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Tax-advantageous ways to motivate employees of growing businesses
KEY POINTS
- Incentive schemes can play a part in business growth.
- Ensure that any plan fits the company’s needs and ethos.
- Tax advantages of the new “employee shareholder” status.
- Equity-based incentive solutions may not always be best.
- Do not overlook cash-based incentives.
Small and medium-sized enterprises (SMEs) are seen as the lifeblood of the UK economy and are important in driving economic growth. Successive governments have invested significant resources into creating the right environment for SMEs to thrive and to encourage budding entrepreneurs all of which is crucial for economic recovery.
Recruiting retaining and motivating senior employees is pivotal to the success of these businesses so a vital part of our role as advisers should be to help them identify and implement carefully structured reward packages.
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