recurring savings.
These areas are:
- Salary sacrifice ideas: Employees reduce their salary but receive a tax/NI efficient benefit or payment in exchange. Current opportunities exist in low CO2 cars, SMART pensions, travel and subsistence, and in-house products and services.
- Restructuring the way pay/benefits are provided: Savings are derived by changing the way in which employees are employed/rewarded. Current opportunities exist in equity based planning, eg. Growth shares, LLP conversions, private medical insurance, bonus waivers/deferrals, holiday pay, and employee benefit trusts.
- Company car schemes: Two opportunities in one! Salary sacrifice arrangement for low CO2 vehicles, and fleet review and restructuring to take account of ‘whole life costs’ including recent tax changes.
If you feel any of these areas could apply to you please contact one of the team;
- Matt Ellis 02070076519 – ECO Leader
- Mark Groom – 02070072770
- Stephen Woodhouse - 02070076621
- Neville Bramwell - 02070072971