During last week’s mini-Budget, The Chancellor, Kwasi Kwarteng made extensive changes to taxation.
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What can you do to help your employees? Handy tips to help them cope with the cost of living crisis
With the ongoing cost of living crisis, people are continually looking for ways to save money.
Whilst buying discounted food, choosing cheaper brands of clothing, or strategically filling the car up are all ways you can cut costs, there are several other ways to save money.
There is also the question of what employers can do to help their staff.
Many employers have already made a “cost of living” payment, intended to help their employees through the current economic crisis.
This might not be viable for all businesses, but there are other ways to help your employees.
We’ll discuss some of how employers can help their employees, covering things like the provision of mobile phones, cycle-to-work schemes, tax relief, and vouchers.
Ways to help your employees
Many organisations are also feeling the impact of the cost of living crisis, so simply offering a pay rise to your staff might not be viable.
However, suitable alternatives can be found which will indirectly help your staff, including:
- Cycle to work scheme: In short, an employer buys a bike for their employee to ride to work. It is paid for through salary sacrifice over some time.
- Vouchers: These can be for numerous purposes, including food shopping or childcare.
- Provision of a mobile phone: To claim tax relief on a mobile phone, employers can set up a contract between their business and the service provider.
Being proactive in signposting employees to tax relief they could be eligible for is also a great way to support them.
There are also numerous tax-efficient benefits including:
- Health screening and medical check-ups, up to one a year
- Annual dinner and Christmas parties for staff as long as the cost per head does not exceed £150pa. This cost for all staff functions must be aggregated.
What is tax relief?
Put simply, tax relief is a reduction in the amount of tax you have to pay.
It is important to note that the amount of tax relief you are entitled to will not be the same as the total amount of expenses you have claimed for.
This is because tax relief is based on your tax rate.
Individuals looking for ways to save money should check if they can make an expenses claim.
This can be done via the gov.uk website.
If you need advice on tax relief, contact us today.
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