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Salary Exchange

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How salary exchange (salary sacrifice) can be good for you and your employees.

Salary Exchange (sometimes referred to as Salary Sacrifice) is a mechanism which enables employees to forego future salary on the agreement that the values given up are paid as additional employer pension contributions. This method provides savings in both types of National Insurance (Corporate and Personal) and provides employees with immediate income tax savings at their highest rate.

The table below indicates the savings that can be achieved based on an employee exchanging 4% of their salary for Pension contributions.

Gross salary £30,000 £60,000 £110,000
Salary ‘exchanged’ (at 4%) £1,200 £2,400 £4,400
Corporate National Insurance saving £180 £360 £660
Personal National Insurance saving £159 £48 £88
Personal Income tax saving £240 £960 £2,640
Total amalgamated saving £516 £1,368 £3,388

Figures correct as at March 2021 (and are subject to Government budgetary changes).

If you would like to discuss your needs or review any aspects of your Corporate arrangements, please contact Nick Young at nyoung@jmurray.co.uk

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Est. 1986

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WHAT OUR CLIENTS ARE SAYING

Happy clients are the bedrock of any business and ours is no exception.

My wife and I have been personal clients of JMA for all it’s 25 years. The cyclical nature of our economy has meant several periods of national financial turbulence and anxiety. Such a long association has enabled the soundness of the advice given, to be demonstrated by the performance achieved.

 

 

Trevor Phillips, Surrey

 

Having been badly let down by our previous adviser, and lost a lot of money because of his unprofessional self-interest, we were determined to appoint financial advisers who could provide a flexible service tailored to our individual needs. JMA have exceeded our expectations in all respects.

 

 

Bill & Sue Colledge, Surrey

 

 

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