What is Salary Sacrifice?
The idea behind salary sacrifice is quite simple. An employee agrees to give up part of their salary and, in return, the employer gives a non-cash benefit. The chosen benefit could be childcare vouchers, increased pension contributions or a bicycle for cycling to work, to name a few.
Depending on the tax status of the non-cash benefit, employees may save National Insurance, Income tax or both. Savings for employers are possible too. Contact us on 0800 652 4745 for more details on how a salary sacrifice scheme can help your business, or to arrange a free demonstration.