Category: Taxes

The UK has set ambitious goals to achieve net-zero emissions by 2050, and one of the most significant contributors to this target is the adoption of electric vehicles (EVs). With the growing awareness of environmental impact, businesses are increasingly adopting EVs to reduce their carbon footprint. If your limited company is considering the purchase or lease of electric vehicles, there are a range of financial incentives and tax reliefs on EVs. These benefits can help your company reduce tax liabilities, improve cash flow, and make your operations more sustainable. Here’s a detailed overview of the key tax reliefs for limited companies purchasing EVs.

8 Must-Know Tax Reliefs on EVs for Businesses in the UK

1. Benefit-in-Kind (BIK) Tax Rates for Electric Vehicles

One of the primary incentives for businesses offering company cars to employees is the Benefit-in-Kind (BIK) tax, which applies to cars provided by employers for personal use, including commuting. EVs are significantly cheaper in terms of BIK tax than petrol or diesel cars, making them an attractive option.

BIK Rates for EVs

The UK Government has introduced very favourable BIK rates for electric vehicles:

• 2% for 2024–2025
• 3% for 2025–2026
• 4% for 2026–2027
• 5% for 2027–2028

In contrast, the BIK rate for petrol or diesel cars can be as high as 37%, depending on the CO₂ emissions of the vehicle. This means that businesses offering EVs to employees could see significant savings in terms of employee tax liabilities and company contributions.

Why This Matters:

• Low BIK rate directly reduces the cost for employees who are given company EVs.
• It allows businesses to offer attractive employee benefits without incurring significant tax costs.
• The low BIK rate is a major financial incentive to choose electric vehicles over traditional petrol or diesel cars.

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2. Capital Allowances for EV Purchases

Limited companies purchasing electric vehicles can benefit from 100% First Year Allowance (FYA), which allows businesses to claim the entire cost of a new zero-emission vehicle against their taxable profits in the first year of ownership.

How It Works:

• The company can write off the full cost of the electric car from its Corporation Tax bill.
• This tax relief is available for fully electric cars and extends to electric car charging points installed at employees’ homes.
• The Government announced an extension of this relief through the Autumn Budget 2024. The First Year Allowance (FYA) for zero-emission cars will now be available until March 31, 2027 for Corporation Tax purposes, covering expenditures from April 1, 2026. This extends the original claim period, strengthening incentives for businesses investing in zero-emission vehicles.

Key Details:

• FYA applies to cars purchased outright or via hire purchase agreements.
• Leased vehicles are not eligible for FYA.
• The sale of the vehicle after purchase will result in a Corporation Tax charge on the proceeds.

This is one of the most powerful electric car tax reliefs for businesses looking to make the switch to electric vehicles.

3. Corporation Tax and Lease Payments for Electric Vehicles

If your business opts to lease electric vehicles rather than purchasing them outright, the monthly lease payments are still tax-deductible. While leasing does not provide the full tax relief of the FYA, it can still offer significant financial benefits:

• Lease payments reduce taxable profits, thereby lowering your Corporation Tax liabilities.
• For leased electric vehicles, the VAT can be reclaimed at 50% on monthly lease payments.
• The VAT on leased vehicles cannot be reclaimed in full unless there is no private use, which is difficult to prove in most cases.

Leasing is an excellent option for businesses that want to avoid large upfront costs, and it provides ongoing tax relief over the term of the lease.

4. VAT Relief for Electric Vehicle Purchases and Leases

VAT on EV Purchases:

When purchasing an electric vehicle outright or via hire purchase, VAT on the purchase price can only be reclaimed if the vehicle is used exclusively for business purposes. Personal use, including commuting, is excluded.

If the vehicle is used for a combination of business and private purposes, VAT can only be reclaimed on the business portion of the usage.

VAT on Leased EVs:

For leased electric vehicles, businesses can claim 50% of the VAT on the lease payments. If the vehicle is used exclusively for business, 100% of the VAT on the lease payments can be reclaimed.

This makes electric vehicles an even more attractive option, reducing the overall VAT liability for businesses.

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5. Electric Vehicle Excise Duty (VED)

Electric vehicles were previously exempt from Vehicle Excise Duty (VED), the annual tax charged for driving a car on UK roads. This exemption ended in April 2025, and EVs are now subject to the standard VED rate applicable to all vehicles.

However, there is some good news for businesses purchasing electric cars:

• VED for EVs remains lower than for traditional petrol and diesel vehicles, reflecting their reduced environmental impact.
• The Expensive Car Supplement (ECS), which applies to cars costing over £40,000, will continue to apply to EVs. From April 2026, the threshold will increase to £50,000 for battery electric vehicles.
• Despite the introduction of VED, the VED for EVs is still set to be significantly lower than for petrol and diesel equivalents, helping to keep costs down.

