Salary Sacrifice Nhs Car
The scheme is a car lease scheme and is designed to allow employees to access a car of their choice at a very attractive price. The last NHS organisation I worked for was discouraging staff from having lease cars funded this way.
Salary Sacrifice
Salary sacrifice schemes are HMRC and VAT compliant.
Salary sacrifice nhs car. If you pay your staff less than the national minimum wage or national living wage for employees over the age of 25 you must make up any shortfall. Salary sacrifice schemes have the potential to reduce staff earnings to below the appropriate minimum income. Within the UHB we have a number of salary sacrifice schemes such as the new lease car scheme childcare vouchers and bikes.
In practice this means that the individual is. Not only can you get a new car but there is no deposit to pay and all the main running costs including road tax insurance breakdown cover servicing and maintenance are included in. This will presumably mean that the salary sacrifice amount will be deemed outside the scope of VAT rather than a taxable supply.
We have been informed that following consultation HMRC are looking to apply this rule to NHS bodies making cars available to staff under a salary sacrifice agreement. Some of the quotes for electric cars for example with zero BIK benefit in kind tax appear very favourable but it is. If you are a high earner or will be a high earner in the future in the NHS pension scheme there may be a significant extra cost to consider.
Last year the Upper Tribunal UT found in favour of Northumbria Healthcare NHS Foundation Trust that the provision of lease cars to NHS employees including employees of other Trusts under salary sacrifice was not a business activity for VAT purposes. Additionally the company may also benefit from reduced National Insurance contribution payments. We work with hundreds of organisations from large utilities to the National Health Service to offer employees a benefit-rich salary sacrifice car scheme.
So the headline of getting a 990 per month car for 495 per month after salary sacrifice may come with a huge tax sting in the tail. As part of these schemes the individual gives up some of their contractual entitlement to cash earnings in return for non cash benefits. HMRC appealed to the Court of Appeal CoA arguing that that the supply of the car under salary sacrifice arrangements was an.
Fleet Solutions offer the leading salary sacrifice lease car scheme for the NHS and other public sector organisations Surplus income remains within the public sector Over 75000 vehicles ordered Over 15 years experience. Its a totally simple idea your employees can choose to use some of their salary before its taxed in exchange for the use of a brand new car. The Salary Sacrifice arrangements will last for an agreed period specified in your Variation of Contract.
To get more information or apply for a quote please visit wwwgmpdrivercarecouk or email. The legislative changes come into effect from April 6 2017 for. The Trust is able to lease cars cheaply under public sector leasing agreements and it offers car leasing to employees of public sector organisations under back-to-back leasing arrangements.
Eligible employees see above for eligibility have the option to lease environmentally friendly cars with maintenance tax and insurance all included in the monthly payment from GMP Drivercare. By entering into a salary sacrifice scheme if you are in the new NHS pension scheme ie 2015 it will impact negatively on the NHS pension you will be entitled to. Starting with the basics car salary sacrifice schemes mean you exchange some of your pre-tax salary for the benefit of a car instead.
The car lease scheme helps us to support staff in their role of providing a high. SCROLL TO HERE FOR SHORTCUT To calculate. Guidance on NHS car leasing and salary sacrifice Calculating the value of leasing a car can be complicated.
Salary sacrifice car schemes are fully HM Revenue Customs HMRC approved. A Salary Sacrifice is an arrangement where an employee agrees to receive a Revised Basic Salary and the Trust provides the use of the car including all servicing maintenance road fund licence and insurance premium. The Northumbria Healthcare NHS Trust the Trust provides its employees with motor cars as part of a Salary Sacrifice scheme.
Every salary sacrifice scheme has potential implications for staff within the NHS Pension Scheme as explained within the brochure and in the documents below. Weve thought of absolutely everything to protect you against the cost of employees going on maternity. Salary Sacrifice Schemes Pension Implications.
You may be fined up to 20000 by HMRC for each non-compliant employee. A salary sacrifice scheme allows employers to offer employees a new car at a lower cost with a tax-efficient payment method. Staff should obtain Independent Financial Advice regarding the effect any salary sacrifice arrangement may have on individual pension entitlements before entering into the Car Lease Scheme.
I have a privately leased car. Car Lease Scheme A new salary sacrifice scheme is being launched by NHS Wales Shared Services Partnership NWSSP.
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