Staff benefits can play a major part in attracting talent to your business and help make your company stand out as a place where employees are nurtured. These perks can range from medical insurance and company cars to interest-free loans and help with transport or childcare costs.
As well as helping to attract and retain the best people, the benefit to your company can be marked. Health screening, for example, can provide a range of tests and checks which not only monitor the health of your workforce, but assist in preventing future illnesses and reduce sickness and absentee levels.
A recent survey stated that jobseekers actively search for an attractive benefits package, and that 69% of employees would work harder if they felt their efforts were more appreciated. The same survey found that nearly 50% would leave their current job for one with better benefits.
However, providing taxable benefits comes with the inevitable additional administration.
What needs to be done?
HMRC legislation changes regularly and employers are responsible for both detailing and paying taxes on these benefits as part of PAYE. Your business will need to provide dates and details of every expense, and keep a close track of all the receipts and other paperwork, as well as any information needed to calculate the amounts you put on your end-of-year P11D and P11D(b) forms.
We’re here to help
Here at AMR, our expert Bookkeeping Service can manage all your company’s employee benefit records, by keeping track of receipts and expense payments and providing reports on a weekly, monthly or quarterly basis. Our Payroll Service can organise employee benefits through the PAYE system. Get in touch with our friendly and helpful team, and find out how we can help to administer your employee benefits package, and leave you free to concentrate on running your business.
