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Salary Exchange is a zero-cost employee benefit that increases your employees’ take-home pay (and potentially their pension pot) while also leaving more cash in your business. What is Salary Exchange? Salary Exchange (also referred to as Salary Sacrifice) is an agreement between the employee and the employer. The employee’s contract of employment is altered to...
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The Government has just announced that National Insurance contributions (NICs) will rise by 1.25% for both employees and employers from April 2022 to help fund the NHS and social care across the UK. Fortunately, there are ways to reduce the impact. Main changes National Insurance contribution amounts will be raised by 1.25% for both employee...
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IR35 is extending to the private sector in April 2021, so it is essential that companies start preparing. What is changing IR35 is the UK tax law applicable to the engagement of contractors through a personal service company or other intermediaries. The upcoming changes mean that medium and large businesses will be responsible for working...
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You might have been automatically enrolled into a pension, or your employer might have mentioned Auto-Enrolment to you. But what does it mean? What is Auto-Enrolment Auto-enrolment, sometimes referred to as Workplace Pensions, is a Government initiative, whereby all employers in the UK must put certain staff into a workplace pension. It’s an opportunity to...
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The 2021-22 tax year is starting on the 6th of April 2021. See below an update on the key changes regarding workplace pensions: Earnings thresholds The threshold change will apply to schemes where contributions are calculated on a Qualifying Earnings basis. The Upper level of qualifying earnings will increase from £50,000 to £50,270 per year....
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pension allowance
“How much should I contribute?” is a common question from employees and self-employed and even more at the end of the tax year (this tax year ending on the 5th April 2021). This article explains pension allowances and how they work on a practical level; to help you decide how much to pay into your...
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Employers in the UK have Automatic Enrolment (AE) duties. However, in certain instances, Directors may be exempt. Definition of a Director When the Pensions Regulator refers to a director, they mean anyone holding office as a director. This does not include a person who is a director in name only. In the case of a...
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Tax relief Getting tax relief means that you will get income tax back on your pension contributions. When you get tax relief on your pension, some of the money that you would have paid in tax goes into your pension pot instead. Pension tax relief is equivalent to: 20% of the total contributions for basic rate taxpayers...
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What employers need to know about Auto-Enrolment fines
Auto-Enrolment for workplace pensions  For those that are setting up a workplace pension for employees, managing a workplace pension, or making general amendments to the scheme for their workforce, it can be a very confusing process. Fulfilling Automatic Enrolment criteria can be a drain on staff resources, but that’s where we are here to help. ...
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An introduction to workplace pensions  In a nutshell, workplace pensions are designed to help workers in the UK save more money for retirement. A successful workplace pension encourages greater financial freedom when an individual decides to leave the workplace.  In most cases, a percentage of salary is automatically placed into a pension scheme every payday,...
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