{"id":19584,"date":"2019-08-22T09:57:58","date_gmt":"2019-08-22T09:57:58","guid":{"rendered":"https:\/\/smh.group\/?p=19584"},"modified":"2023-02-15T13:45:13","modified_gmt":"2023-02-15T13:45:13","slug":"the-taxing-problem-of-plastics-a-challenge-for-all","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/the-taxing-problem-of-plastics-a-challenge-for-all\/","title":{"rendered":"The taxing problem of plastics \u2013 a challenge for all"},"content":{"rendered":"\n

The Treasury has said a single use\nplastic waste tax will be brought in \u2013 but not for three years. What can you do\nin the meantime to help tackle the environmental challenge?<\/strong><\/h4>\n\n\n\n

Legislation on a plastics tax is now slated\nfor April 2022 following proposals expected to be included in the next Budget.\nThe initial consultation received a record of over 160,000 replies, reflecting\nthe importance of the subject to the public. Draft legislation is expected in\n2020, with the actual mechanism of the tax yet to be revealed. <\/p>\n\n\n\n

From the business point of view, it\u2019s not\njust about doing our bit, but also long term commercial sustainability. From\nshoes made out of recycled plastic, mattresses made from plastic bottles to sustainable\nfabrics in clothing retailers, the marketing messages are straightforward. But\nsome businesses can find the cost is too high to go green. Production costs on\nmore sustainable materials can be lower, but higher transportation and energy\ncosts may make a switch harder. With clients increasingly are including\nsustainability and green credentials in their selection processes, each sector\nhas to work through its options. <\/p>\n\n\n\n

What you can do<\/strong><\/h4>\n\n\n\n

On a basic level you can make some changes\nlong before the new tax comes into operation. If you\u2019re shrink wrapping a\nmagazine, for example, explore recyclable covers. Do you still have plastic\ncups for drinking water in the office? Have you reviewed your energy supplier? But\nthere are also tax-saving measures you can take with wider ramifications.<\/p>\n\n\n\n

If you offer company car benefits, then\nelectric cars should be on your radar. Not only are they emission free, but\nthere are no benefit-in-kind charges. They may appear more expensive up front\nbut are more economical when the tax advantages are factored in. For employees\nwho prefer to cycle to work, HMRC has said the cycle to work scheme can cover\nbikes worth over \u00a31,000 which includes electric bicycles.<\/p>\n\n\n\n

Research and development tax credits<\/a><\/span><\/strong> are another way to help you shift towards greater sustainability. There are also innovation grants available. Carbon accounting has been around for a few years and will become increasingly important as the country moves towards the goal of carbon neutrality in 2050. Starting to measure your businesses environmental performance now will not only set you on the right path for the planet, but also motivate staff and send a positive message to clients<\/p>\n\n\n\n

Reversing the damage of plastic waste and carbon emissions is a global movement now regularly in the headlines. But it\u2019s not just up to the legislators and big corporations. As a famous slogan once had it \u2018Every little helps\u2019.<\/p>\n\n\n\n

To discuss your business tax position before these changes come into place, contact one of our Accounting & Business Advisory<\/a><\/span><\/strong> on 0114 266 4432<\/strong> or email info@smhca.co.uk<\/a><\/span><\/strong>. <\/p>\n","protected":false},"excerpt":{"rendered":"

The Treasury has said a single use plastic waste tax will be brought in \u2013 but not for three years. What can you do in the meantime to help tackle the environmental challenge?<\/p>\n","protected":false},"author":4,"featured_media":16796,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3,4],"tags":[336,11,333,335,334,19,323],"class_list":["post-19584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","category-chartered-tax-advisers","tag-business-tax","tag-hmrc","tag-plastic-tax","tag-rd-tax-credits","tag-research-development-tax-credits","tag-tax","tag-taxation"],"acf":[],"yoast_head":"\nThe taxing problem of plastics \u2013 a challenge for all - SMH Group<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The taxing problem of plastics \u2013 a challenge for all - SMH Group\" \/>\n<meta property=\"og:description\" content=\"The Treasury has said a single use plastic waste tax will be brought in \u2013 but not for three years. 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