Right now, you pay National Insurance contributions on your employees’ gross salary and, then, contribute to their workplace pension as well. Your employees also contribute to their pension and National Insurance record.
But in a Salary Exchange scheme – or Salary Sacrifice scheme – both you and your employees could pay less National Insurance contributions.
How?
In a Salary Exchange scheme, the employee agrees to give up a portion of their salary for a non-cash benefit. This is usually for increased pension contributions. What happens next is that:
This means more cash in your employees’ pockets each month, potentially more pension in their pot and more cash left in your business.
That’s a lot of mores.
See the savings your company could make tomorrow with our Salary Exchange simulator.
Salary Exchange – or Salary Sacrifice – is a simple, administrative change to how your company manages workplace pensions. It costs the business nothing. It reduces your tax liability and is an easy way to help staff boost their pension savings.
Salary Exchange delivers value to businesses and staff. But the admin and the shift to this scheme can be complex. With Husky, it’s easy to make this win-win shift to Salary Exchange.
The entire Salary Exchange process with Husky is automated. You and your employees don’t have to do anything, just press a button and sign the agreement.
See how we implement Salary Exchange for you.
It is a zero-cost employee benefit that puts more in the pockets of businesses and staff. Husky unlocks the benefits of Salary Sacrifice helping employers and employees save more.
Reduced tax and NICs.
This cost-effective agreement reduces the employee’s annual salary. Income tax and NICs are then calculated on lower earnings, allowing you and your staff to keep more and save more.
Boosted business savings.
Paying less NICs to your employee’s record means more business savings for you.
Boosted pension pot.
You could boost your employee’s pot by adding your business savings to their pension. Salary Sacrifice becomes a valuable workplace benefit when employers boost their staff’s pensions.
Increased employee satisfaction.
Salary Sacrifice is a zero-cost employee benefit. It increases employee satisfaction and retention.
Instant tax relief.
Basic earners get instant tax relief but high-earners have to claim back the extra 20%-25% tax themselves. We take the extra work off your plate by setting up Salary Exchange and giving all earners instant tax relief.
Email hello@huskyfinance.com
Phone 0800 044 8114