The Benefits of Going Green

January 15, 2024

Going green is not all about helping the planet for our future generations. It can also have big benefits for businesses. This could include attracting new customers, staff, reducing overhead costs, and boosting your marketing with a unique proposition. It can also unlock tax benefits.

If you are planning to be more eco-friendly in your workplace this year, we share some top tips to get you started.

 

Why Should more small businesses go green?

 

  • Reach New Customers

Since the pandemic, there has been an increase in consumers opting for goods and services from businesses that have strong ethical or eco-friendly credentials. In fact, consumers are willing to pay a premium for brands that are more socially conscious.

 

  • Attract Future Talent

The younger generations are particularly passionate about the planet. Being a workplace that holds strong values and plays its part to address climate change can make businesses an employer of choice for the future generations coming through the workplace.

 

  • Boost Staff Morale

Employees can have an increased sense of pride and job satisfaction if they are working for a company that has positive ethical and environmental values. Businesses that go green can also benefit from a healthier workforce, as changing the workplace lighting or ventilation, for example, can help improve physical health.

 

  • Enhance your Brand Image

Standing out from the crowd can be a constant business challenge. Ramping up your green credentials could give you the competitive advantage you are looking for and give you a unique selling point for your marketing and promotions. Lots of businesses are taking the plunge to become B-Corps or Net Zero businesses.

 

  • Reduce Costs

Anything you can do to be more efficient, tends to save you money in the long run. Any improvements to your workplace’s heating, lighting or waste management can give you significant savings to your day-to-day running costs.

 

  • Tax Benefits

Companies that make use of the Cycle to Work Scheme, install charging points for electric vehicles or purchase electric cars via the business can take advantage of the various tax reductions available. But there are many other government-backed grants and funding schemes that businesses can make use of if they participate in qualifying green initiatives.

 

  • Get Ahead of Legislation

Whilst the UK’s plans to reach net-zero may be delayed, there will at some point in the very near future be changes in legislation to force businesses to be more environmentally friendly and reduce their carbon footprints.

 

10 Ways Your Business Can Reduce its Carbon Footprint

  1. Go paperless or at least paper-light
  2. Working from home or offering flexible working
  3. Offer employee perks to reduce travel footprint, such as cycle to work, car-sharing and electric car charging points
  4. Ditch single use products such as paper towels, plastic cups and coffee pods
  5. Work with local suppliers to reduce milage for getting products to your workplace
  6. Recycle efficiently
  7. Be energy efficient – change to eco-efficient lighting or sensor LEDs
  8. Compost your kitchen waste
  9. Offset your emissions
  10. Switch to environmentally friendly products and suppliers

 

Unlock Energy Tax Savings

Our Energy Tax Team at Bonham & Brook can work with you to find ways of reducing your energy-related costs. Over recent years energy costs have severely impacted businesses. There are some brilliant, yet relatively unknown schemes on the market that can help.

The Climate Change Levy (CCL) is a tax on the consumption of electricity, natural gas and fossil fuels for businesses in the UK. It is used to encourage businesses to reduce their carbon emissions and increase their energy efficiency. There are exemptions available to certain businesses and organisations.

The Energy Intensive Industries (EII) Relief Scheme helps businesses with high energy use get their costs waivered or receive compensation from the UK government. There are strict eligibility criterias for businesses to meet to obtain the EII certificate needed to benefit from the discounted rates.

If your business is involved in green technology and innovation then you may be eligible for R&D tax credits, which provide relief on qualifying R&D costs. This could include costs for developing new products or processes that contribute to sustainability.

 

Speak to Bonham & Brook

Tax incentives and regulations can change frequently, so it is important to seek advice from a tax specialist. To make sure that you are compliant with the requirements and are making the most of your claims, speak to us.

To speak to someone today, about how you can unlock additional benefits from being a green business, call us on 020 3523 9125 or email info@bonhamandbrook.co.uk

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