Sorry. You need to upgrade your browser

You are using Internet Explorer 8

This is considered an out of date browser. This website has been developed with modern browsers in mind to allow it to display at its best in a wide variety of viewing situations - including mobile viewing. But we haven't supported older browsers like IE8. Please upgrade to the latest version of Internet Explorer - or try Mozilla Firefox or Google Chrome. Both are excellent browsers.

Thank you.

Chartered Certified Accountants
and Business Advisors

01530 267320

Salary Sacrifice – Existing Schemes Safe for Now!

From the 6th April 2017, HMRC reported that the tax and NI advantages would stop for most salary sacrifice schemes.  This was to be enforced for new and most existing schemes. However, HMRC have issued new guidance following the Autumn Statement saying that there will be limited protection for some existing schemes.

HMRC says that the new rules will affect types of salary sacrifice schemes differently:

  • Pensions, pension advice, childcare, cycle to work and ultra-low emission cars will be exempt.
  • All arrangements in place before April 2017 will be protected for up to a year.
  • Arrangements in place before April 2017 for cars, accommodation & school fees will be protected for up to 4 years.

These amendments will allow employers to phase out or negotiate with their employees the terms of the salary sacrifice schemes.  Now is a good time to start planning ahead and talking to our employees

If you would like further advice on salary sacrifice schemes, please contact the team on 01530 267 320 or email info@senceaccounting.co.uk

01 Mar 2017

« Back to latest news

Latest news

What you need to know when your Company is Dormant...

A dormant company is not accountable for corporation tax purposes. There is no need to let Companies House know that you...

Click to read more >

Sence Alphabet

Do you know your Sence Alphabet? Annual Accounts Bookkeeping Compliant Digital ...

Click to read more >

VAT on hotel deposits

When you book a stay at a hotel for business use you usually have to put a deposit down at the time of booking, however,...

Click to read more >

Is it a Car or is it a Van?

The argument about whether a vehicle is a company car or van is back. It’s the differential in tax payable on company ...

Click to read more >

Teachers to have loans reimbursed

The government have now published details of how teachers in shortage subjects in certain parts of the country will be a...

Click to read more >

Tax and Paid Carers

When you foster children your local council will give you payments. HMRC treats paid foster and other carers as running ...

Click to read more >

Can a director be paid before trade begins?

New Companies often incur start-up costs before they begin trading. But… is it sensible from a tax and NI point of vie...

Click to read more >

Vat when incorporating your business

The motive for incorporating a business, that is working through a company instead of being self-employed or in partners...

Click to read more >

How can we help?

 

Submit

Testimonial

Sence are approachable and happy to take my call, they listen to me, and my concerns no matter how small.

Jacqui Williams
Tip Top Hair Design

Click to read the full testimonial >