Nick Bate, managing director of VMC comments: “VMC are at the forefront of ground breaking technology in the cashless market, our R&D team have invested a significant amount of time evaluating the Salary Sacrifice scheme from both the Inland revenue and client perspectives. We are incredibly excited by the Salary Sacrifice product, which was extremely well received at the show.

“Merrill Lynch one of the world’s leading financial management companies has just installed our cashless payment system with Salary Sacrifice. It was a spectacular coup for us and we are rolling the programme out across their six sites in the UK and Ireland in the coming months.”

Salary Sacrifice is a tax efficient way of an employer opting into a company benefit, such as catering and vending. Put in simple terms, Salary Sacrifice is a set amount of annual salary forfeited in return for a staff benefit from the employer thereby ‘saving’ the Income Tax and National Insurance that would otherwise be paid on the income.

VMC’s Metro system is an ideal tool to manage Salary Sacrifice schemes as it gives out the entitlement to benefits in a controlled way. It can ensure that non-eligible purchases are automatically excluded from the scheme (e.g. by barring purchases of ineligible products by the Salary Sacrifice purse) avoiding potentially expensive and aggravating claims for back tax on the employee and employer.

Nick concluded: “We have invested heavily in R&D which has allowed us to create a complete cashless environment, we have made it our mission to embrace new technology and we are now reaping the rewards.”

For further details on Salary Sacrifice contact: 01926 816400 or visit www.vmcltd.co.uk

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