[seɪv æz juː ɜːn (ɛs-eɪ-waɪ-iː)]
Save As You Earn (SAYE) is a scheme that allows individuals to buy shares in their company for a fixed price, and also receive a tax-free bonus.
Save As You Earn (SAYE) is a savings scheme in the United Kingdom which allows Employees to buy shares in the company at a fixed price. It was introduced to encourage employees to save more and provide them with an incentive to work on growing the company they work for.
The scheme allows an individual to save up to £500 a month. At the end of the savings contract, which is typically 3-5 years, employees are entitled to use the savings to buy shares in the company.
This scheme is popular as there are many tax benefits associated with it. Firstly, the interest and any bonus given at the end of the scheme is tax-free. Also, the employee is not required to pay Income Tax or National Insurance on the difference between what they paid and what the shares are worth.
Capital Gains tax may be owed when shares are sold but can be avoided if the shares are transferred to an ISA within 90 days of the scheme ending, or a Pension directly when the scheme ends.
January 31st is the deadline for submitting 2022/23 tax returns. It's a good idea to complete your tax return ahead of this deadline to avoid mistakes and potential penalties. This article shows why its a good idea to submit your tax return early and how Earnr can help you if you are stuck.
Read more.webp)
We recently introduced our newest addition to the Earnr team; our AI chat bot, Earnr AI. In this article we put Earnr AI to the test and asked it why you should use Earnr as your tax companion, bookkeeping tool and tax return assistant. Read it's excellent response!
Read more
The festive period is often thought of as the busiest time of the year with the run up to Christmas and New Year. Whilst this period can feel hectic at times, it can also be seen as the perfect time to complete your tax return. In this article we explain why this Christmas time is the best time to submit your 22/23 tax return.
Read more