Following on from last week’s blog, we’re revisiting the WFH topic, as it seems there’s so much to say! It’s such a hot topic which is affecting employees and employees from all sectors, so it’s definitely a subject to look at in more detail.
Home, office, or hybrid, the practical option depends hugely on a business’s individual practice, culture, customers and employees. Every “pro” in WFH’s favour has a potential “con”, and vice versa, for both employers and employees alike.
See which bullet points stand out for you, and don’t forget there could be potentially significant financial advantages which expert financial advisors like ICS Accounting will ensure you don’t miss out on!
POSITIVES
- – Less time and cost spent commuting (lower carbon footprint)
- – Fewer office distractions / unproductive meetings
- – Saving money on office clothes, buying lunch, coffee, etc
- – More flexibility
- – Improved technical skills – Skype, shared documents, etc
- – Reduced office rental / running costs
- – Reduced sick leave / absenteeism
- – Increased job satisfaction / productivity
- – Better work-life balance
NEGATIVES
- – Lack of appropriate workspace / equipment / ergonomics
- – Home distractions / work-life balance
- – Increased domestic electricity / gas bills
- – Maintaining professionalism in appearance and timekeeping
- – Tech / provider vulnerability- intermittent wifi, remote IT support, etc
- – Security, backup and data protection issues
- – Potential for isolation / less effective team working
- – Reduced productivity / contactability
- – Challenging to build a company culture
TAX AND FINANCIAL ADVANTAGES
Any element of working from home can also bring financial and tax advantages, from money saved to HMRC allowances and incentives. But none of the latter will be handed to you on a plate- and changes to your situation could mean changes to tax codes and filing, with penalties if not correctly submitted. A quick chat with a friendly ICS Accounting advisor will ensure you can’t get caught out by any deadlines and don’t miss out on any WFH benefits due to you, including:
- – Working From Home / Remote Working Tax Relief
- – Uniforms, work clothing and tools
- – Vehicles used for work
- – Professional fees and subscriptions
- – Travel and overnight expenses
- – Other equipment
Contact ICS Accounting
For no-obligation advice, or to discuss your individual requirements with one of our friendly team of experts, simply call us on 0800 195 3750, or email info@icsuk.com