6. Introduction of Mileage‑Based Charge (April 2028)

From April 2028, the UK Government plans to introduce a mileage‑based charge for electric vehicles in addition to VED:

• £0.03 per mile for battery electric cars
• £0.015 per mile for plug-in hybrid vehicles

This charge will increase in line with the Consumer Price Index (CPI) each year. For a typical EV driver with an average mileage of 8,500 miles per year, this charge is expected to amount to around £255 per year in 2028–29.

This new tax is expected to raise £1.1 billion in 2028–29, increasing to £1.9 billion by 2030–31.

7. Electric Vehicle Infrastructure and Charging Grants

The UK government offers several grants to businesses looking to install EV charging infrastructure at business premises or support staff and fleet charging:

Workplace Charging Scheme (WCS):

• Up to 75% of the installation costs for charge points at business premises can be covered.
• The maximum grant is £350 per socket, with a cap of 40 sockets.
• This scheme is aimed at SMEs, providing funding for multiple charge points.

EV Infrastructure Grants:

• These grants help offset the costs of installing EV charging points for staff and fleet use. This can significantly reduce the capital expenditure for businesses seeking to install multiple charging points.

8. Home Charging Point for Employees

If your company installs home charging points for employees using electric vehicles, the cost is not considered a taxable benefit as long as the vehicle is used for business purposes. This is a valuable tax benefit for businesses that provide staff with electric cars to help them contribute to net-zero emissions goals.

How Can EV Tax Planning Services Can Help

At Apex Accountants, we specialise in helping maximise tax reliefs for limited companies purchasing EVs. We offer expert guidance on:

• Capital allowances for EVs and infrastructure
• Tax-efficient leasing and purchase options for EVs
• VAT recovery strategies for electric vehicle purchases and leases
• Support in claiming government grants for EV charging infrastructure
• Tailored tax planning strategies for EV adoption
  

If you’re considering adding electric vehicles to your business, Apex Accountants can help you navigate the tax reliefs and provide strategic advice. Contact us today to learn how we can optimise your business’s EV tax planning.

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Conclusion

The UK offers several significant electric car tax reliefs for businesses purchasing electric vehicles, including low Benefit-in-Kind rates, capital allowances, and VAT reliefs. Additionally, grants and charging infrastructure support make it easier to transition to a sustainable fleet. By taking advantage of these reliefs, limited companies can reduce their tax liabilities, improve cash flow, and contribute to the UK’s ambitious net-zero goals.

FAQs on Tax Reliefs When Purchasing EVs

1. Is there tax relief on electric cars?

Yes, businesses purchasing electric cars can claim 100% First Year Allowance (FYA) for qualifying vehicles. This reduces Corporation Tax by allowing the full purchase price to be deducted.

2. Can you claim 100% VAT on an electric car lease?

No, VAT on an electric car lease can only be reclaimed at 50% unless the car is used exclusively for business purposes. Personal use, including commuting, restricts VAT recovery.

3. Can I offset the cost of an electric car against corporation tax?

Yes, if you purchase a new electric car outright, you can claim 100% First Year Allowance (FYA), allowing you to offset the full cost against your Corporation Tax in the first year.

4. What are the HMRC rates for electric cars?

HMRC applies a 2% Benefit-in-Kind (BIK) rate for electric cars in 2024–25, much lower than for petrol and diesel cars, reducing employee tax liabilities significantly for company-provided EVs.

5. Is VAT reclaimable on electric car purchases?

VAT can be reclaimed only if the electric car is used exclusively for business purposes. Personal use, including commuting, disqualifies the business from reclaiming VAT on the purchase price.

The deadline for self-assessment tax returns is fast approaching, and the thought of completing it can be overwhelming. But don’t panic—starting early will not only help you avoid the last-minute stress but will also allow you ample time to gather all the necessary information. If you delay, you run the risk of making mistakes and losing out on tax-saving opportunities.

In this comprehensive guide, we’ll walk you through the process of completing your self-assessment return for the 2024/25 tax year (6 April 2024 to 5 April 2025), with practical tips and essential deadlines.

Deadline for Self-Assessment Tax Returns

• 31 January 2026 – Deadline for online Self-Assessment submissions and payment.
• 31 January 2026 – Any tax due must be paid by this date.
• 31 October 2025 – Deadline for paper tax return submissions (already passed, so you must file online if you haven’t already).

