Your Business Magazine 2022 - 137

YOUR BUSINESS _ 2022
ou may have heard of salary sacrifi ce, a more
tax-effi cient way for you and your employees
to contribute to workplace benefi ts. Its positive
impact comes from the fact that money comes out
of the employees' salary before national insurance is levied.
The government currently allows for national insurance
exemptions on contributions to pension schemes, pensions
advice, workplace nurseries, childcare vouchers, and
bicycles/cycling safety equipment.
How salary sacrifi ce cuts costs
The imminent April 2022 rise in national insurance
contributions means higher costs for you and your employees.
" Running a salary sacrifi ce scheme can be a great way to
mitigate this increase, and switching your workplace pension
arrangement is the perfect way to accomplish this without
needing to set up a brand new benefi t, " says Sahil Sethi,
co-founder of money-saving fi nancial wellbeing platform
Maji. " You'll save 15.05% of the pension contribution of each
employee who opts in - and your employees can take home
up to an extra 13.25% of their contribution amount, too. "
Read on for the lowdown on what salary sacrifi ce means,
and how to make the switch.
How does a salary sacrifi ce
pension scheme work?
Salary sacrifi ce is the most tax-effi cient way for you and
your employees to pay into their pension. It's such a win-win
that 85% of very large companies are using the scheme.
" A DIGITAL SOLUTION LIKE
MAJI MAKES IT EASY AND
ENGAGING FOR YOU AND
YOUR EMPLOYEES TO SWITCH
TO A SALARY SACRIFICE
PENSION SCHEME WHILE
REMAINING COMPLIANT "
In a normal pension arrangement, you need to contribute
a minimum of 3% of an employee's qualifying earnings into
their workplace pension account and they make up the rest
to a minimum total contribution of 8%. With salary sacrifi ce,
the employee agrees that the employer will pay the total
contribution on their behalf. In return, they exchange
- or " sacrifi ce " - a portion of their salary equivalent to
their usual contribution.
The result is that the employee's pension contribution is
deducted before national insurance is taken. This means both
the employee and employer stop paying national insurance
on the portion of the salary that is the employee's pension
contribution. That's a saving of 15.05% of the contribution
amount for the employer (from April), and 3.25% to 13.25%
for the employee depending on their tax bracket.
It's a simple administrative change that saves both you and
your employees money. Any workplace pension scheme can be
Tech company Sigma has
50 employees earning
an average salary of
£45,000, making pension
contributions of 5% on a
basis of qualifying earnings.
By switching to salary
sacrifi ce, Sigma will save
15.05% of the total value
of employee pension
contributions because
they won't have to pay
national insurance on this
sum. So Sigma stands to
save £14,583 right away.
And if employees raise
their pension contributions
by 4%, Sigma can save
£26,250 each year!
Lower-rate taxpayers
working at Sigma will
reduce their national
insurance by £257, and
higher-rate taxpayers
an extra £67. So the
increase in national
insurance is not as steep
with salary sacrifi ce.
converted to a salary sacrifi ce arrangement, so you don't even
need to change your provider.
How do I switch to a salary sacrifi ce
pension scheme?
" There are a number of statutory and legal requirements to
switching, " says Sahil. " You'll need to make sure you have
assessed your employees' eligibility, capped their possible
pension contributions, collected informed consent and made
contract changes. Plus, you'll need to store all your records.
" You can undertake this process manually using letters
and updating everyone's contract. The alternative is a digital
solution like Maji, which makes it easy and engaging for you
and your employees to switch while remaining compliant. Maji
can take care of the assessment, education, consent collection
and record-keeping. "
How do I make the most of a salary
sacrifi ce scheme?
When employees increase their pension contributions, your
savings on national insurance increase. So, helping your staff
build their fi nancial wellbeing and save more for tomorrow can
help you maximise the impact of your switchover.
A digital fi nancial wellbeing tool like Maji supports employees
in raising their contributions and planning for tomorrow, with a
fi nancial healthcheck, pension dashboard, holistic fi nancial
planner and access to vetted fi nancial experts.
