Salary Sacrifice examples
In a Salary Sacrifice scheme (or Salary Exchange), the employee agrees to give up part of their gross salary for a non-cash benefit. This scheme is mostly known to boost employees’ pension pots It has many benefits, for both employees and employers. If you’re an employee, Salary Sacrifice: reduces your Income tax and NICsincreases your...
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Employer pension contributions
Employers pay into your pension the set minimum contributions required by law, or more if they wish so. This requirement is set by the Government for any workplace pension. Your pension contributions depend on your pension plan’s earnings basis, and are based on:  your qualifying earnings.Or your pensionable earnings. If employers don’t calculate contributions based...
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payroll for small businesses
Every business with employees handles payroll, some outsource this task and some manage it internally. Payroll is often offered as part of accounting and bookkeeping packages, but Husky focuses solely on payroll and pension. Payroll is not a simple task but a process that involves keeping track of working hours, calculating employee payments and paying...
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defined contributions
A defined contribution pension is a type of private pension used in a workplace pension or a personal one. Private pensions can be defined benefit or defined contribution pension plans. The amount an employee will get on their retirement in a defined benefit pension is based on their salary whereas the pension income one gets...
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There are important changes coming up in the next tax year, starting on the 6th of April 2022.  National Insurance thresholds are changing.National Insurance rates are increasing. The National Minimum wage is increasing.  We’ll discuss these changes further down as they are relevant to payroll and workplace pensions. National Insurance changes After the 6th of April...
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benefits of salary sacrifice
Salary Sacrifice or Salary Exchange is an arrangement between the employer and the employee, where the employee agrees to give up a portion of their salary for a non-cash benefit. A non-cash benefit could include an electric car, a bike, employer-provided childcare among other benefits. Most people sacrifice their salary for pension contributions. The portion...
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defined benefit pension
It is important that people are aware of the type of workplace pension pot they’re saving in because a defined contribution pension scheme is different to a defined benefit one. A defined benefit pension guarantees a stable retirement income for life and it’s based on: the employee’s final salary or an average salary throughout their...
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Tax traps and how to transform them
Article written by Matt Coppin, Wealth Management Adviser There are situations in which the UK’s complex tax system leaves employees paying very different percentages of the tax burden. We have highlighted below three common examples: The personal allowance 60% tax trap if you are earning £100,000+ Most people have a tax-free personal allowance of £12,570,...
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Payroll is one of the most important aspects of running a business. You need to pay your employees their salary and on time. It is not an easy task for anyone as there are regulations that need to be followed diligently, and it needs to be accurate as any tax mistake could have an impact...
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Outsourcing payroll: what you need to know Payroll is the process of ensuring your employees get paid on time and the right salary, as well as deducting the right amount from their pay for tax and pension purposes. It is very common for business owners to outsource their payroll to their accountants and expert payroll...
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