“KMA GOLDMINE TV EPISODE 34 – Tax Efficient Rewards for You & Your Employees”

In this video Kim talks about how you can reward your staff in a tax advantageous way.

Hi, it’s Kim here from KMA Accountancy. I was talking to a client recently who wanted to reward a staff member and they didn’t appreciate that there was a way of doing it that was advantageous for them and the employee. So, I thought it’d be a really good idea to talk about it because I didn’t appreciate that a lot of people don’t know about this.

It’s called the Financial Benefit Award and you can pay your employee up to £5,000. It’s exempt from tax and national insurance for your employee. So, it’s a great way of saying thank you for a really good suggestion. There are obviously, as you’d expect, some criteria that you have to meet.

Firstly, it has to be open to all employees. It has to be for something that the employee would not be expected to do as part of their normal day to day work. It also can’t come about as a result of having a meeting where you are looking at new ideas.

So, this might be a way of rewarding loyalty, if you’ve got a particularly great team member who’s really forward thinking and proactive and always coming up with suggestions, then this could be a way of rewarding them and saying thank you. They’ll really thank you for it because, obviously, up to £5,000 is not to be sniffed at.

I hope that’s been helpful for you.

So that’s it for now, from Kim at KMA Accountancy.

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KMA Goldmine TV Episode 34

That’s it for this week’s edition of KMA Goldmine TV until next week.

If we can help with anything included in this edition or if you’d like to talk to us about anything Accountancy or Business Development, please get in touch.

Call us now on 0161 410 0020.

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