As the cost of living hits hard for employees; salaries increasing and recruitment becoming harder for small business owners. Here’s a few top tips to help your team and you as a business owner to support them:-
Trivial Benefits
- ‘Trivial benefits’ are tax free benefits you can pass on to your team and yourself as Director
- Each benefit must be no more than £50
- Can be anything so such things as:-
- Shopping/gift vouchers
- Alcohol / Food treats
- Hampers
- Health and wellbeing gifts
- Cannot be cash nor vouchers which can be exchanged for cash
- There is no cap annually for employees
- Directors are capped at £300 in the personal tax year
Mobile phones
- Each employee is entitled to a company mobile phone
- Tax Free
- Saves your employee the expense
- Can cost as little as £40 a month for you as an employer
Christmas/Team annual event
- One team annual event is tax free each year
- Capped at £150 (inc VAT) per head
- This can be say Christmas party/night out or a summer celebration
Award Scheme
- Staff suggestion schemes such as:-
- Best work process improvement award
- Best social media post
- Best customer delivery
- Best sustainability idea
- Up to £5000 award tax fee and sooo motivational !
Pension Advice
- Get an pension adviser in for your team to give them free advice and look at their existing pensions
- As an employer you pay up to £500 per head – tax free for your employees.
- Completely under-utilised by employers
- Employees really appreciation this
Work Place Parking
- On site parking is completely tax free
- Also a season ticket at a public car park close to the office
Personal/Professional Development
- Any work related training is tax free
Pension Contributions
- Increasing employer pension contributions into employees and directors registered pension schemes