Wouldn’t it be great if you could do something extra to motivate and retain the key members of your team?
Something to give you the edge over your competitors and, at the same time, avoid paying tax and National Insurance.
There is a way.
In fact, there are several ways, all of which are completely legal and above board.
Some are simple (and inexpensive) to implement.
Others require more careful consideration and planning.
Over the next few weeks, we’ll outline a handful of initiatives that will work for you and your team; helping you grow and develop your business to make it even more successful.
We love this first strategy because the employee:-
- Doesn’t pay any Tax
- Doesn’t pay any National insurance
Not only that, any employer who adopts this method of rewarding their staff:-
- Doesn’t pay any National Insurance
- Gets FULL TAX RELIEF
We are talking about salary sacrifice and pensions.
Auto-enrolment is with us to stay and the contributions everyone (employers and employees alike) pay are continually increasing.
But, I ask, will those contributions really provide those people, who are instrumental in creating your wealth, with the attractive standard of lifestyle they deserve when they eventually decide to retire?
What, I ask, do the big corporate companies do for their employees?
Do they only pay 3% as their share of any pension contribution?
No; they pay a lot, lot more; and for a very good reason!
They do it to look after their highly trained, key players so that they stay with them longer by locking them into an overtly attractive pension regime; one that they would have difficulty in finding elsewhere.
Your people are as important to you as theirs are to them; maybe even more so!
That means, if it’s good enough for the big corporates, surely it’s good enough for your business
Salary sacrifice and pensions is relatively easy to implement and, if you consider introducing it at your company’s annual pay review time, you may even save money.
It’s important, we feel, that you at least take the time to carefully research salary sacrifice and pensions, most probably with the help of your accountant or financial adviser, to find out exactly what’s involved, consider its pros and cons and then assess whether it’s right for you.
After all, your team members deserve it and so do you.