WHAT WE DO

PARIS & PARKS

 provides a service that helps make paying people more efficient either by improving compliance and so reducing risk and liability, assisting with delivery of tax efficient remuneration or reviewing and improving efficiency of the function.

Yvette Lamidey, founder
of Paris & Parks, is a consultant to, and for, the Institute of Payroll Professionals.      [more]

LATEST NEWS

ON-LINE FILING
Latest advice on handling your on-line filing.


PAYROLL PANIC
In a bid to increase on-line submission of Payroll and other returns, the HMCR helped with last years submissions. But don't expect Mr Helpful this year...

CASE STUDIES

EXPENSES SOLUTION
How Paris & Parks helped a major high street retail company to put in an expenses management solution for all its businesses.

REGISTER

Join the Paris & Parks mailing list for occasional news and updates for HR and Payroll professionals.

We will not pass on your details to third parties.

   

 

  

TAX EFFICIENT BENEFITS

Why Wouldn't You Embrace Tax Efficient Benefits?

It should be a no-brainer but the fact is organisations have to think long and hard before introducing some tax efficient benefits. Constant messing with the tax system makes some changes in your remuneration packages inevitable. Often, those are the changes that impact your staff in a negative way.

The reason that many employers keep changes to an absolute minimum is because:
- Staff can be suspicious or cynical of changes to their packages even when the full ramifications of change leave the real value of a package the same or slightly better. The natural presumption of staff is that changes are often being done to save money, not improve benefits.
- Implementation of change means substantial additional work for the Payroll Department, getting Board approval, notifying staff, signing-up, registrations processes, Revenue negotiations and clarifications, updating the payroll system, other system changes, additional year-end work, handling enquiries - and then there's all the compliance....
- All this extra work's got to be expensive and, chances are, your payroll department look one look and said "it's not cost effective".

So, changes are kept to a minimum. It's a hot potato. Period.

21st Century Employers Need to Embrace Tax Efficient Benefits

Just because it's hard, doesn't mean it's not absolutely essential. The workforce is much more mobile and they are more able to compare packages now than ever before. This is especially true of your managers, key players and within graduate recruitment. Don't forget, most industries release yearly summaries of what employees should expect in all grades of employment. If SwanMarch Inc offers a non-contributory pensions scheme, a car – perhaps through a car ownership scheme, salary sacrifice and tax-efficient charitable schemes for all grade IIs, then you'll look like a cheap 19th century employer if you don't. In the Information Age, remunerations schemes are now more transparent and comparable than ever before. Graduates are especially good at mining HR companies for their remuneration comparisons.

Competition is not just about your products, it's about your work-force. If this is not a driving mantra within your HR/Payroll departments, it needs to be.

Time to Review Your Tax Efficient Benefits

When was the last time you sat down with senior management to determine:

• What type of benefits your competition offers?
• What set of benefits you need to have available as incentives?
• The relevance and relative importance of each type of benefit?
• The real costs of each benefit and how tax breaks might apply?
• Whether the system you had in place for managing payroll and benefit provision has been the most efficient and cost-effective?
• How much money could be shaved off the payroll budget by moving to more tax-efficient benefit schemes/better benefit provision vehicles?

If you can honestly say you've done all of the above in the last 12 months, then DON'T READ ON!

Strategic Review and Implementation of Payroll Package Improvements

This is where Paris & Parks comes in. We've spent years specialising in providing strategic reviews of corporate payroll policy and provision. We'll conduct a review of where you are and provide a cogent, straight-forward summary of where improvements need to be made and how best to go about doing it. We'll identify the costs and savings. We'll prepare decision documents for the Board to ensure informed approval is managed quickly. And we'll even oversee the implementation of changes, if required.

Call us today to arrange a meeting: 01672 511 606.



Also See:
Reducing Running Costs, Payroll Software, Reducing Audit Costs, Compliance Audits