In this day and age childcare is becoming increasingly expensive and so any savings that can be made will be a welcome relief to your employees. By offering your staff child tax credits they will be able to save money on their childcare and also choose the best kind of care for their children. Offering these tax credits will help to create a family-friendly working environment as well, and reduce absenteeism due to childcare responsibilities.
Salary sacrifice is one of the most popular options for childcare benefits and gives your employees the chance to receive a maximum of £55 per week (£243 per month) in childcare vouchers. Because the cost of these vouchers is deducted from your employees’ wage they won’t have to pay any tax or National Insurance contributions on them, meaning there are savings to be made of up to £920 per year for those paying the standard tax rate, or £610 for those on the higher tax rate.
In order to be eligible for this system your employees’ children need up be up to 15 years old, or 16 if they are disabled, and they must have parental responsibility for them (this does not mean they need to live with them). The vouchers must also be used for childcare.
To find out more, call 0800 458 7929 to arrange a meeting with a local Account Manager.
Cycle to Work scheme
The Halfords Cycle to Work scheme is one of the most popular flexible benefits available and can give your employees the help they need to switch to an environmentally-friendly travel method that can reduce travel costs and improve fitness.
The Cycle to Work scheme provides your employees with huge discounts off brand new bikes, with each employee able to spend up to £1,000. If any of your employees are interested in the idea they will need to sign a contract with you stating that they agree to a small salary reduction for 12 or 18 months in order to repay the full cost of the discounted bike, with payments being free from Tax and National Insurance. This allows your employees to get the best bikes and bike accessories on the market without having to pay for them in one lump sum.
Call 0800 458 7929 to learn more about the scheme and to set up yours today. At The Co-operative Flexible Benefits we also work in partnership with Grace Consulting to provide family care advice for your employees’ elderly loved ones. Along with this, we have nationwide childcare nurseries and community legal services such as Will Writing, Probate and Estate Management provided by Co-operative Legal Services. To help your employees to start increasing their savings, talk to us about our work with The Co-operative Bank to bring your workforce competitive bank accounts, or consider our phone deals, cheap broadband and energy options to give your employees a number of perks to their job.
The Co-operative Flexible Benefits is part of The Midcounties Co-operative family and works to allow you access to some of the best benefits available, so you can give your employees everything they need to stay happy in their jobs. We provide a range of products from childcare vouchers to a cycle to work scheme to give your employees the push to get active.