Significant changes to UK salary sacrifice schemes have now been implemented. Affecting both employers and employees, these changes essentially remove the tax incentives of many of the benefits in kind (BiK) offered under salary sacrifice arrangements.
With, the new salary sacrifice rules reducing the tax benefits of salary sacrifice schemes, here’s what small businesses need to know about the changes and how they affect employers and employees. (more…)
Changes are coming to the way benefits in kind are taxed – employers and employees should prepare themselves for the future.
Millions of British employees receive ‘perks’ from their employers: ‘benefits in kind’ (BiK) which include anything from childcare vouchers and mobile phones, to medical insurance and company cars.
Whether administered in addition to an employee’s cash remuneration, or as part of a salary sacrifice arrangement, these benefits may or may not be taxed, and may exempt employers from their National Insurance Contribution obligations.
By saving on income tax and NIC for employees (and NIC for employers), salary sacrifice schemes have, until now, represented a ‘win-win’ arrangement for British businesses. However, things are about to change. (more…)
A lot of thought goes into choosing the right company cars, or vehicles for your business. In finding the right vehicle for your needs, you need to take into account a whole host of factors, including, cost, availability, reliability, your brand image, and emissions.
In recent years electric cars have become more and more commonplace for environmentally aware drivers. Boasting zero emissions, a silent cockpit and advanced technology, they certainly possess some attractive qualities – but are they right for the day-to-day needs of you and your business?
If you’ve found yourself asking this question, these are some of the key issues for you to weigh up if you are considering buying an electric company vehicle: (more…)
In the old days, one of the perks of running your own business was the ability to run a decent car by getting your company to lease it, and take it as a company car.
That perk doesn’t really exist any more. Over a number of years the tax rules have changed, to the extent that many accountants now say it is more tax efficient for many business owners to run their own private car and claim mileage expenses.