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RETRIEVE QUOTEBenefits
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Company
Contributions are deductible for corporation tax purposes. They are not subject to withholding tax or payment on account.
An employee benefit which costs less than net salary.
The costs are known and controllable.
A factor in motivating, attracting and retaining staff.
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Employees
Vested rights owned by the employees.
Company contributions have a neutral effect on the employee’s taxable income and are not subject to withholding tax.
Each employee can set up their own savings plan, adding to the company’s contributions with voluntary contributions.
Voluntary contributions.
Tax deferral = lower effective tax rate.
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Self-employed with employees
Self-employed entrepreneurs who use the direct assessment scheme may deduct the following as expenses from their taxable income:
- Contributions allocated to their employees.
- They also may reduce their personal income tax liability through their own contributions to the plan.