How does an employee’s personal finances affect your business?

As we’ve frequently referenced in previous insights, an employee’s mental health can have a significant influence on their performance and behaviour at work and one of the biggest issues affecting an individual’s emotional wellbeing is their financial situation. There is often a link between someone struggling with money and poor mental wellbeing and if an […]

Workplace Stress Research

Half of UK employees lose sleep over work, with workplace stress leading to more drinking and smoking 51% of employees lose sleep worrying about their job or work related concerns Lack of healthy work/life balance a factor: 41% stay up late or get up early to check work emails A third (34%) of employees who […]

Salary Sacrifice Changes – 6th April 2017

What is salary sacrifice? Many employers give staff the option to swap a part of their wage in return for a non-cash benefit. As a result of having a lower salary, employees pay less income tax and make lower National Insurance contributions. Likewise, employers save on National Insurance as this is linked to salary. Why […]

Auto Enrolment Contribution Phasing Dates

The new regulations, that confirmed the change of dates from which the auto enrolment minimum contribution increases need to occur, have now been passed by Parliament. The minimum required contributions and effective dates are detailed below: Phasing dates Qualifying Earnings Basis Tier 1 Tier 2 Tier 3 Staging Date – 5th April 2018 2% (of which 1% employer) […]

Auto Re-Enrolment: The Basics

What is it? Automatic re-enrolment occurs every 3 years and repeats the duties you carried out on your Staging Date. You must ensure all your eligible staff who are not active members of a Qualifying Workplace Pension Scheme (QWPS) with at least the minimum levels of contributions are re-enrolled back into your scheme.  What you […]

Trust Based Pension Schemes & the Chair’s Statement

We have received an increasing number of questions regarding the Chair’s statement for trust based Occupational Pension Scheme. Below are brief answers to some of those initial questions. It is not designed as an exhaustive briefing document and for further detailed information and specific advice please contact us on 01883 332260. Who has to comply? Trustees of Trust […]

Impact of the changes to Employment and Support Allowance (ESA)

The Government has announced with effect from 6th April 2017 that they are reducing the Employment and Support Allowance (ESA). ESA is paid to individuals by the state if they are unable to work due to illness or injury after they have been absent for 28 weeks. There are currently three levels of benefit, paid […]

Insurance Premium Tax……Time to act?

In a move that could increase the Treasury’s annual revenue by up to £1.75 billion, the Chancellor announced in the Summer Budget that the standard rate of UK Insurance Premium Tax (IPT) will increase from 6% to 9.5% from 1st November 2015. IPT is a tax on general insurance premiums and there are two rates: […]

Pension Wise

It’s surprising that given the number of changes that have been made to UK pensions in the last 18 months, there are still so many people still do not know what Pension Wise is, who it’s for, or what it does. Pension Wise is the Government’s free, impartial retirement guidance service that’s open to everyone […]