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 most employee benefits are now taxable.
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For employees that meet the requirements to pay off their student loans, certain deductions have to be made to their payslip; 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 calculating what you need to pay and what needs to be deducted, saving you both time and resources.
Advice For Employee Benefits Deductions
Although most employee benefits are now taxable, there remain many tax-planning opportunities such as employer pension contributions, share schemes, car parking facilities, uniforms and some childcare benefits. Employees’ business expenses may be repaid without any NI or tax; however, proper records must be maintained. 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
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