Over the past few years and certainly since the pandemic, employers have begun to understand the importance of supporting their team in ways that make their work/life balance better. Not so long ago, workers might feel appreciated when given a company car or health insurance, now more are looking for elements including paid leave, flexible work arrangements and, increasingly, wellness programmes.
Mental health is certainly high up on the agenda and something every employer needs to take seriously. According to data from health benefits provider, Simplyhealth, one in nine UK workers took time off due to mental health reasons in the past year and over a quarter (27%) of those affected were off for more than two weeks. The figures show that 11% of working adults reported taking sick leave for mental health-related issues – the third most common cause of sickness absence, after minor illnesses (23%) and muscle or joint pain (12%).
First aid provision in the workplace has been mandatory for 45 years, with the Health and Safety (First Aid) Regulations 1981 requiring employers to provide ‘adequate and appropriate equipment, facilities and personnel’ to ensure their employees receive immediate attention if they are injured or taken ill at work.
Now, many businesses are also supporting team members to become mental health first aiders, so they are ready to identify, understand and support someone who may be experiencing a mental health problem’.
At Lewis & Co, we’ve noticed a number of new businesses setting up locally, such as wellbeing coaches – some offering mental health first aid courses – and others providing mindfulness coaching or perhaps yoga or menopause support in the workplace. All of these are fairly new business types and we are here, as ever, to support entrepreneurs like this with their tax and accounts, as they provide their vital services in the workplace.
When it comes to employers, there is an opportunity to benefit from tax relief on employee benefits in kind (BIKs) by deducting the cost of these benefits from their taxable profits, thus helping to lower the employer’s Corporation Tax liability. HMRC does then state that these benefits must be ‘wholly and exclusively’ for the employer’s trade or profession to qualify for tax relief. Understandably, this does leave many business owners confused as to what BIKs they can claim tax relief on and we are here to help with any of those queries.
If you’ve got any questions at all, then please do contact us on 01892 513515 or info@lewisandco.biz