National Insurance contributions on most employees' earnings rise from 11% to 12% next April and for those earning more than £43,888 a year from 1% to 2% on everything above that. So consider what you can "buy direct from your gross salary", says Ian Cowie in The Daily Telegraph.
Top-up pension payments are an obvious, but by no means only, use of salary sacrifice. Salary sacrifice can also buy childcare vouchers, lease cars for yourself and family members, and pay for medical insurance, or even a holiday.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Alternatively, why not just buy yourself an extra week's holiday from your employer? suggests Richard Mannion of Smith & Williamson.
-
Reeves calls on regulator to investigate steep private dental chargesThe chancellor has asked the Competition and Markets Authority (CMA) to look into the high costs of dental treatment amid concerns over rising prices which essentially locks people out of the system
-
What adds value to buy-to-let properties? Four home improvement ideasRenovations to your property could boost its value. We look at how much improvements could boost your buy-to-let by.