Y
For more information, visit maji.io
http://www.maji.io

Your Business Magazine 2022

Table of Contents for the Digital Edition of Your Business Magazine 2022

Your Business Magazine 2022 - 1
Your Business Magazine 2022 - 2
Your Business Magazine 2022 - 3
Your Business Magazine 2022 - 4
Your Business Magazine 2022 - 5
Your Business Magazine 2022 - 6
Your Business Magazine 2022 - 7
Your Business Magazine 2022 - 8
Your Business Magazine 2022 - 9
Your Business Magazine 2022 - 10
Your Business Magazine 2022 - 11
Your Business Magazine 2022 - 12
Your Business Magazine 2022 - 13
Your Business Magazine 2022 - 14
Your Business Magazine 2022 - 15
Your Business Magazine 2022 - 16
Your Business Magazine 2022 - 17
Your Business Magazine 2022 - 18
Your Business Magazine 2022 - 19
Your Business Magazine 2022 - 20
Your Business Magazine 2022 - 21
Your Business Magazine 2022 - 22
Your Business Magazine 2022 - 23
Your Business Magazine 2022 - 24
Your Business Magazine 2022 - 25
Your Business Magazine 2022 - 26
Your Business Magazine 2022 - 27
Your Business Magazine 2022 - 28
Your Business Magazine 2022 - 29
Your Business Magazine 2022 - 30
Your Business Magazine 2022 - 31
Your Business Magazine 2022 - 32
Your Business Magazine 2022 - 33
Your Business Magazine 2022 - 34
Your Business Magazine 2022 - 35
Your Business Magazine 2022 - 36
Your Business Magazine 2022 - 37
Your Business Magazine 2022 - 38
Your Business Magazine 2022 - 39
Your Business Magazine 2022 - 40
Your Business Magazine 2022 - 41
Your Business Magazine 2022 - 42
Your Business Magazine 2022 - 43
Your Business Magazine 2022 - 44
Your Business Magazine 2022 - 45
Your Business Magazine 2022 - 46
Your Business Magazine 2022 - 47
Your Business Magazine 2022 - 48
Your Business Magazine 2022 - 49
Your Business Magazine 2022 - 50
Your Business Magazine 2022 - 51
Your Business Magazine 2022 - 52
Your Business Magazine 2022 - 53
Your Business Magazine 2022 - 54
Your Business Magazine 2022 - 55
Your Business Magazine 2022 - 56
Your Business Magazine 2022 - 57
Your Business Magazine 2022 - 58
Your Business Magazine 2022 - 59
Your Business Magazine 2022 - 60
Your Business Magazine 2022 - 61
Your Business Magazine 2022 - 62
Your Business Magazine 2022 - 63
Your Business Magazine 2022 - 64
Your Business Magazine 2022 - 65
Your Business Magazine 2022 - 66
Your Business Magazine 2022 - 67
Your Business Magazine 2022 - 68
Your Business Magazine 2022 - 69
Your Business Magazine 2022 - 70
Your Business Magazine 2022 - 71
Your Business Magazine 2022 - 72
Your Business Magazine 2022 - 73
Your Business Magazine 2022 - 74
Your Business Magazine 2022 - 75
Your Business Magazine 2022 - 76
Your Business Magazine 2022 - 77
Your Business Magazine 2022 - 78
Your Business Magazine 2022 - 79
Your Business Magazine 2022 - 80
Your Business Magazine 2022 - 81
Your Business Magazine 2022 - 82
Your Business Magazine 2022 - 83
Your Business Magazine 2022 - 84
Your Business Magazine 2022 - 85
Your Business Magazine 2022 - 86
Your Business Magazine 2022 - 87
Your Business Magazine 2022 - 88
Your Business Magazine 2022 - 89
Your Business Magazine 2022 - 90
Your Business Magazine 2022 - 91
Your Business Magazine 2022 - 92
Your Business Magazine 2022 - 93
Your Business Magazine 2022 - 94
Your Business Magazine 2022 - 95
Your Business Magazine 2022 - 96
Your Business Magazine 2022 - 97
Your Business Magazine 2022 - 98
Your Business Magazine 2022 - 99
Your Business Magazine 2022 - 100
Your Business Magazine 2022 - 101
Your Business Magazine 2022 - 102
Your Business Magazine 2022 - 103
Your Business Magazine 2022 - 104
Your Business Magazine 2022 - 105
Your Business Magazine 2022 - 106
Your Business Magazine 2022 - 107
Your Business Magazine 2022 - 108
