Optional Remuneration Agreements - Past, Present & Future
It’s nearly 15 years since the use of salary sacrifice became part of mainstream remuneration planning when the government introduced a tax exemption for employer-supported childcare which has now of course been withdrawn for new joiners.
Over those 15 years, hundreds of thousands of employers have implemented salary sacrifice or exchange to deliver employer NI savings and tax and NI savings for employees.
From April 2017 there were significant process changes designed to ‘nudge’ employers to consider withdrawing offering benefits in kind this way, even a new name was introduced - optional remuneration arrangements.
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
Please let us know if you wish to be notified.
Please let us know if you wish to be notified when new dates are added for this programme