The budget: health and safety tax relief for your business?Category: Health & Safety | Bryan Richards | Published on: Mar 28, 2013 | Updated: Dec 12, 2016 Read more: Health & Safety
In my last blog I said that it is understandable that businesses are looking for areas to make financial savings, but not at the expense of safety. However, after this budget you may be able to save money through positive health and safety interventions?
Employers will be able to access tax relief for health-related interventions recommended by the Governments planned health and work assessment and advisory service, the Chancellor of the Exchequer announced in his Budget.
Each year more than 130 million working days are lost to sickness absence and the Budget document commits the Government to introduce a targeted tax-relief scheme, so that “amounts up to a cap of £500 paid by employers on health-related interventions recommended by the service are not treated as a taxable benefit in kind”. A consultation on how this will be implemented will be launched later this year.
So the slogan `health and safety is good for business’ will complemented in real financial terms through these planned tax relief measures.
Of course `health related interventions’ will need to be defined, but if you can demonstrate that your company health and safety arrangements have reduced sickness absence then this could be a good thing. Conversely, this new measure could be a financial incentive, led by your accountants, to improve workplace health and safety management. To do this you need to have a good health and safety advisor who not only ensures compliance, but goes further by ensuring proactive measures are in place.
At Arinite we are passionate about improving health and safety performance and workplace safety, so perhaps this is another reason for considering a partnership with us.Contact us
If you need to call upon our expertise in Health and Safety Consulting, or just for informal Health and Safety advice, please call me on: mobile 0780 361 2948, office 0207 947 9581, or drop me a line at firstname.lastname@example.org.
Bryan Richards 28th March 2013
Arinite Ltd, Warnford Court, 29 Throgmorton Street, London EC2N 2AT