Since the Autumn Budget, there has been a dramatic increase in inquiries about salary sacrifice arrangements as businesses seek strategies to manage rising National Insurance contributions. Industry experts like Wes Wilkes from IronMarket report a surge in demand for guidance and support on implementing salary sacrifice schemes to maintain employee benefits while offsetting costs. Both Sam Newton and Anita Wright emphasize the underutilization of salary sacrifice among SME owners and the potential savings it offers, advocating for greater awareness and proactive communication with clients to leverage these opportunities effectively.
Salary sacrifice enquiries have gone parabolic since the Autumn Budget. We've been rushed off our feet running clinics, webinars and workshops.
A surprisingly high number of business owners do not know the option is available, or how potentially powerful a tool it is.
Salary sacrifice reduces the NI contributions that employers pay on their employees' salaries, currently set at 13.8%. While I have not yet seen significant interest from my clients, I will be proactive.
We plan to make good use of Salary Sacrifice internally too, where we are projecting to save around 22% of the increased costs.
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