Your Business Magazine 2022 - 109
Your Business Magazine 2022 - 110
Your Business Magazine 2022 - 111
Your Business Magazine 2022 - 112
Your Business Magazine 2022 - 113
Your Business Magazine 2022 - 114
Your Business Magazine 2022 - 115
Your Business Magazine 2022 - 116
Your Business Magazine 2022 - 117
Your Business Magazine 2022 - 118
Your Business Magazine 2022 - 119
Your Business Magazine 2022 - 120
Your Business Magazine 2022 - 121
Your Business Magazine 2022 - 122
Your Business Magazine 2022 - 123
Your Business Magazine 2022 - 124
Your Business Magazine 2022 - 125
Your Business Magazine 2022 - 126
Your Business Magazine 2022 - 127
Your Business Magazine 2022 - 128
Your Business Magazine 2022 - 129
Your Business Magazine 2022 - 130
Your Business Magazine 2022 - 131
Your Business Magazine 2022 - 132
Your Business Magazine 2022 - 133
Your Business Magazine 2022 - 134
Your Business Magazine 2022 - 135
Your Business Magazine 2022 - 136
Your Business Magazine 2022 - 137
Your Business Magazine 2022 - 138
Your Business Magazine 2022 - 139
Your Business Magazine 2022 - 140
Your Business Magazine 2022 - 141
Your Business Magazine 2022 - 142
Your Business Magazine 2022 - 143
Your Business Magazine 2022 - 144
Your Business Magazine 2022 - 145
Your Business Magazine 2022 - 146
Your Business Magazine 2022 - 147
Your Business Magazine 2022 - 148
Your Business Magazine 2022 - 149
Your Business Magazine 2022 - 150
Your Business Magazine 2022 - 151
Your Business Magazine 2022 - 152
Your Business Magazine 2022 - 153
Your Business Magazine 2022 - 154
Your Business Magazine 2022 - 155
Your Business Magazine 2022 - 156
Your Business Magazine 2022 - 157
Your Business Magazine 2022 - 158
Your Business Magazine 2022 - 159
Your Business Magazine 2022 - 160
Your Business Magazine 2022 - 161
Your Business Magazine 2022 - 162
Your Business Magazine 2022 - 163
Your Business Magazine 2022 - 164
Your Business Magazine 2022 - 165
Your Business Magazine 2022 - 166
Your Business Magazine 2022 - 167
Your Business Magazine 2022 - 168
Your Business Magazine 2022 - 169
Your Business Magazine 2022 - 170
Your Business Magazine 2022 - 171
Your Business Magazine 2022 - 172
Your Business Magazine 2022 - 173
Your Business Magazine 2022 - 174
Your Business Magazine 2022 - 175
Your Business Magazine 2022 - 176
Your Business Magazine 2022 - 177
Your Business Magazine 2022 - 178
Your Business Magazine 2022 - 179
Your Business Magazine 2022 - 180
Your Business Magazine 2022 - 181
Your Business Magazine 2022 - 182
Your Business Magazine 2022 - 183
Your Business Magazine 2022 - 184
Your Business Magazine 2022 - 185
Your Business Magazine 2022 - 186
Your Business Magazine 2022 - 187
Your Business Magazine 2022 - 188
Your Business Magazine 2022 - 189
Your Business Magazine 2022 - 190
Your Business Magazine 2022 - 191
Your Business Magazine 2022 - 192
Your Business Magazine 2022 - 193
Your Business Magazine 2022 - 194
Your Business Magazine 2022 - 195
Your Business Magazine 2022 - 196
Your Business Magazine 2022 - 197
Your Business Magazine 2022 - 198
Your Business Magazine 2022 - 199
Your Business Magazine 2022 - 200
Your Business Magazine 2022 - 201
Your Business Magazine 2022 - 202
Your Business Magazine 2022 - 203
Your Business Magazine 2022 - 204
Your Business Magazine 2022 - 205
Your Business Magazine 2022 - 206
Your Business Magazine 2022 - 207
Your Business Magazine 2022 - 208
Your Business Magazine 2022 - 209
Your Business Magazine 2022 - 210
Your Business Magazine 2022 - 211
Your Business Magazine 2022 - 212
Your Business Magazine 2022 - 213
Your Business Magazine 2022 - 214
Your Business Magazine 2022 - 215
Your Business Magazine 2022 - 216
Your Business Magazine 2022 - 217
Your Business Magazine 2022 - 218