It’s critical to avoid rushing your tax return. If you don’t submit your return on time, HMRC may impose penalties. Plus, if you’re struggling to get all your documents in order, there are fewer phone lines open closer to the deadline, which can lead to delays.

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UK Tax Return Deadlines: Penalties for Late Submissions and Payments

Failing to file or pay your tax return on time can result in significant penalties. Here’s an overview of the penalties you may face and how to avoid them:

Late Filing Penalties

If you miss the UK tax return deadline, you’ll face the following penalties:

• Initial £100 Penalty: Applied if your return is filed late, regardless of the amount due.
• Daily Penalties: After 3 months, you’ll incur a daily penalty of £10, up to a maximum of £900.
• Further Penalties: After 6 months, you’ll face an additional penalty of 5% of the tax due or £300, whichever is greater. Another 5% penalty will be applied after 12 months.

Late Payment Penalties

If you miss the deadline for paying your tax bill, you will face the following penalties:

• 5% Penalty: Applied after 30 days, 6 months, and 12 months for the amount still unpaid.
• Interest Charges: You’ll also be charged interest on the amount owed, which can add up over time.

Failure to Notify Penalties

If you register for Self-Assessment late (after 5 October), or fail to pay your tax bill by 31 January, you may face a ‘failure to notify’ penalty. This penalty is calculated based on the amount of tax still due and will be issued within 12 months after HMRC receives your return.

To avoid these penalties, it’s crucial to file and pay your Self-Assessment tax return promptly.

Who Needs to Complete a Self-Assessment Return?

Not everyone needs to file a Self-Assessment tax return. However, you are required to submit one if any of the following apply to you:

• Self-Employed as a Sole Trader: If you earned more than £1,000 before expenses from self-employment.
• Business Partner: If you were a partner in a business partnership during the tax year.
• Capital Gains Tax: If you had to pay Capital Gains Tax on the sale or disposal of assets such as property, shares, or other investments.
• High-Income Child Benefit Charge: If you or your partner earn more than £60,000 a year and claim child benefit, you need to declare this charge.
• Untaxed Income: If you received income that wasn’t taxed automatically, such as rental income, freelance earnings, income from savings or investments, or foreign income.
• Income Tax Reliefs: If you want to claim income tax reliefs, such as pension contributions, gift aid, or any other allowances,

If you’re unsure whether you need to file, HMRC provides an online tool that helps you determine whether you’re required to submit a return. If you’ve never filed a return before, you must tell HMRC by 5 October 2026.

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Necessary Documents For UK Tax Return

Before you start filling out your Self-Assessment return, you’ll need to gather all the necessary documents. These include:

• P60/P45/P11D Forms: These provide details of your income from employment or pension.
  
• Bank Statements: If you have self-employment income or other untaxed income, you’ll need to provide statements and records.
  
• Tax Certificates: If you’ve received dividends from shares or interest from savings, ensure you have tax certificates to report on your return.
  
• Invoices and Receipts: If you’re self-employed or have other taxable income, ensure you have records of your business expenses, such as receipts for purchases or invoices issued.

Using the HMRC App

To streamline the process, you can use the HMRC app, which is free and secure. The app allows you to:

• Check your unique taxpayer reference (UTR).
• Track your employment income and view your tax records.
• Set reminders for tax payments and submission deadlines.
• Get help from HMRC’s digital assistant if you have questions about your return.
  

Using the app can save you time compared to manually searching for documents or calling HMRC’s customer support, especially during busy periods.

Don’t Forget About Your Side Hustles

If you have any additional income from freelance work, casual jobs (such as babysitting or dog walking), or property rentals, you must report it in your Self-Assessment return.

• Trading Allowance: If you earn up to £1,000 from side jobs (like tutoring, freelancing, or selling goods), you don’t need to pay tax. However, if you earn more than this, you’ll need to register as a sole trader and submit a return.
  
• Property Income: Income from renting out property is taxable, and you’ll need to declare it in your return. You can deduct certain expenses, such as maintenance and repairs, from your rental income.

Tax on Savings and Investments

With interest rates increasing, more people are exceeding their personal savings allowance and need to declare their savings income. Here’s what you need to know:

• Basic-rate taxpayers can earn up to £1,000 in savings interest tax-free.
• Higher-rate taxpayers can earn up to £500 tax-free.
• Additional-rate taxpayers do not have a savings allowance.

Interest earned in ISAs or some NS&I products is not subject to tax, so you don’t need to declare it.

Claiming Pension Tax Relief

If you’re contributing to a pension, you may be eligible for pension tax relief, which can reduce your taxable income. There are two main types of pension tax relief:

• Net Pay Arrangement: Contributions are deducted from your income before tax is calculated, meaning you get relief immediately at your highest rate of tax.
  
