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The benefits of helping your employees with their personal tax returns

by , 28 August 2013
Tax is not exactly the fun part of running a business. In fact, most managers don't like to think about company tax too much - not to mention IRP5s and their staff's personal tax returns. But if you give this topic a little bit of attention, you could give your entire business a big boost. Here's why...

Having a small seminar on personal tax returns isn't exactly standard industry practice. But here's how your business could benefit from personal tax return training...

The benefits of helping employees with their taxes

1. Reduce absenteeism and presenteeism. The Practical Tax Loose Leaf says that helping your employees deduct their medical expenses can help your business because it makes medical care more affordable. So they will not be sick for long periods of time because they can't afford to go to the doctor.

2. Higher employee morale. When the staff knows you're concerned with their welfare, their morale will go up. And you know what higher morale means? More productivity!

3. If you empower your employees to take control of their own finances, they will return the favour. Making a back and forth relationship is the key to getting great work from your employees - they probably know their job better than you do, and they can start suggesting ways to streamline and save money in their positions.

Get a tax expert to run the seminar or use a guide like Tax Returns Made Simple to run the programme yourself. It doesn't have to be extensive - most employees have simple tax problems.

Bottom line: A short seminar on the ins and outs of personal tax returns can profit your business much more than you'd think.

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