Attracting Employees – relocation costs
Are you having to attract new team members from outside your immediate catchment area?
This is something we are experiencing with our clients, as they seek to attract the best talent to their teams.
Relocation packages are often offered from employers to new employees if the employment location is more than 50 miles from their home. However, they are not limited to just new employees. Relocation packages can include a number of attractive benefits that would entice employees to move to another town or city for work. These packages can often be negotiated during the interview process or once a firm job offer has been made. Relocation packages are designed to take the financial stress out of moving to a new work location.
From a financial perspective, the relocation costs, up to £8,000 and known as 'qualifying costs', are potentially exempt from reporting and paying Tax & National Insurance.
Such costs may include:
- the costs of buying or selling a home
- moving costs
- buying certain things for a new home