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As an employer, you are responsible for withholding various taxes from employees’ wages. After you subtract all of the taxes and other deductions, money left over is considered take-homepay. Read on to learn more about what is take-homepay and how to calculate it. What is takehomepay?
At its core, a workplace pension is a retirement savings plan organised by an employer for the benefit of their employees, who also contribute to the pension. As of 2012, the introduction of auto-enrolment mandates all employers to provide a workplace pension. Net Pay contributions from your employees is deducted before tax.
This means people can earn £12,500 tax-free, and only start paying tax on income over that amount. However, if they have any other form of income, get benefits-in-kind from their employer (health insurance, life insurance or a company vehicle etc) or claim tax relief for any other reason, it will affect this tax code. Pension payments.
As an employer, you’re obliged to provide your staff with a workplace pension – a mandate made compulsory by the UK government in 2012. The required minimum contribution is set at 8%, typically comprising of a 3% contribution by the employer and a 5% contribution by the employee. Is your provider helping with this?
If you’ve been reading here for a while, you’ll recall that we’ve talked a lot about how millennials and the new generation Z (which includes those born between 1996 and 2012) are poised to transform the work place with their command of all things tech and desire to make the world a better place.
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