• Relief at Source: If you contribute to a personal pension or some workplace pensions, you receive basic-rate relief automatically. However, if you’re a higher-rate taxpayer, you’ll need to claim the additional relief through your Self-Assessment return.

To claim, enter the total contributions you made, including the basic rate relief you received. HMRC will calculate any further relief due to you based on your tax rate.

High-Income Child Benefit Charge

If you or your partner earn more than £60,000 and claim child benefit, you must pay the High Income Child Benefit Charge. This charge is calculated on a sliding scale and reduces the child benefit you receive. If your income exceeds £60,000, the full child benefit will be clawed back.

You can use HMRC’s child benefit tax calculator to estimate your adjusted net income and determine how much charge you owe.

Reporting Crypto Gains

HMRC is increasingly focused on cryptoassets, such as Bitcoin and Ethereum. If you sold or exchanged any crypto during the 2024/25 tax year, you must report any gains or losses in your Self-Assessment return.

• Crypto assets are subject to Capital Gains Tax.
• The Self-Assessment form now includes specific boxes (13.1 to 13.8) to declare crypto gains.

Make sure to keep accurate records of your transactions, as HMRC requires full disclosure of all crypto-related earnings.

Gift Aid Donations

If you’ve made charitable donations under the Gift Aid scheme, you can claim additional tax relief. As a higher-rate taxpayer, you can reclaim 20% or 25% of the donation amount. For example, if you donate £100, the charity claims £125. You can then claim back £25 in tax relief.

Remember to keep records of all charitable donations made throughout the year.

Avoiding Scams

HMRC has warned about an increase in self-assessment scams, including fake emails and phone calls that attempt to steal personal information. If you receive any suspicious messages, don’t click on links or provide personal information. Report any scams directly to HMRC.

How We Can Help File Your Self-Assessment Tax Return

At Apex Accountants, we provide expert support for completing your self-assessment tax return accurately and on time. Here’s how we help:

Filing Your UK Tax Return

We ensure that your Self-Assessment tax return is filed correctly, whether online or via paper. Our team helps you gather all necessary documents (P60, P45, P11D, bank statements, and more) and submits your return on time, avoiding late penalties.

Tax Planning

We offer personalised tax planning to minimise your liability, such as maximising allowances (e.g., personal savings allowance, capital gains allowance) and guiding you on tax-efficient investments. We help higher earners take advantage of tax-saving strategies like income splitting and pension contributions.

Business Support

For self-employed individuals, contractors, and partnerships, we provide expert guidance on managing income from multiple sources, including freelance work and side hustles. Our support covers bookkeeping, tax deductions, and filing returns for sole traders and partnerships.

Whether you’re self-employed, a freelancer, or a business owner, Apex Accountants ensures you remain tax-efficient, compliant, and on top of your financial obligations.

Contact us today to get expert advice and assistance with your self-assessment tax return.

Conclusion

The self‑assessment deadline for the 2024/25 tax year is fast approaching. Filing your return by 31 January 2026 and paying any tax due on time avoids costly penalties. Register early, gather your documents and make use of allowances to reduce your bill. Keep an eye on hidden income sources such as savings interest, side hustles and crypto gains, and remember to claim pension and Gift Aid reliefs. If you need support, Apex Accountants are here to help you navigate the process confidently and stay compliant.

FAQs 

How do I register for self‑assessment?

Register online through HMRC’s site. If you’re new to self‑assessment, you’ll receive a UTR; if you previously filed, reactivate your account. Allow at least two weeks to receive your UTR and activation code. You must tell HMRC by 5 October following the end of the tax year.

What records should I keep and for how long?

Keep evidence of income, expenses and tax reliefs for at least five years and ten months after the submission deadline. This includes invoices, receipts, bank statements, P60s and P45s, dividend vouchers and interest certificates.

Can I submit my return early?

Yes. You can file anytime after the tax year ends on 5 April and well before the deadline. Filing early helps you know your tax liability and budget for payment. If HMRC owes you a refund, you’ll get it sooner.

What happens if I make a mistake?

You can amend an online return up to 12 months after the filing deadline. If you realise you’ve overpaid tax or missed claiming reliefs, amend your return or write to HMRC asking for a refund.

How can I pay my tax bill?

You can pay through online banking, by direct debit, by debit/credit card or via the HMRC app. If you file by 30 December 2025, HMRC may collect tax owed through your PAYE code. Otherwise, pay by 31 January 2026 to avoid penalties.

What if I cannot pay on time?

