Every business and everyone's income needs are different and it is important that this is reflected in your remuneration planning.
It is vital when running your business that you structure the extraction of your profits in an effective manner, but equally as important is the provision of a tax efficient remuneration scheme which will help you to attract and retain staff.
In an increasingly competitive labour market, offering a remuneration package which meets the expectations of your current and future employees has never been so important. Providing company cars, benefits in kind, salary sacrifice arrangements and child care vouchers are all important ways in which you can offer remuneration for staff in a way which is tax efficient for both them and you.
Our team of experienced tax advisers can help you to mitigate your Income Tax, National Insurance and PAYE exposure, assisting the cash flow of your business.
There are a number of ways in which you can plan for remuneration, whether you are operating a large organisation or a small limited company. Through careful consideration of options such as extraction by way of dividend can maximise tax efficiencies, but equally will require detailed planning if you are to meet your obligations for ongoing National Insurance contributions, national minimum wage regulations and tax liabilities, whether this is through PAYE or by Self-Assessment. This can also have an impact on Corporation Tax Relief.
Our teams have a wealth of experiencing in helping clients to navigate through the tax system. By taking the time to understand your business we can identify ways in which you can maximise available tax reliefs and Government approved schemes, whilst ensuring that you are meeting your obligations to both HMRC and your staff.
In addition to providing advice and guidance on tax issues regarding remuneration, our Employee Benefits and Reward service can support you in building a package which provides your staff with an incentive at an affordable cost.