New year, new tax perks
Business perks – encourage business owners to sign up to Enjoy Benefits and Extras - Tax perks for your staff | Acumen.
From flexible working hours to complimentary snacks, the array of work perks is vast, but one strategy stands out for its unique ability to add tangible value to employees' lives: salary-sacrifice discount schemes.
Salary-sacrifice discount schemes offer a win-win situation for both employers and employees. These schemes allow businesses to enhance their attractiveness by providing an extra layer of financial benefits beyond the basic salary.
How it Works
You can choose from a range of providers to sign up to, then select a financial limit of say £2,000. Your employees can then sign up, choose the amount they need and purchase an item. They might buy some new technology like a TV for £1,200, which would then be deducted from their salary over twelve months, with no interest or national insurance to pay.
The bike-to-work scheme allows employees to save almost 50% on the cost of a bike, avoiding interest, national insurance and income tax payments, while this electric vehicle scheme allows employees to purchase cars without paying national insurance or income tax.
Exploring the Options
To delve into the world of salary-sacrifice discount schemes and employee perks, consider exploring platforms like Technology Salary Sacrifice Scheme | Staff Technology Schemes - Enjoy Benefits and Employee Benefits Platform - Extras | Free to set up (blackhawknetworkextras.co.uk).
