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Author name: Tracy Wayte

How to Foster Strong Workplace Relationships

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How to Foster Strong Workplace Relationships

A company is entirely dependent on its employees, and managing the workplace can be a full-time job. Here are some tips on how to ensure appropriate workplace relationships.

Employees are a vital part of any business, no matter the size or industry. While it may seem odd to emphasise workplace relationships over productivity, an enjoyable work environment is vital to keeping employees interested, happy, and at the top of their game.There’s often more than meets the eye when it comes to employee relationships, but there are always some tips that can help you out in that department. Here are some of the best starting points on how to ensure an ideal workplace for the employees.

1. Clear Statements

Sending a clear, concise, and purposeful mission statement to all employees will let them know about the company’s plans and their part in the goal. A transparent goal is easy to keep and refer to, and employees will trust the leadership more when they know what the company aims to provide. Holding regular staff meetings allows employees valuable insights into the state of the company and will enable them to influence each other’s processes and thoughts. Staff meetings are also a great way to promote relationships between employees, as they are more likely to feel like being a part of the group.

2. Team Activities

A majority of the interactions between employees will happen in the workplace. However, scheduling team-building activities that take the focus away from work and onto the employees is a great way to enhance comfort. Employees who work with each other towards a common goal that is not company-oriented are more likely to collaborate on work projects and trust their peers’ decision-making.

3. Effective Communication

Setting high expectations and communicating them to the employees effectively and without delay is the best way to remove uncertainties and facilitate efficient communication channels. Group and department expectations and communication are essential, as referring to multiple employees at once prevents them from feeling singled out. Training managers to communicate with their staff will provide leaders time to strategise on the work needs rather than workplace politics. However, there must always be space for one-on-one talks with a disgruntled employee to keep morale high.

4. Showing Appreciation

Providing useful feedback and rewards for exceptional work is the key to maintaining a dynamic workplace environment. Remedying any problems or concerns is equally important, and helping employees who are falling behind will allow them to integrate better into their department. To that end, it’s advisable to show support for good employees and provide ways to improve on their work.

5. Learning with Employees

Even when directing employees, a leader must keep an open mind to changes and betterments. A positive attitude towards self-improvement is a vital character trait that will draw employees forward and make them feel like part of the company. The most learned people know that there’s always more to look forward to. By keeping an honest relationship with employees, a leader can hone their communication skills and become better in other aspects of their work life.

Relationships Are Hard but Valuable

The subtleties of office relationships can be irritating to navigate. Keeping an open mind and communication channels with employees, as well as maintaining clear intent, allows them to be better at their jobs and actually enjoy their work. In the end, harmonious workplace relationships are beneficial both for the people and the business.

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The Best Ways to Motivate Your Team

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The Best Ways to Motivate Your Team

Do you have under performing employees or collaborators? Try these methods to motivate them and boost productivity.

Not everyone’s a motivational speaker. And out of those who choose that profession, only a small percentage can truly change people’s minds. But you don’t have to become a motivational speaker to motivate your team. You don’t even have to hire one to do it for you. A few simple tricks can help you turn things around at the office.

#1 Show Respect

People that don’t respect you won’t work hard for you. But being a top expert in your field or a business owner isn’t always enough. Respect is something you have to earn and reciprocate. If you treat your team members as individuals, you can earn their respect. Acknowledge that everyone has different needs. Show respect and flexibility in your approach and you can earn their respect in return. Once they like you and become loyal to you or the company, they’ll want to work harder, too.

#2 Offer Feedback

Sometimes, people lack motivation for lack of knowledge. They don’t know if they should push harder because they don’t get feedback. No feedback doesn’t always mean a job well done. So offer feedback more often to motivate your team.

#3 Celebrate Accomplishments

People crave recognition for their accomplishments. Make it a part of the company culture to acknowledge the successes. It’s a sure way to hire up your people and get them motivated to do their best.

#4 Encourage Collaboration

Sometimes you may have to encourage your team members to work with each other. Set up collaboration projects and invite input from different departments. Most of all, encourage social interaction to make the workplace a more pleasant environment.

#5 Merit-Based Compensations

Financial motivators are always effective, but often only to an extent. So you may want to revisit the company’s compensation structure. That is, if you even have one. It’s better to adopt a merit-based reward system that shows appreciation for the hardest workers. It will make your people more motivated and productive.

#6. Invite Competition

Over and beyond collaboration, what can motivate some people is a little friendly competition. If you can’t afford to offer financial rewards to the top performers, do something else. Acknowledge your best team members every week or month. Put up a chart in the office that clearly illustrates who’s on top of their game.

#7. Set Clear Goals

Here’s another reason why some of your team members may not be pulling their weight:They don’t have a clear target or goal to work towards. The clarity of your demands is often critical, regardless of your niche. People need to know that they have to complete a specific task by a set deadline. It’s a more powerful motivator than you might think, and it doesn’t cost a penny.

#8. Promote More from Within the Company

One of the best ways to motivate your people is to show that there’s room for growth. You have to let your people know that they’re not slaving away in dead-end positions. And if you promote internally, it lets them know that you’re not always on the prowl for outside talent. It can motivate your people to show their true value and exceed expectations.

