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Title: How and Why Employee Benefits are a must for todays workers! View count: 4063 Rating: 4.975 (40 ratings) Description: http://www.tarpon-uk.com/?WT.mc_id=ON_V_YouTube 0845 643 1580 This presentation is designed to help understand the importance of employee benefits in the work place today. For a free salary calculation please visit http://www.tarpon-uk.com/salary_calculator/index.aspx Tarpon is an employment benefits company which offers contractors a tax-efficient payroll service. We are experts at giving impartial tax advice. We'll claim up to 100% of your expenses back for you. And we'll provide you with a personal business manager to handle both your admin and your invoicing. Plus many additional benefits making contracting more rewarding. Employment, what to look for? Nowadays it is not just what the employee has to offer, any good employer will make sure it's employees are well looked after and able to benefit from better perks and increased tax savings. There are many ways an employer can benefit its employees, from salary sacrifice schemes to corporate affiliations to give its employees discounts on products and services. You should choose an employer that can offer you the best employee benefits package. What is salary sacrifice? A salary sacrifice is when an employee agrees to give up part of his/her payment under their contract of employment. Usually, the sacrifice is made in return for some form of non-cash benefit The sacrifice is achieved by agreeing to amendments to the employee's terms and conditions of employment relating to payments. For example, if an employee's current contract calculates to an annual payment of £40,000 a year with no benefits. The employee can agree that they will be paid £37,084 a year and receive 12 childcare vouchers, each with a face value of £243 Salary sacrifice can come in many forms, here are some examples: Childcare vouchers: An Employee can claim up to £243, by voucher scheme, per month to cover all childcare costs. Annually this calculates to an estimated £1,900 saving in Tax and NI. Pensions: Employees can offset their monthly pension contributions as a salary sacrifice, therefore reducing the amount of Tax and NI payable. Mobile Phones The employer will issue the mobile and then the employee agrees a monthly amount to cover calls. For example, if the phone costs around £100 and the monthly costs are £50 (around £10 per week), the employee could save up to £290 per year. Eye Tests & Glasses If an employee works with a VDU on a daily basis, they can claim the cost of the eye test. The employee can also claim the cost of the glasses -- as long as they are for work use. Partnerships In addition to the salary sacrifice scheme any worthy employer will also build up corporate partnerships to further enhance the overall employee benefits package. These partnerships can be introduced as employee "perks" enabling the employee to again benefit from discounts on sales and services from various suppliers. Some examples of this would be; high street shop discounts, discounted insurances, corporate gym membership, leisure break deals, TV subscriptions and much, much more. Tags Jobs, Employment, Umbrella, tax, NI, LTD, PAYE, Inland Revenue, Budget, HMRC, Recruitment Agencies, Contractor, Finance, legislation Tags: employment, tax, ni, paye, inland, revenue, budget, hmrc, recruitment, agencies, contractor, finance, job, cv, search, advice, help, work, Author: TarponLtd |
