Rewarding employees can be more than just a regular cash payment.
Employees are generally compensated for their time at work by paying them a regular cash wage or salary. This compensation can be turned into rewarding employees services by introducing additional remuneration methods.
As well as simply paying your employees in cash, there are a broad range of further options for incentivising your employees. You may consider providing non-cash benefits, a broad range of which can be provided to employees tax-free. Share Schemes can give tax advantages to both the employer and the employee, and help to make employees feel part of the company as they will benefit from the success of the company.
Types of share schemes
There are several types of Share Scheme that are “approved schemes” and therefore obtain advantages for tax and National Insurance Contributions (NICs):
- Share Incentive Plans (SIPs).
- Savings Related Share Option Scheme.
- Company Share Option Plans (CSOPs).
- Enterprise Management Incentives (EMIs).
Tax Innovations has extensive knowledge and experience of developing a range of packages for rewarding employees , which can be tailored to the specific needs of your business and your employees.
If you would like to discuss how alternative employee rewards can benefit your business, please call us on 01962 856 990, or email firstname.lastname@example.org.