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Posts in Jobs

Minimum Auto Enrolment Pension Contribution Increases

March 12th, 2019 Posted by Business, Employment, Jobs 0 thoughts on “Minimum Auto Enrolment Pension Contribution Increases”

AUTOMATIC ENROLMENT PENSIONS

MINIMUM CONTRIBUTION INCREASES FROM 6 APRIL 2019

With effect from 6 April 2019, the minimum automatic enrolment contributions are:

                              Employer minimum contribution 3%

                              Employee minimum contribution 5%*

*Employee contributions are effectively 4% after 20% tax relief.

As an employer, if you do not comply The Pensions Regulator will issue statutory notices, followed by penalty notices.  Deliberately failing to enrol eligible employees and knowingly including false information on your declarations are criminal offences.   For more detailed information on auto enrolment responsibilities and penalties go to The Pension Regulator.

As always, please contact us if you require more information.

Tax Free Benefits for Employees and Directors

February 11th, 2019 Posted by Accountancy, Business, Employment, HMRC, Jobs, Tax 0 thoughts on “Tax Free Benefits for Employees and Directors”
  • Interest free or low interest loans to the value of no more than £10,000 in the tax year
  • Relocation payments and expenses to the value of £8,000
  • Vouchers and gifts to the value of £50 (capped at £300 per annum for a director)
  • Staff entertaining, ie Christmas or summary party – up to £150 inc VAT a head
  • Up to £500 of independent pension advice
  • Employer’s contributions to an employee’s pension scheme
  • One health screening check-up and one health medical assessment
  • £4 a week for employees who regularly work from home
  • Long service awards for 20 years’ service of up £50 a year
  • Award schemes (ie staff suggestion scheme) generally exempt to a maximum of £5000
  • Provision of one mobile phone
  • Work related training
  • Onsite sports facilities/gym
  • Onsite parking facilities
  • Season ticket for a nearby public car park
  • Cycling safety equipment and storage (as long as the employee cycles to work)
  • Onsite childcare/nursery

The above list is not exhaustive, however these are the most common occurring items.  Often with the tax free benefits there are caveats attached to enable the benefit to be tax-free.  If you are unsure as to whether something is a taxable benefit or not, please get in touch and we can help guide you.

 

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