It All Comes Down to Valuing Your People

The little things count when they come from a good place. Show your people that you value them, don’t just think it.Offer feedback, respect, and incentives for your team to want to do better. Once they do, everyone benefits from it.

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Claim All Your Capital Allowances

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Claim All Your Capital Allowances

Increase your Cash Flow

Pay Less Tax And Improve Your Cashflow By Claiming All Your Capital Allowances

Businesses often miss out on claiming capital allowances that they are entitled to. This is because it can be a difficult topic to understand and there a mismatch between accounting and tax rules.

So what are Capital Allowences?

When you buy assets for your business, these reduce your profits but help you to pay less tax. Most assets you buy will qualify and they can range from things like equipment and research costs to expenses for building renovations. In accounting rules assets are depreciated over the remaining useful life of the asset. They are charged to your profit and loss account accordingly. e.g. a machine has a life expectancy of 10 years and costs £10,000. We could charge £1,000 to the profit and loss each year for 10 years using a straight line method. In taxation rules all of the depreciation in the profit and loss account is added back. In the example above the £1,000 would be added back to the profit and loss account. Replacing this is then a system of capital allowances. If assets are eligible, the annual investment allowance (AIA) or first year allowance (FYA) allows you to write off the total cost of the asset in one year. i.e. the full £10,000 in the case above. If capital allowances can not be claimed in full, then for the accounting year in which the expense incurred, they will qualify for writing down allowances (WDAs). WDA’s only allow tax relief at 6% or 18% of the expenditure per year on a reducing balance. It can take a while to obtain full tax relief on WDA’s but better to have it that not claim at all.

So what do you need to do?

You need to check all your assets to make sure you are getting tax relief. Seeing depreciation adjustments in your accounts is not tax relief.
  • Check your company Corporation Tax Returns and supporting schedules to see what you or your accountant has already claimed in capital allowances.
  • If your accountant does your company tax return ask them to provide you with a schedule you can check to make sure all assets have been considered.
  • If assets are missing from the supporting schedules it may just be that these assets are not qualifying for capital allowances. Always ask the question though because something could have been missed
Assets that are typically missed are integral features such as integrated equipment e.g. new water, heating and lighting systems, or structural work changing premises to accommodate equipment.
TIP:  It is never too late to claim for Capital Allowances as long as you still own the items and are using them in your business. The only limitation is for integral features with a building purchased after 31 Mar 2014. The person you obtained the building from has to have already recorded the features as qualifying assets.
NOTE: Late claims can not use the AIA or FYA. They have to be written down over a number of years.

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Tax Exemptions For Virtual Christmas Parties

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Tax Exemptions For Virtual Christmas Parties

Are you a company that usually has an annual Christmas Party?

This year due to social distancing measures some Companies are deciding to have a virtual party online.  Have you considered having one but are wondering what the tax implications are? Usual Christmas Party Rules are as follows:
  • All employees have to be invited to the party
  • Cost per head must be no more than £150
If you stick to these rules there is no P11D Benefit in Kind charge for your employee and you do not have to pay any Employer’s Class 1A national insurance at 13.8% So how do you stand with a virtual Christmas Party? Well the GOOD NEWS is that HMRC have said the following:

” the cost of providing food, entertainment, equipment and other expenses which may be incurred in hosting a virtual event, will be EXEMPT, subject to the NORMAL conditions. The intention of the exemption is to allow for costs of provision which are generally incurred for the purposes of the event itself, and that the event, along with any associated provision, is available to employees generally”

TIP 1: The exemption applies not only to your staff but their guests e.g. their spouse, partner or friend.

TIP 2: In providing food and drink:

  • Give your employees a budget to spend
  • Reimburse them, tax and NI free, the lesser of the amount they have actually spent or your original budget.

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Newsflash 23/10/2020 Updated 13/11/2020 – More Financial Support Announced For Businesses

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Newsflash 23/10/2020 Updated 13/11/2020 – More Financial Support Announced For Businesses

Job Support Scheme (now postponed)

It was originally announced that employer’s would have to pay 33% towards the cost of unworked hours. This has now been reduced to 5%.

Before employees had to be working 33% of their normal working hours. Now as a minimum they only have to be working 20%. This means that an employee working just one day a week can benefit from this scheme. See weblink below for further information New Support For “Tier 2” Businesses

Previously your business had to be in Tier 3 before you were allowed a business grant.Now further funding has been handed over to local councils to give support to those businesses in leisure, hospitality & accommodation, that fall into Tier 2.
The maximum grants will be £2,100 per month.  They will vary depending on the number of eligible businesses in your area and your business rateable value. Businesses therefore need to refer to their own authority website.
Copy this link into your web browser for more information: BUSINESS_GRANTS_FACTSHEET.pdf
Self Employment Income Support Scheme.

From November 2020 to January 2021 the amount you can now claim has now increased. (from 20% to 80% of your average trading profits in November & to 40% of your average trading profits in December & January). You can now also claim faster, on 30th November instead of 14th December.

Refer to the original guidance at GOV.UK to understand how this is calculated.   https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

The overall maximum cap is also doubling. You can now claim a grant of up to £3,750
There will be support also for the period February 2021 to April 2021. This is yet to be announced.

Newsflash 23/10/2020 Updated 13/11/2020 – More Financial Support Announced For Businesses Read More »