Optional Remuneration Agreements - Past, Present & Future
It's just over 10 years since the use of salary sacrifice schemes (now called optional remuneration agreements) became part of mainstream remuneration planning when the government introduced a tax exemption for employer-supported childcare.
Since then hundreds of thousands of employers have implemented salary sacrifice or exchange to deliver employer NI savings and tax and NI savings for employees, and many more will for pensions as part of introduced restrictions on salary sacrifice (and even a new name of for it!) from April 2017.
However, optional remuneration arrangements (OpRAs) are still a vital recruitment and reward tool in respect of a whole range of benefits where the tax rules haven't changed. Equally managing four employee populations who will transition to the new tax treatment for certain benefits between April 2017 and 2021 is complex.
This course looks at both the benefits that can continue unchanged as well as the new rules, but crucially any OpRA must be compliant and cost effective for the organisation as well as employees.
It is aimed at payroll and HR managers and those responsible for reward policies.
What You Will Learn
This course will cover the following:
- Benefits-in kind that can be offered via an OpRA from April 2017
- Redrafting the contract to make it successful and effective
- Payroll process considerations
- Interaction with statutory payments
- In-year, and end of year, reporting to employees and HMRC
- The course will involve delegate interaction to consider a complex OpRA case study
Quick Quiz - Test Your Knowledge: Just click Payroll
2:00pm - 5:15pm
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