There are probably tax qualified people on here who can give you specific mechanisms depending on the type of company, types of share schemes, whether you have a role as Director with shares etc.
But as a general rule of thumb - compensation in whatever form is taxable. So whether you get paid in salary or as benefit in kind - most forms of compensation creates a tax liability for you. The major exception to that is employers contribution to a pension scheme. If you are able to defer the income, maximising the employer contribution is the best as it is in effect tax free to you (until you draw it down of course). The second best is your contribution to the pension. The tax break for you is related to income (and age) - the higher your basic salary, the more you can contribute. And as far as I know, most non-cash benefits are excluded from this calculation. So if you were in a position to max out pension contribution, you would prefer a higher "salary" calculation rather than non-salary benefits
The profit share scheme - I don't know if it can be structured in a tax efficient way. That's needs expertise. But my assumption would be that it would be viewed as a bonus - so no tax benefit. Other than that, there may be some benefits which could be worth considering - health insurance is efficient I think. Also a small annual payment can be made as a gift (e.g. vouchers at Christmas I think).