Deadline: Annual reporting for employee share and share option plans by 6 July 2021 … Read more
As well as the devastating loss of loved ones, COVID-19 has led to a fall in the value of assets, which may lead to excessive Inheritance Tax (IHT) liabilities. … Read more
We'll explain the HMRC consultation and provide guidance on how businesses should respond. … Read more
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enquiries@buzzacott.co.uk T +44 (0)20 7556 1200
Click here to read our latest National Living/Minimum Wage article where Samantha Newton provides figures for 2020 and shares what businesses should be wary of.
The National Living/Minimum Wage is a statutory requirement for a minimum hourly wage to be payable to workers in the United Kingdom. The Government asked the Low Pay Commission to make recommendations for the National Living/Minimum Wage and are set as high as possible without causing unemployment effects.
The Low Pay Commission has recommended that:
Buzzacott’s Troncmaster team have been looking back at past year rises and this year’s rise exceeds the average increase over the last five years:
Mark Taylor, Head of Buzzacott’s Troncmaster team, commented “While the figures for the National Living Wage for Over 25’s break the £8 per hour limit for the first time, allocations from tronc schemes cannot count towards the National Living/Minimum Wage. We would not advocate any employer covering the National Living/Minimum Wage rise by with-holding and utilising service charge monies that would ordinarily be made available for allocation through a tronc scheme”.
Choosing Buzzacott as your independent troncmaster relieves your staff of the administrative burden of running the tronc. Our troncs safeguard our clients from HMRC challenge, are completely transparent, fully conform with HMRC’s requirements, provide exemption from NICs and offer significant savings to employers and staff.
For further information regarding tronc schemes or the article above, please contact Mark Taylor on +44 (0)20 7556 1243 or alternatively, please complete the form below:
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Click here to read our latest National Living/Minimum Wage article where Samantha Newton provides figures for 2020 and shares what businesses should be wary of.
The National Living/Minimum Wage is a statutory requirement for a minimum hourly wage to be payable to workers in the United Kingdom. The Government asked the Low Pay Commission to make recommendations for the National Living/Minimum Wage and are set as high as possible without causing unemployment effects.
The Low Pay Commission has recommended that:
Buzzacott’s Troncmaster team have been looking back at past year rises and this year’s rise exceeds the average increase over the last five years:
Mark Taylor, Head of Buzzacott’s Troncmaster team, commented “While the figures for the National Living Wage for Over 25’s break the £8 per hour limit for the first time, allocations from tronc schemes cannot count towards the National Living/Minimum Wage. We would not advocate any employer covering the National Living/Minimum Wage rise by with-holding and utilising service charge monies that would ordinarily be made available for allocation through a tronc scheme”.
Choosing Buzzacott as your independent troncmaster relieves your staff of the administrative burden of running the tronc. Our troncs safeguard our clients from HMRC challenge, are completely transparent, fully conform with HMRC’s requirements, provide exemption from NICs and offer significant savings to employers and staff.
For further information regarding tronc schemes or the article above, please contact Mark Taylor on +44 (0)20 7556 1243 or alternatively, please complete the form below:
A tronc, also known as a tronc scheme or tronc system, is a special payment arrangement that lets businesses fairly distribute staff tips, gratuities and service charges given by customers.
A tronc system managed by an independent troncmaster provides an exemption from National Insurance Contributions, offers significant savings to employers and staff, and ensures transparency across tipping.
For all you need to know about tronc schemes and to download our FAQ guide, click below.
Running a tronc scheme
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Mark Taylor
19 February 2020
2 November 2018
HR in hospitality: are you covered?
Contact us
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