The Government has annouced a 4 week delay to step 3, meaning it is expected to move to step 4 on 19/07/21 now instead of today. Hopefully, if we remain vigilant then step 4 may be brought forward.
We are all wanting a return to a semblance of reality, but the "new normal" has changed for people from pre Covid days to now. Whilst I was keen to attend networking events and socials with friends regularly, I am less keen to say "Yes!" to everything and everyone, having learnt to take a step back during Covid lockdowns.
Over the next few months, the Team will be off on holidays (albeit sometimes no more than staying at home but not logging on), so please check the automatic out of office responder for when people are away.
I am having 2 weeks in London, doing many of the tourist day trips, with a few nights by the South Coast to break up the fortnight from the end of July to early August.
We wish you a good break, if you go anywhere before we are next in touch with you.
If you have missed any of our previous newsletters, then our website has a backlog of them here.
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REMINDER:PENSION CONTRIBUTIONS ARE TAX EFFICIENT
Pension contributions to approved pension funds on behalf of employees and directors continue to be a tax-free benefit provided the annual input limit is not breached.
The contributions are also deductible for the employer provided incurred wholly and exclusively for the purposes of the trade and paid before the end of the accounting period of the business.
For most taxpayers, the annual input limit is £40,000 and this limit includes contributions by the employee and contributions made by the employer on their behalf. It is also possible to take advantage of unused relief from the previous three fiscal years.
Payments into the pension by the employing business will be deductible against business profits. Currently this will only save 19% Corporation Tax, but from 1 April 2023 will save 25% where profits exceed £250,000 and 26.5% where profits are between £50,000 and £250,000.
Although the contribution on behalf of the employee or director may be tax free, they are generally not able to access the fund until age 55. Therefore, if cash flow is needed now from the business then putting large contributions away now, would not be advised.
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MANAGING MENTAL HEALTH IN THE WORKPLACE
Supporting your team and yourself, through turbulent and stressful times.
After dealing with the effects of the pandemic for over a year, many people are feeling isolated working from home, while others are struggling to manage family responsibilities alongside the demands of their day job. What can businesses do to support their people and help them to manage their mental health?
Start with a plan
Creating a mental health plan for your business can help you to promote wellbeing for your team. A typical plan might include wellbeing tips, tackling causes of work-related stress, a system for recording sickness absences that are related to mental health and training for all staff on stress management.
Promote an open culture
As ever, communication is key. Business owners should strive to create a culture that encourages open dialogue, where people can discuss issues regarding their mental health without stigma or fear of being judged. This is more important now than ever before, as your team could be juggling a range of interconnected issues such as childcare / family care challenges, financial worries or feelings of loneliness due to working remotely for a long period of time.
Spotting problems before they become wider issues
Train yourself and any managers in your business to spot problems. Teach them to look out for employees who are showing signs of distress such as regular absenteeism, changes in behaviour or signs of irritable or irrational behaviour. If your team are still working remotely, managers should make contact on a regular basis in order to catch up and “check in” with other team members.
Offer support where possible
Often the best support that your people need is to feel like they have been listened to. Let your team members know that they have the option to have a confidential conversation about mental health, if ever they need to. Managers can then work with the individual to agree a course of action to manage stress and get them back on track.
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