Your Business Magazine 2022 - 219
Your Business Magazine 2022 - 220
Your Business Magazine 2022 - 221
Your Business Magazine 2022 - 222
Your Business Magazine 2022 - 223
Your Business Magazine 2022 - 224
Your Business Magazine 2022 - 225
Your Business Magazine 2022 - 226
Your Business Magazine 2022 - 227
Your Business Magazine 2022 - 228
Your Business Magazine 2022 - 229
Your Business Magazine 2022 - 230
Your Business Magazine 2022 - 231
Your Business Magazine 2022 - 232
Your Business Magazine 2022 - 233
Your Business Magazine 2022 - 234
Your Business Magazine 2022 - 235
Your Business Magazine 2022 - 236
Your Business Magazine 2022 - 237
Your Business Magazine 2022 - 238
Your Business Magazine 2022 - 239
Your Business Magazine 2022 - 240
Your Business Magazine 2022 - 241
Your Business Magazine 2022 - 242
Your Business Magazine 2022 - 243
Your Business Magazine 2022 - 244
Your Business Magazine 2022 - 245
Your Business Magazine 2022 - 246
Your Business Magazine 2022 - 247
Your Business Magazine 2022 - 248
Your Business Magazine 2022 - 249
Your Business Magazine 2022 - 250
Your Business Magazine 2022 - 251
Your Business Magazine 2022 - 252
Your Business Magazine 2022 - 253
Your Business Magazine 2022 - 254
Your Business Magazine 2022 - 255
Your Business Magazine 2022 - 256
Your Business Magazine 2022 - 257
Your Business Magazine 2022 - 258
Your Business Magazine 2022 - 259
Your Business Magazine 2022 - 260
Your Business Magazine 2022 - 261
Your Business Magazine 2022 - 262
Your Business Magazine 2022 - 263
Your Business Magazine 2022 - 264
Your Business Magazine 2022 - 265
Your Business Magazine 2022 - 266
Your Business Magazine 2022 - 267
Your Business Magazine 2022 - 268
Your Business Magazine 2022 - 269
Your Business Magazine 2022 - 270
Your Business Magazine 2022 - 271
Your Business Magazine 2022 - 272
Your Business Magazine 2022 - 273
Your Business Magazine 2022 - 274
Your Business Magazine 2022 - 275
Your Business Magazine 2022 - 276
Your Business Magazine 2022 - 277
Your Business Magazine 2022 - 278
Your Business Magazine 2022 - 279
Your Business Magazine 2022 - 280
Your Business Magazine 2022 - 281
Your Business Magazine 2022 - 282
Your Business Magazine 2022 - 283
Your Business Magazine 2022 - 284
Your Business Magazine 2022 - 285
Your Business Magazine 2022 - 286
Your Business Magazine 2022 - 287
Your Business Magazine 2022 - 288
Your Business Magazine 2022 - 289
Your Business Magazine 2022 - 290
Your Business Magazine 2022 - 291
Your Business Magazine 2022 - 292
Your Business Magazine 2022 - 293
Your Business Magazine 2022 - 294
Your Business Magazine 2022 - 295
Your Business Magazine 2022 - 296
Your Business Magazine 2022 - 297
Your Business Magazine 2022 - 298
Your Business Magazine 2022 - 299
Your Business Magazine 2022 - 300
Your Business Magazine 2022 - 301
Your Business Magazine 2022 - 302
Your Business Magazine 2022 - 303
Your Business Magazine 2022 - 304
Your Business Magazine 2022 - 305
Your Business Magazine 2022 - 306
Your Business Magazine 2022 - 307
Your Business Magazine 2022 - 308
Your Business Magazine 2022 - 309
Your Business Magazine 2022 - 310
Your Business Magazine 2022 - 311
Your Business Magazine 2022 - 312
Your Business Magazine 2022 - 313
Your Business Magazine 2022 - 314
Your Business Magazine 2022 - 315
Your Business Magazine 2022 - 316
Your Business Magazine 2022 - 317
Your Business Magazine 2022 - 318
Your Business Magazine 2022 - 319
Your Business Magazine 2022 - 320
Your Business Magazine 2022 - 321
Your Business Magazine 2022 - 322
Your Business Magazine 2022 - 323
Your Business Magazine 2022 - 324
Your Business Magazine 2022 - 325
Your Business Magazine 2022 - 326
Your Business Magazine 2022 - 327
