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EMPLOYEE BENEFITS DEDUCTIONS

BENEFITS AND DEDUCTIONS

For employees that meet the requirements to pay off their student loans, certain deductions have to be made to their pay slip, these must be calculated correctly with every payment, which can be especially complicated with un-fixed hours. Certain statutory payments also have to be calculated on the payroll and staying on top of this is very important. Professional payroll accountancy services can be of great assistance when it comes to calculating what you need to pay and what needs to be deducted, saving you both time and resources.

TAX EFFICIENT BENEFITS

Although the majority of employee benefits are now taxable, there remain a number of tax-planning opportunities such as employers’pension contributions, share schemes, car parking facilities, uniforms and some childcare benefits. Business expenses paid by employees may be repaid without any NI or tax, however proper records must be maintained and the employee must not be making any profit from the transaction. Directors, too, can benefit from non-taxable benefits like employing a spouse, accepting payment in dividends and Entrepreneurs’ Relief which is available on capital gains. Though it’s possible to deal with employee benefits yourself, it can be time consuming, difficult and stressful, taking you away from the important matter of running your business. Here are some of the advantages of outsourcing to us:

• A streamlined process thanks to our expertise in this area
• Increased efficiency for your company
• Improved accuracy – as experts we can ensure that all forms are correctly completed

Contact us today and find out more about how we can ease your accountancy burden.

Advice for Employee Benefits Deductions

Employee benefits deductions add further complication to NI and tax considerations for your company. It’s imperative to ensure that your company’s payroll system can deal effectively and accurately with employee benefits as regulations are in place to ensure that the majority of employee benefits are now taxable. Whether you are providing employees with benefit in kind or have concerns over correct PAYE tax returns, employee tax or national insurance contributions, our expert team of tax accountants can advise you on the right processes and ensure that you always have the correct forms filled out and sent off. We can advice on 

  • Taxable Benefits for PAYE
  • Tax Free Benefits Advice
  • PAYE Compliance for Benefits
  • Student loans, SMP, SAP, SSP, SPP

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