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Spotlight on mental health in the workplace
Recent research has suggested that 48% of UK workers have suffered from poor mental health, while the potential
annual cost to employers could be as much as £1,400 per employee. Here we offer some key strategies to help ensure
positive mental health in the workplace.
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Spotting the signs
Possible indicators of mental
health issues might include
(but are not limited to): a
change in an employee’s
behaviour; a decline in
their quality of work or
ability to focus on a task;
an increase in absence or
sickness; or a change in their
physical appearance.
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Managing the issue
You should aim to foster
a healthy and positive
working environment, and
ensure managers have an
approachable, open attitude
to discussing mental health
issues. Train managers on
how best to approach the
subject of mental health, and
promote the use of employee
wellness action plans.
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Carry out a
mental health
‘risk assessment’
Develop a mental health
action plan that identifies
any risks, and puts forward
proposed solutions. You
should then follow this
up, by evaluating how
effective a solution has
been in managing mental
health concerns.
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Encourage staff to
seek expert help
There are a range of
services designed to help
individuals with their
concerns, including mental
health charity Mind, mental
health services provider
Rethink Mental Illness and
the NHS initiative Mindful
Employer.
When it comes to mental health in the workplace, the sooner problems are identified and strategies put in place
the better, for both employee well-being and productivity.
Funding your business’s needs
If your business is performing well and making a healthy profit, you may be looking at funding options to grow and
develop your business. It’s also important to ensure that you are making the most of the available tax reliefs and
incentives. Here we consider some key financial pointers that could help you to take your business forward.
Considering sources of finance
It is best to consider a number of different finance sources, as this
will allow you greater flexibility in the long term. These might range
from using retained profits in the business, to external
sources such as overdrafts, loans, mortgages,
share issues (for a company), assistance from
government-backed schemes and from
regional authorities, and venture capital.
Lenders usually require some form of
security, such as a fixed or floating
charge over your business assets.
You should be careful of risking
your personal assets, such as
your home, if the lender requests
personal guarantees.
When seeking funding for your
business, it is important to consider
carefully the most appropriate
funding source, and to present a
well-prepared proposal to your potential
lender. We can help you create a detailed
business growth plan, tailored to a carefully
selected lending source, to ensure you have a greater
chance of being approved.
Available tax reliefs
The Office of Tax Simplification (OTS) recently revealed that many
small businesses are not aware of the tax reliefs and incentives
that are available to them, due to the complexities of the system.
Here we outline some of the key options that may be available to
your business:
Incorporation Relief
can be used if you decide to transfer your
unincorporated business into a company in exchange for shares for
the business owner, without incurring capital gains tax (CGT) at
the time.
The Seed Enterprise Investment Scheme
helps companies to raise
money when they first start trading by offering tax relief for investors who
subscribe to new shares in the company.
The Enterprise Investment Scheme
helps companies to raise money
when they are looking to grow, by offering tax relief to the
subscribers of new shares. Companies can receive up to
£5 million each year, up to a maximum of £12 million
in the lifetime of the company (£20 million for
knowledge-intensive companies).
Venture Capital Trusts (VCTs)
are large
investment groups that are listed on the
London Stock Exchange, and have qualifying
trading companies that they invest in.
Investors subscribe for shares in a VCT, which
then provides financial help to develop.
Employee Ownership Trusts
can be used to
raise finance from employees by encouraging
them to buy shares in the company.
Gift relief
on business assets such as shares in the
business ensures that gains can be held over until the
individual receiving the gift disposes of it.
Business Property Relief and Agricultural Property Relief
can give you up to 100% inheritance tax relief on business or agricultural
assets if you pass them on to your successor in your lifetime.
Entrepreneurs’ Relief and Investors’ Relief
provide a 10% CGT relief
on the sale of qualifying business assets or shares in a qualifying business,
up to a lifetime limit of £10 million (for each relief).
Enterprise Management Incentives
can benefit companies and
employees where the company’s assets are £30 million or less, and
companies are looking to grant options over shares to employees.
We can help you to identify the costs and tax implications
of different sources of funding, while ensuring that you
are claiming all of the tax allowances and reliefs that are
available to you. For more information, please get in touch.