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3 Tax Tips For You and Your Employees

Posted by Ben Williams on Tue, Jan 31, 2012 @ 04:23 AM
  
  
  
  
  
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It is expensive hiring staff, we get that. It’s one of the main reasons a lot of small businesses leave it until the last possible moment to hire someone. The reason for this blog post is to try and help you make it a little less expensive to hire an employee, and get the helping hand that you need. 

1 - Are you certain that you make the most of tax-free benefits in kind for your 

staff? Some of the possibilities include:  

• Providing mobile phones (no more than one per employee) 

• Giving them luncheon vouchers 

• Subsidising certain forms of transport to and from work – including bus fares. 

Tax Tips, Tax tips and advice, Tax Tips UK, 3 Tax Tips, Employee Tax Tips, Employment Tax

• Providing workplace nurseries and crèches 

• Sporting and recreational facilities 

• Health checks 

• Childcare vouchers 

• Paying relocation expenses 

• Up to £150 per person per year for staff parties

• Making cash awards for contributions to a staff suggestion scheme

• Allowing staff to use pool cars for business purposes 

• Paying staff an extra 5p a mile if they use their own car to take fellow employees on the same business trip 

• Providing company bicycles  

• And even … paying employees up to 20p a mile when they use their personal bicycles on business journeys! (or up to 24p a mile if they use their personal motorbike) … and providing free meals and refreshments to encourage employees to take part in official cycle to work days.  


Tip – This area can be a real minefield. Many businesses have unexpectedly found themselves with very expensive tax and National Insurance bills for people they thought were contractors and/or freelancers – but the Taxman regarded as employees.  2 - If you use contract workers or freelancers, have you made absolutely sure that the Taxman has no grounds for treating them as your employees?  

3 - Have you looked into whether it is possible to cut your costs and improve your cashflow by paying your PAYE and National Insurance quarterly instead of monthly?  

Tip – This is possible if your monthly PAYE and NIC payments are less than £1,500 

The most important thing with hiring employees is knowing the law & legislation – if you are caught on the wrong side of this, it really can cost you a fortune.

For more tips like these, download our free eBook ‘Keepers Tax Tips For You and Your Employees’.

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