How veganism can support wellness in the workplace
In recognition of November being World Vegan Month.
Increasingly, companies are growing to understand and engage with the multiple benefits that a healthy diet such as veganism can bring to their businesses. Big names endorsing the practice of abstaining from the use of animal products include IBM, Qualcomm, PwC, Caterpillar, General Electric, Volkswagen, Google, Facebook and Dropbox, all of whom have embraced employee-led vegan initiatives in their workplaces with positive results.
Companies report that the greatest benefit is the improved health and wellbeing of their employees. Veganism has been linked to lower BMI, blood pressure and cholesterol, all of which reduce the risks of cardiovascular disease, cancer and Type Two Diabetes among other damaging or potentially fatal diseases.
The practice has also been shown to have a positive impact on mental health through improved mood and reduced anxiety because of the absence of arachidonic acid in a meat-free diet. Arachidonic acid is an inflammatory omega-6 fatty acid found in animal products.
The improved physical and mental health of employees has wide-ranging benefits for businesses. These include a reduced number of sick days, increased productivity and lower insurance and health care expenses, all of which cut company costs and increase profitability.
The focus on wellbeing goes beyond the bottom line; increasingly potential employees and clients are attracted to businesses that follow inclusive, environmentally friendly and sustainable practices. Veganism not only promotes animal welfare, it can also diminish an individual’s carbon footprint by up to 73%. This means a significant reduction in greenhouse gas emissions, which decreases air pollution, a significant contributor to climate change. A reduction in the amount of land used for agricultural purposes would decrease the threat to endangered species of wildlife.
Forward looking firms are those supporting and encouraging these kinds of employee-led initiatives, as they are concurrently helping their employees, their businesses, and the environment.
At JHA we are committed to supporting the wellness of our employees by supporting and encouraging positive diet and lifestyle choices.
The End is Nigh for the Non-Dom Regime
Published in ThoughtLeaders4 Private Client Magazine, Helen McGhee expert analysis of the current state of non-dom tax regime and it's future.
HMRC Makes Changes to COP9
On 14 June 2023, HMRC published a substantially rewritten Code of Practice 9 (“COP9”). Helen McGhee and Megan Durnford set out the key changes implemented as a result of this publication.
Pandora Papers: HMRC issues nudge letters
The Pandora Papers leak of almost 12m documents back in 2021 purportedly exposed the secret accounts and dealings (including potential tax evasion/ avoidance and money laundering) of 35 world leaders (including the late HM Elizabeth II), as well as many politicians and billionaires. The data was obtained by the International Consortium of Investigative Journalists in Washington DC and led to one of the biggest ever global financial investigations.
Increased Investment in Personal Tax Compliance in the UK (Published in Thought Leaders 4 Private Client)
Advances in technology and increased international fiscal co-operation have made global personal tax compliance initiatives pop up in abundance in recent years. To compound the issue, the Russian invasion of Ukraine and the corresponding economic fallout prompted domestic governments to increase transparency in relation to investments held by wealthy foreign individuals (with a focus on oligarchs).
In the UK, in the context of the cost-of-living crisis, public opinion certainly seems to be in favour of increased accountability for high-net-worth individuals (eg, on 9 October 2022, 63% of Britons surveyed thought that “the rich are not paying enough and their taxes should be increased”).1
HMRC is one of the most sophisticated tax collection authorities in the world and the department is making significant investments in technology in the field of compliance work; they are well placed to take advantage of new international efforts to increase tax compliance, particularly considering the already extensive network of 130 bilateral tax treaties in the UK (the largest in the world).2 The UK was also a founding member of the OECD’s Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC) forum.
This article discusses the main developments in support of the increased focus on international transparency and personal tax compliance in the UK. There are other international fiscal initiatives, particularly in the field of corporate taxation, but such initiatives are beyond the scope of this article.
It should be noted that a somewhat piecemeal approach, with constant tinkering makes compliance difficult for the taxpayer and is often criticised for lacking the certainty that a stable tax system needs to thrive.
This article was first published with ThoughtLeaders4 Private Client Magazine
Tax-Related Measures in the Autumn Statement 2022
On 17 November 2022, the Rt Hon Jeremy Hunt MP, the Chancellor of the Exchequer, unveiled the contents of the Autumn Budget 2022. This comes after the International Monetary Fund (IMF) published its world economic forecast on 11 October 2022. The IMF expects the British economy to grow 3.6% in 2022 and 0.3% in 2023. Other major developed economies are also expected to stagnate next year, namely Spain (1.2%), the US (1.0%), France (0.7%), Italy (-0.2%) and Germany (-0.3%).
This note focuses on tax measures included as part of that statement.