Changes to tax-free childcare

There are changes to tax-free childcare later this year which will affect millions of working parents. Time is running out for parents wanting to join Childcare Voucher schemes (CV) as after 4.10.18, such schemes will be closed to new parents. The government has been phasing in the new tax-free childcare scheme as a replacement for vouchers. However, parents can only … Read More

Optional Remuneration – major changes for employers ahead

From April 2017, where optional remuneration benefits are provided to an employee, many employers (and employees) are likely to find their tax & NIC bills increase due to new rules. These changes were only recently published in the draft Finance Bill 2017 and are not well known to most employers. The changes relate to two specific areas, namely salary sacrifice … Read More

Autumn Statement 2015 – future measures

Future Measures…… Moving forward to the Budget 2016 and the various consultations in place here are some of the items we expect to see: Salary Sacrifice – Further consultation is being sought to assess what action can be taken to combat the rise in use of these arrangements. Pension Tax Relief – We expect to see further restrictions on pension … Read More

Salary sacrifice – are you missing out on tax breaks?

Recent findings suggest that millions of taxpayers are missing out on tax savings as they’re unaware of their entitlement to ‘salary sacrifice schemes’. What is it? Salary sacrifice happens when an employee gives up the right to part of their salary or bonus due under their employment contract. A non-cash equivalent is taken instead and the act of doing so … Read More

Cycle to work scheme – could it work for your business?

The cycle to work scheme was introduced over 10 years ago, allowing employees to purchase cycles and cycling equipment as a tax-free benefit. The scheme is open to all employers who must make the scheme available to all employees generally, with no groups excluded, in order to qualify for the tax exemptions. There are different rules for the self employed. There is … Read More