Tax-Free and Tax-Saving Benefits for Agencies
2022 has been a challenging year for marketing and communications businesses, a record number of vacancies and a shortage of candidates have made recruiting and retaining talent difficult. To combat the tough talent market and help staff with the rising cost of living, agencies have increased employee pay and/or made cost of living payments.
This guide is designed to inform agency owners of the benefits that they can make available to their staff without them paying additional tax and in some cases saving tax, making the benefits package more competitive and attractive. There are over 50 benefits, allowances and expenses that are pertinent to the marketing and communications industry. Some benefits included can contribute to supporting staff with the increasing cost of living, reducing absenteeism and improving employee morale and engagement. There is also information on how the employer can cover the tax on benefits that are normally payable by staff.
About the author
Michael Read has nearly two decades of experience in accountancy and finance. Over half of that time has been spent working with and in marketing and communications agencies.
This has given him first-hand experience of the challenges and pain points that agency owners suffer with, enabling him to develop solutions and strategies to overcome these difficulties.
Michael is a chartered accountant and a graduate of accounting and finance.