Employee Tax Clinics
86% admit to doing nothing to reduce their tax burden
The Financial Times recently conducted a survey of 2,000 UK adults to establish reactions to income tax increases effective 6th April 2010. Effective income tax rates will increase to as much as 60% for those with total taxable income of £100,000 or more.
Key points of the research:
- 33% of those aged between 18-34 would consider using salary sacrifice to reduce their tax bill
- 25% of those polled would consider using salary sacrifice (29% of males)
- 86% admit to doing nothing to reduce their tax burden
- 30% have cut down on spending to prepare for a drop in net income
- £9bn is set to be wasted in unnecessary tax payments by Britons this year
Whilst it is widely accepted that employers are not responsible for managing employee tax affairs, many of the individuals most affected by these changes are key employees who would welcome steps put in place by their employer to inform and educate them as well as highlighting the tax-efficient benefits and simple planning steps which can be used to reduce the impact.
EBS has been delivering individual and group tax clinics in tandem with employers and are already receiving positive feedback from employees and employers alike.
One of the organisations to use our service was SAP (UK) who told us: “Thanks for delivering the tax clinics, I have to say that ultimately demand far exceeded our initial expectations so we are glad that we made these available to our people. Thanks also for delivering what was ultimately very complex & not great news for some people in a simple and pragmatic manner.”
To find out how we can help you support your employees please get in touch.
An initial meeting is free of obligation and conducted at our expense. Click on the images to access our summary guides.
