There is a strong chance that many workplaces may never return to a regular office. A number of prominent tech firms have already suggested that their staff can continue to work from home even after the pandemic and the evidence suggests that a large number of other employers are considering taking the same action.
The pandemic vastly sped up an already well-established shift in the way we all work, so much so that a few years’ worth of changes literally happened overnight.
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The CIPD recently carried out a survey and found that the proportion of people working regularly from home has risen to over 37%, more than double the number from before the pandemic.
What’s more, employers think that the proportion of staff who work permanently from home full time will rise to 22% post-pandemic. In thedays before the pandemic, the figure was 9%.
This shift will have direct financial implications for those home-working. And, as usual, with the good also comesthe bad. Here are some things you should consider:
It Might Affect Your Insurance Costs
Back in March, the quick change to working from home will have been unexpected and you might have overlooked the impact it could have on your insurance. However, now that the dust is settling, you should perhaps mention it to your home insurer.
There is a strong chancethat your home will have an extra printer, laptop, tablet and valuables that should be covered by your home insurance policy. Remember that if this equipment does belong to your employer, their insurance should protect it. It is worth double-checking before you add anything to your insurance policy.
Lastly, if you are working from home permanently and you no longer use your car to commute to work, tell your insurer. It could mean paying less on your insurance premiums.
You Can Claim Tax Relief On Expenses
On 06.04.20, the Chancellorincreased the claim allowance to £6 a week in a bid to help cover extra household bills caused by working at home.
When there is a home-working arrangement in place, an employer is allowed to pay a weekly amount to its employees tax free. If you believe that your costs exceed this amount, you should check with your employer to find out if they will make higher contributions.
This benefit is only be available to you if your employer specifically asked you to work from home. If you’re voluntarily working from home, you cannot claim this tax relief on your bills.
It May Be Harder To Secure A Pay Rise
By now, it’s widely established that working from home doesn’t need to have an adverse effect on the quality of your work. However, there is still quite a lot of uncertainty around the effects of homeworking on employees’ ability to gain promotion and salary increases.
When working remotely, it can be hard to maintain relationships with people in your firm. There is also a chance that employees who work from home permanently in a company where some staff still work from the office may get side-lined when promotions come up.
Showing the true value of your efforts could be more difficult. It appearsthat good communication is important to avoid being overlooked. Try to demonstrate any new skills you have learnt and consistently show how your personal development is supporting you to do your job effectively at home.
If you’d like to know more about how your career choices affect your financial future, please visit our Leeds IFA website. We’d be more than happy to help.