The amount of income tax and NIC which your employees pay is important to them, as is the timing of that too.
Rewarding employees by providing a range of Flexible Benefits can be advantageous to businesses wanting to attract and retain talent. We can design and implement employee benefit policies that work for you and your teams, drawing on your procurement advantages to deliver more accessible benefits at better value too. If structured correctly this can be combined with Salary Sacrifice which allows employees to give up a portion of their salary in return for non-cash benefits, examples include gym membership, shopping vouchers or medical care. This strategy can reduce the amount of NIC for both the employee and employer.
If a full Flexible Benefit offering does not fit your business requirements right now, Salary Sacrifice can still be combined with employee “core” benefits, examples include pension, holiday, electric car or cycle, and again can reduce the amount of NIC for the employee and employer, and income tax for the employee too.
Speak to our team today to maximise your business potential.
At James Cowper Kreston, we recognise these demands are challenging for any business, that’s why we combine our employment taxes skills with:
We also provide a fully managed Payroll Service to meet your UK and international payroll needs.
Designing an appropriate employee retention and reward strategy for your business is key. Whilst also being flexible to adapt for change, it will only be effective if it delivers on employee expectation, stakeholders are aligned, and operational readiness understood.
Our tax advisers have the expertise and knowledge needed to guide you through any aspect of the process, ensuring that you get the most out of your reward and retention strategy, whilst maintaining compliance. Contact us today to learn more about how we can help you, your employees, and to maximise your business potential.
