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Technology salary sacrifice
Locornwall
Posts: 356 Forumite
in Cutting tax
I have several salary sacrifice schemes at work, which I would like to pay off early. I was wondering if there are any tax implications? Would there be any difference to me paying them off this tax year or waiting until April and paying them off then?
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Comments
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Sorry, I couldn't understand your question.
Why do you need to pay a salary sacrifice scheme off? In my understanding, you can't owe a salary sacrifice scheme, because the sacrificed part is taken from your unpaid gross salary before your employer pays you what has left after tax, NI, etc.0 -
It’s a technology sacrifice scheme in which I hire technology equipment from my employer. Effectively I pay them a monthly amount over a 3 year period and at the end i believe I can either dispose of the items or hand them back. The employer buys the items outright from the supplier beforehand. I have the option of paying the balance owed early, The amount is taken out pre tax therefore i was wondering if there would be any tax implications if I pay the balance now or wait until the new tax year?0
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Thanks for the clarification. Unfortunately I don't know enough to answer your question.
I've looked on the internet and found this page explaining salary sacrifice scheme, and at the bottom of that page it says
So I think the best course of action is to discuss this with your employer's relevant department.As there are so many salary sacrifice schemes and different terms and conditions, we advise you check with your employer’s benefits or human resources team (or dedicated intranet websites, if available) whether there are any additional benefits and risks associated with belonging to these schemes.0
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