Learn all you need to know about salary sacrifice, including its benefits and drawbacks, from this detailed guide by M&G Wealth Adviser.
The article reports that HM Revenue & Customs (HMRC) has issued guidance that confirms that salary sacrifice pension schemes will be able to meet the automatic enrolment requirements. HMRC has resolved this matter by adding pension contributions to the list of salary sacrifice schemes which allow ...
This includes employer contributions, so make sure the higher contributions from their salary sacrifice doesn’t push them over this. It’s also helpful to check the minimum and maximum contributions allowed by the pension provider. SageHMRC payrolltakes care of payroll tax rates and thresholds, en...
A salary sacrifice arrangement must not reduce an employee’s cash earnings below the National Minimum Wage rates. HMRC state: “Salary sacrifice is a matter of employment law, not tax law. Where an employee agrees to a salary sacrifice in return for a non-cash benefit, they give up their...
What Is a Salary Sacrifice Scheme? A salary sacrifice scheme is a flexible workplace benefit that lets you exchange part of your gross salary for perks like a car, pension contributions, or other non-cash benefits. Keep in mind that you’ll need to earn above the National Minimum Wage to...
Mark Simmonds