Salary Sacrifice funding options
If financial resources for education and training are not available have you considered use of Salary Sacrifice?
Example using basic rate of tax and standard NI contributions for 2011/12
Course fee £1,800.00 plus VAT
Tax 1800 x 20% = 360
NI 1800 x 12% = 216
Employers
NI 1800 X 13.8% = 243
(rounded up)
Employee savings = 576
Employer savings = 243
Total = 819
The tax and NI savings for one person are significant; however if you have a number of people wishing to study Salary Sacrifice could be the way to go! This scenario would assist both the employee and employer.
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