Image copyright Science Photo Library Many employee benefit schemes, such as mobile phone and gym membership contracts, are to lose their tax relief status from April next year.
As part of his Autumn Statement, Chancellor Philip Hammond described them as “unfair”.
Known as “salary sacrifice” schemes, they allow employees to give up part of their salary for a non-cash benefit.
This means overall pay is lower, so employees pay less tax and national insurance.
However, schemes covering pensions, child care, ultra-low emission cars and cycling to work will be exempt from the changes.
The Reward and Employee Benefits Association (Reba) said the move would affect lower paid earners the most, and argued that there was not enough time to prepare for the change.
“It will be the "just about managing" employees which will be most affected by no longer having access to so many health and wellbeing benefits and mobile phones,” said Debi O"Donovan, director at Reba.
“While the Rewar..
Read More
ليست هناك تعليقات:
إرسال تعليق