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When Employees Pay Less than the NIC

Arrangements for pension-related salary sacrifice have become common over the years. They benefit employers and employees alike; however, certain measures should be taken into account when making the arrangements for protection.Bonus or salary sacrifice arrangements changed in April 2017. However, arrangements related to pensions and related advice, cycle-to-work and childcare under employer support were exempt from the changes.

This course covers salary sacrifices associated with pension contributions.Firstly, we define the term salary sacrifice and illustrate how it works. The course states various tax-exempted benefits that can also be used with the arrangement. Next, it explains in detail how salary sacrifice can benefit both employers and employees. It also covers how the arrangement can impact other employee benefits.The course goes on to explain the role of employee agreement or consent in salary sacrifice. It explains the role of the employer and employee in implementing salary sacrifice and what usually happens. The role of HMRC and pension scheme trustees are also covered. Finally, we provide information on defined contribution and personal pension and how it can be used with the arrangement.

You Will Learn:

  • The meaning of salary sacrifice
  • The benefits of salary sacrifice to employers
  • The benefit of salary sacrifice to employees
  • How salary sacrifice affects other employee benefits
  • The role of employers and employees in the agreement
  • The support that HMRC and pension scheme trustees provide
  • How defined contribution and personal pension are used with the arrangement

Benefits of Taking the Course:

    • Taking this course will help you understand:
    • Salary sacrifice: what it is and what is used for
    • How employers and employees benefit from salary sacrifice
    • How you can benefit from salary sacrifice
    • How employees pay less than the NIC
    • How you can reduce PAYE tax or benefit from tax relief
    • The role that HMRC and pension scheme trustees play in salary sacrifice
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