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1. Flexibility works and can benefit everyone I have noticed a considerable shift in mindset towards a more flexible, people-first approach from many businesses. Gone is the traditional 9-5, businesses have realised that enabling people to manage their own time, take a longer lunch break to walk the dog or to finish a little earlier to do the school run has improved productivity. At the same time, businesses can see that this flexibility also helps to support the mental and physical wellbeing of employees.
2. Remote working is here to stay Before the Covid-19 crisis, many businesses were reluctant to consider remote work options. Concerns around how to manage workers, maintain productivity and one of the biggest barriers; having the technology in place to facilitate remote working, held businesses back. When lockdown started businesses had to take a leap of faith, invest in new technology and trust their people. Now
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remote working is almost mainstream, with many businesses across the world allowing their people to continue to work remotely on a permanent basis.
3. Tech has allowed the show to go on Many of us used to feel uncomfortable about the prospect of using Teams and Zoom to hold meetings. Pre-Covid how many of us had even used Zoom? But these platforms have enabled us to remain connected, collaborate, share stories, hold quizzes. It is never too late to invest in technology. If you were previously unprepared, now is the time to assess how your business operations were affected by the coronavirus crisis and tap into new technology to fix these gaps.
4. Wellbeing is vital The wellbeing of staff is critical in employee retention. How leaders demonstrate that they genuinely care, that they are interested in how their people are doing, makes a
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real difference. Employers who fostered a culture of wellbeing and respect before and during this crisis will, no doubt, see their efforts reciprocated by employees in terms of commitment and loyalty.
Whilst I’ m sure 2021 will bring new challenges, what 2020 has taught me is that we are adaptable, we are resilient and we are all in this together. If we can get through a global pandemic we can get through anything, surely?
If you need any help with HR in your business please do get in touch. Email: Jo @ keystonehr. co. uk
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“ The wellbeing of staff is critical in employee retention. How leaders demonstrate that they genuinely care, that they are interested in how their people are doing, makes a real difference.”
For more info: www. keystonehr. co. uk
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A cap was first announced in the 2018 Budget to prevent abuse of the R & D tax credit SME( small to medium-sized enterprise) scheme.
Under the original proposal, the amount of payable tax credit that a qualifying, lossmaking business could receive was capped at three times the company’ s total PAYE and National Insurance Contributions liability for that year. As part of the 2020 Budget, the Government announced that the introduction of the cap would be delayed until 1st April 2021 to allow for more time to consult on these proposed changes.
This consultation process is now complete and after speaking with businesses, professional bodies and a variety of experts the Government has published its outcomes.
In its report it has confirmed that the design of the PAYE cap will include the following features to minimise the impact on claims from genuine businesses:
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• A company making a small claim for
payable credit below £ 20,000 will not be affected by the cap.
• A company will be able to include related party PAYE and NIC liabilities attributable to the R & D project when calculating the cap and these will be subject to the 300 per cent multiplier.
• A company’ s claim will be uncapped if it meets two tests:
– a business’ s employees are creating, preparing to create or actively managing intellectual property( IP); and
– its expenditure on work subcontracted to, or externally provided workers( EPWs) provided by, a related party is less than 15 per cent of its overall R & D expenditure.
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While the introduction of the new test is likely to impact heavily on a small number of businesses, it should ensure that many SMEs won’ t be affected by the new cap. We recommend that the possible impact of these rules is reviewed as soon as possible, to ensure that any changes can be made to the structure of your R & D function or engagements, and preserve entitlement to relief wherever possible.
If you require help with making an R & D tax credit claim or are unsure of how this change may affect you or your business, please get in touch.
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illoyd @ milsted-langdon. co. uk 01225 904940 |
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THE BUSINESS EXCHANGE 2020 13 |