As an employer, particularly in difficult economic times, it is essential that you retain your key staff and attract the best new staff to your business.
Quality people look for more than just the average pay and conditions when choosing where to work. We can help you ensure you’re offering the best in terms of incentives to promote your business over your competitors.
The following are a sample of the types of incentives we advise on and implement. The list is not exhaustive and there are many more tax and National Insurance advantaged payments you can make to staff. Call Rose Duly to find out more.
Beneficial loans – non-interest bearing or low interest bearing loans made to staff incur an income tax charge and also an employer charge to National Insurance, however with clever planning you can ensure that the tax/NIC costs are kept to a minimum. This is extremely useful for directors of company’s who use their company as a personal bank account.
Childcare vouchers – the first £55 per week of childcare costs can be provided tax and National Insurance free by an employer to staff with a relevant child in certain childcare provision. We take the headache out of you working out who qualifies and implement the scheme for you.
Company car vs mileage allowance – one of the most complex areas of employee benefits, we’ll help you through the maze and assess the cheapest options in terms of tax and National Insurance.
Computer equipment and broadband use at home – a small employer National Insurance charge is made where the employer provides computer equipment to home workers and pays for the use of broadband at the employee’s home.
Employee Share Options schemes – aimed at retaining key senior staff to a final trade sale or flotation. We provide advice on and can fully implement Enterprise Management Incentives (EMI) share schemes. This type of share scheme allows tax advantaged shares to be issued by the company or existing shareholders to key staff, either on result of personal performance targets or at the date of sale/floatation. We facilitate agreement with HMRC to share value, share scheme rules, option agreements, exercise documents and offer a full dialog on behalf of the client company to its staff to ensure a smooth understating of the share option process.
Parties for staff – do you know you can provide an annual party for staff tax and National insurance free if the cost is under £150 per head?
Pension – if you thought company cars were a mine field, they’re a walk in the park compared to employee pensions. Stake holder pensions, Small Self Administered Schemes (SSAS), Self Invested Personal Pension (SIPP), Employer Financed Retirement Benefits Scheme (EFRBS), employee contributory or not?
We provide complete tax and National Insurance advice and help you understand the jargon. As we are not Financial Planners nor regulated by the Financial Services Authority we cannot implement a regulated pension scheme (we do however implement non regulated EFRBS), and so would bring in the most suitable of our IFA strategic partners to implement your final choice.