Trivial Benefits: Tax-free ways to thank loyal staff and boost morale
With the challenges of the past few months, margins may be tight for many.
However staff are arguably more in need of a pat on the back than ever before, and a little investment in this area can go an extremely long way in terms of employee morale, engagement and long-term productivity.
There is an existing legislation from HMRC that means that businesses can reward staff without feeling it in the pocket. Indeed, for rewards worth up to 50, the HMRC Trivial Benefits exemption allows employers toreward their staff without incurring additional costs, to help save on the things that matter most.
?At a time when staff are more in need of a pat in the back than ever, it is crucial for businesses to take every chance they can to show how much they appreciate the hard work of their team, ” said?Gift Card & Voucher Association?(GCVA) director general Gail Cohen. “HMRC’s Trivial Benefits exemption is an effective, and often-overlooked platform for businesses to take advantage of, allowing companies to thank their staff without impacting their bottom line.”
Praseeda Nair is the editorial director of Business Advice, and its sister publication for growing businesses, Real Business. She's an impassioned advocate for women in leadership, and likes to profile business owners, advisors and experts in the field of entrepreneurship and management.