What lies ahead for HR professionals and companies: staying up to date with the latest trends and initiatives

We were thrilled to once again contribute to TMM Recruitment’s North East Salary Guide. The following blog is the content provided by our Employee Benefits Senior Manager, Richard Petrie. You can download and read the full guide here: https://www.tmmrecruitment.com/news/2021-12-21-2022-north-east-salary-guide 

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How could Inheritance Tax & Business Relief impact your family business?

Business Owners will most likely be aware of the important Inheritance Tax (“IHT”) relief currently available on the value of their businesses. Business Relief (“BR”) can relieve the full value of the business and it has long been recognised that the policy objective behind the relief is to prevent the breaking up or sale of businesses on death. Whilst this may be hugely advantageous for all businesses, the benefit is perhaps most keenly felt by family businesses where the legacy is as much about heritage and history as it is about a continuing trade. 

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EMI Consultation

In a bid to support UK business growth and employee retention, the government has announced they will be reviewing the HMRC approved Enterprise Management Incentive (“EMI”) share scheme with a view to making EMI accessible to more businesses.

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Payrolling Benefits – Act now!

As we approach the end of the 2020/21 tax year, we will shortly be in the P11D reporting window for employee benefits. While completing P11Ds may be something that you have done for as far as you can remember, it may be worth considering moving to the Payrolling Benefits scheme from April 2021 to streamline and simplify your employee benefit reporting.

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Furlough and beyond

Since the Coronavirus Job Retention Scheme (CJRS) was first thrust upon us just over 10 months ago, it has acted as an unprecedented support mechanism in helping employers and employees across the whole of the United Kingdom cope with the uncertainty in surviving as a business whilst also retaining employees in their jobs. Although all jobs have not been saved, thousands of jobs, have thankfully been saved due to the scheme.

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Is your family business growing? How to incentivise your non-family manager

As the family business grows, succession can be a challenge. In order to bring the relevant knowledge and expertise to continue to grow the business, it is usually necessary to move to a more “corporate” structure and recruit senior management out with the family.  However, to attract and retain the right talent finding a remuneration package that rewards and empowers management, without conflicting with the family’s objectives, can bring challengesThis is an area many of our clients ask for assistance with as they strive continue their business success by striking the right balance of being commercially minded whilst continuing to protect their legacy. 

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Big Changes to Employment Allowance in April 2020

The UK Government first introduced the Employment Allowance (EA) in 2014, which entitled employers to a reduction of up to £2000 from their secondary national insurance liability for the year. In April 2016, the allowance was raised to £3000 with a slight change in rulings which restricted single-director companies from claiming.  

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Trivial Benefits – Where are the rules?

In April 2016, HMRC introduced new legislation to allow employers to provide tax-exempt gifts and entertainment to employees, namely Trivial Benefits. This exemption reduces reporting obligations and any tax or National Insurance charge where all of the following conditions are met: 

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Upcoming Deadlines for Employers

Spring and early summer can be a very busy period, and not just for bees! We have summarised the key deadlines which employers need to be aware of during the upcoming months in relation to their employment tax obligations.

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Specialist Food & Drink Expertise to Grow Your Business

As featured in the May/June 2019 issue of Insider Magazine, AAB is delighted to share details of our dedicated food and drink team’s knowledge, experience and recent experience. 

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