Salary sacrifice

CiaranHanna1971

As an employer I want to provide as best I can for my employees. We already have salary sacrifice for pension and cycle to work. What other salary sacrifice options do people avail of and think beneficial. As a small employer we can facilitate anything which is beneficial as the admin burden isn’t excessive.  I’m looking into the EV salary sacrifice scheme currently to role out. I also noticed a grocery SS scheme and gym membership but they did appear to good to be true which raised a red flag. 

Thanks for help. 

Isthisforreal99

Surely that is a question for your accountant/tax advisor.

Many of these schemes being sold are going to result in a nasty shock to the employer and employee.

The EV scheme is fine as far as HMRC goes but generally they are not the best value - compare the deals to what an individual could get and the salary sacrifice option isn't so appealing.

Plus, who knows what Novembers budget will bring.

silvercar

Ask your employees for suggestions.

Health insurance seems an obvious one to add to your potential list. But the demographics of your staff will determine whether they think it’s an attractive benefit.

zagfles

Sal sac for most things doesn't save the employee any tax, it just saves them NI. Exceptions are stuff like pensions, childcare etc. The rules changed in 2017 such that the employee is taxed on the greater of the salary given up and the BIK value. See https://www.gov.uk/guidance/salary-sacrifice-and-the-effects-on-paye 

flaneurs_lobster

silvercar said:

Ask your employees for suggestions.

Health insurance seems an obvious one to add to your potential list. But the demographics of your staff will determine whether they think it’s an attractive benefit.

Employer-sponsored PHI schemes tend not to offer much cost benefit over those available to individuals unless employees number in the hundreds or your demographic is of fit under-25 year olds (exactly as @silvercar alludes, people not likely to find it attractive).

HedgehogRulez

Give your employees the Er NI saving from pension contributions 

CiaranHanna1971

Thanks for the comments. We already provide private medical insurance, death in service insurance, income protection insurance, dental plan, optical plan, flexible pension arrangements, enhanced holiday allocation, flexible working, cycle to work scheme and starting the EV scheme. Childcare scheme can be easily accommodated if and when required.  Sounds like we’ve most things covered. Thanks. 

flaneurs_lobster

CiaranHanna1971 said:

Thanks for the comments. We already provide private medical insurance, death in service insurance, income protection insurance, dental plan, optical plan, flexible pension arrangements, enhanced holiday allocation, flexible working, cycle to work scheme and starting the EV scheme. Childcare scheme can be easily accommodated if and when required.  Sounds like we’ve most things covered. Thanks. 

I want to work for you. 

Albermarle

CiaranHanna1971 said:

Thanks for the comments. We already provide private medical insurance, death in service insurance, income protection insurance, dental plan, optical plan, flexible pension arrangements, enhanced holiday allocation, flexible working, cycle to work scheme and starting the EV scheme. Childcare scheme can be easily accommodated if and when required.  Sounds like we’ve most things covered. Thanks. 

I guess you have pretty low staff turnover !