Your Business Magazine 2022 - 328
Your Business Magazine 2022 - 329
Your Business Magazine 2022 - 330
Your Business Magazine 2022 - 331
Your Business Magazine 2022 - 332
Your Business Magazine 2022 - 333
Your Business Magazine 2022 - 334
Your Business Magazine 2022 - 335
Your Business Magazine 2022 - 336
Your Business Magazine 2022 - 337
Your Business Magazine 2022 - 338
Your Business Magazine 2022 - 339
Your Business Magazine 2022 - 340
Your Business Magazine 2022 - 341
Your Business Magazine 2022 - 342
Your Business Magazine 2022 - 343
Your Business Magazine 2022 - 344
Your Business Magazine 2022 - 345
Your Business Magazine 2022 - 346
Your Business Magazine 2022 - 347
Your Business Magazine 2022 - 348
Your Business Magazine 2022 - 349
Your Business Magazine 2022 - 350
Your Business Magazine 2022 - 351
Your Business Magazine 2022 - 352
Your Business Magazine 2022 - 353
Your Business Magazine 2022 - 354
Your Business Magazine 2022 - 355
Your Business Magazine 2022 - 356
Your Business Magazine 2022 - 357
Your Business Magazine 2022 - 358
Your Business Magazine 2022 - 359
Your Business Magazine 2022 - 360
Your Business Magazine 2022 - 361
Your Business Magazine 2022 - 362
Your Business Magazine 2022 - 363
Your Business Magazine 2022 - 364
Your Business Magazine 2022 - 365
Your Business Magazine 2022 - 366
Your Business Magazine 2022 - 367
Your Business Magazine 2022 - 368
Your Business Magazine 2022 - 369
Your Business Magazine 2022 - 370
Your Business Magazine 2022 - 371
Your Business Magazine 2022 - 372
Your Business Magazine 2022 - 373
Your Business Magazine 2022 - 374
Your Business Magazine 2022 - 375
Your Business Magazine 2022 - 376
Your Business Magazine 2022 - 377
Your Business Magazine 2022 - 378
Your Business Magazine 2022 - 379
Your Business Magazine 2022 - 380
Your Business Magazine 2022 - 381
Your Business Magazine 2022 - 382
Your Business Magazine 2022 - 383
Your Business Magazine 2022 - 384
Your Business Magazine 2022 - 385
Your Business Magazine 2022 - 386
Your Business Magazine 2022 - 387
Your Business Magazine 2022 - 388
Your Business Magazine 2022 - 389
Your Business Magazine 2022 - 390
Your Business Magazine 2022 - 391
Your Business Magazine 2022 - 392
Your Business Magazine 2022 - 393
Your Business Magazine 2022 - 394
Your Business Magazine 2022 - 395
Your Business Magazine 2022 - 396
Your Business Magazine 2022 - 397
Your Business Magazine 2022 - 398
Your Business Magazine 2022 - 399
Your Business Magazine 2022 - 400
Your Business Magazine 2022 - 401
Your Business Magazine 2022 - 402
Your Business Magazine 2022 - 403
Your Business Magazine 2022 - 404
Your Business Magazine 2022 - 405
Your Business Magazine 2022 - 406
Your Business Magazine 2022 - 407
Your Business Magazine 2022 - 408
Your Business Magazine 2022 - 409
Your Business Magazine 2022 - 410
Your Business Magazine 2022 - 411
Your Business Magazine 2022 - 412
Your Business Magazine 2022 - 413
Your Business Magazine 2022 - 414
Your Business Magazine 2022 - 415
Your Business Magazine 2022 - 416
Your Business Magazine 2022 - 417
Your Business Magazine 2022 - 418
Your Business Magazine 2022 - 419
Your Business Magazine 2022 - 420
Your Business Magazine 2022 - 421
Your Business Magazine 2022 - 422
Your Business Magazine 2022 - 423
Your Business Magazine 2022 - 424
Your Business Magazine 2022 - 425
Your Business Magazine 2022 - 426
Your Business Magazine 2022 - 427
Your Business Magazine 2022 - 428
Your Business Magazine 2022 - 429
Your Business Magazine 2022 - 430
Your Business Magazine 2022 - 431
Your Business Magazine 2022 - 432
Your Business Magazine 2022 - 433
Your Business Magazine 2022 - 434
Your Business Magazine 2022 - 435
Your Business Magazine 2022 - 436
https://www.nxtbookmedia.com