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I have been offered a benefit within my new contract This…

I have been offered a...
I have been offered a benefit within my new contractThis benefit is taxable but exempt from NI deductions.Please note that from 6 April 2018, the cash equivalent of the benefit or expense will be added to your pay and will be taxed via payroll. Therefore, the Company will stop processing P11D starting 2018/2019 tax year.i can choose to pay in up to 12K a year into this scheme and a box reduces my annual residual salary by 12Kwill my P60 state my salary for the year was what it was originally or originally minus 12K ?
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Answered in 19 hours by:
3/15/2018
Michelle-mod
Michelle-mod, Moderator
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Customer reply replied 6 months ago
continue please
JimLawyer
JimLawyer, Solicitor
Category: UK Law
Satisfied Customers: 1,050
Experience: Senior Associate Solicitor
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Hello and thanks for the question.

May I ask what the 12K asset is? In any event, the P60 will show up the salary plus 12K asset - it is a benefit of your employment which is taxed and as such will be on the P60 (it will not show the salary minus 12K).

Kind regards,

J

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Customer reply replied 6 months ago
it is a saving scheme for vouchers, which can be spent on holidays, food, electronics etc.
i presume when it states my 'residual' salary drops by a corresponding amount to that put into these vouchers that simple means i have less money to spend not that my salary actually drops.
would that be a correct understanding ?
it seems to be a tax efficient scheme where you sacrifice salary and you end up with a lower net figure at the end of the month on your payslip.For example, say a net monthly salary is usually £3900 but with travel vouchers worth £250, those are a benefit and taxed out of gross salary, but the net comes out at £3750 per month, so you get the benefit of £250 but only take a £150 hit.Does this make sense?
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the P60 would show your usual salary plus the benefits received during employment for the tax year
JimLawyer
JimLawyer, Solicitor
Category: UK Law
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