Contact HMRC as soon as possible. You may be able to set up a Time to Pay arrangement to spread payments. Ignoring the deadline will trigger late payment penalties of 5% of the tax unpaid after 30 days, 6 months and 12 months, plus interest.

How do I protect myself from HMRC scams?

HMRC warns that thousands of self‑assessment scams are reported each year. Beware of suspicious emails, texts and phone calls asking for personal information or offering refunds. HMRC never asks for personal or financial details by text or email. If in doubt, contact HMRC directly via official contact details and report the scam.

Growing attention is turning to the idea of a “Fat Cat Tax” in response to these widening pay gaps. The proposal centres around applying an additional corporate tax surcharge to companies that choose to pay executive directors many times more than their workforce. Instead of setting a strict limit on pay, this system would connect tax costs to very high pay differences, with bigger taxes applied as the difference between top salaries and average worker pay gets larger. 

Supporters argue this approach targets corporate behaviour rather than individual income while encouraging firms to either rein in excessive remuneration or invest more in wages, training, and long-term growth. With transparency measures already in place and executive pay still rising year after year, the Fat Cat Tax is increasingly seen as a corrective tool designed to restore balance, rebuild trust and ensure that corporate success delivers broader economic benefits.

The Scale of Executive Pay Gap in UK

The High Pay Centre’s annual “Fat Cat Day” analysis illustrates how extreme the executive pay gap in UK pay has become. Their 2026 calculations found that:

• Median FTSE 100 CEO pay: The typical chief executive earned £4.22 million in 2025 (excluding pension), a 113‑to‑1 ratio relative to a full‑time worker earning £37,430.
  
• Average FTSE 100 CEO pay: Mean pay was even higher at £4.40 million, still about 113 times the median full‑time wage. CEOs earned a median worker’s annual salary by midday on 6 January 2026.
  
• High outliers: Individual companies show far bigger disparities. Aerospace group Melrose paid its CEO nearly £59 million, a staggering 1509‑to‑1 ratio, while some retailers such as Tesco paid their chief executives over 400 times the typical employee salary.

What People Think

The public strongly supports closing these gaps. Several surveys show overwhelming support for limiting executive pay and demanding higher wages for frontline staff:

• A High Pay Centre and Survation poll found that 62% of respondents believe CEOs should not be paid more than 10 times their typical employee, while only 3% thought pay gaps above 50 times are acceptable.
• In a 2025 ShareAction poll, 70% of UK adults said it is unacceptable for CEOs to earn 100 times more than their lowest‑paid staff, and 93% of shoppers at retailer Next said employers should pay the real Living Wage rather than just the legal minimum.
• The High Pay Centre notes that the majority of people think CEOs should be paid no more than 20 times as much as their typical employees and that wider pay gaps damage employee morale, engagement, and corporate reputation.

This disconnect between boardroom rewards and public expectations undermines trust in business and fuels calls for reform. Even many investors are pressing for fair pay policies, as evidenced by resolutions filed at annual general meetings demanding living‑wage commitments.

The Proposed Fat Cat Tax

To tackle these extreme inequalities, the High Pay Centre and the Equality Trust propose a “Fat Cat Tax”. The policy would add a surcharge to corporation tax payable by any firm whose CEO’s single‑figure remuneration exceeds a multiple of the median UK worker’s salary. Key features include:

• Progressive thresholds: The surcharge would start when the CEO‑to‑worker ratio exceeds 10:1 and increase to 50:1, 100:1, 200:1, and 500:1.
• Ring‑fenced revenues: Tax receipts would be earmarked for education and early years provision, investing in social mobility and addressing inequality at its roots.
• Incentives not prohibitions: Companies could still pay high executive salaries if they choose, but the tax would create a clear financial cost for extreme pay gaps. The policy aims to encourage boards to share corporate wealth more fairly or raise wages for lower‑paid staff.

Why This Matters

Extreme pay gaps are not just unfair; they carry broader economic and social costs:

• Curb UK income inequality: Evidence compiled by the Equality Trust shows that high income inequality is linked to financial crises, increased debt and inflation. Societies with greater equality typically experience longer periods of sustained growth, whereas inequitable economies are more vulnerable to cycles of boom and bust.
• Lower productivity: Studies indicate that reducing the wages of low-paid workers lowers their productivity more than increasing the pay of high-paid workers raises theirs. Whether employees perceive their pay as fair affects their productivity. Therefore, workers perceive excessive CEO pay as unfair, which can negatively impact productivity and commitment.
• Health and wellbeing: Living in an unequal society produces stress and status anxiety. Research compiled by the Equality Trust finds that more equal societies have a longer life expectancy and lower rates of mental illness, obesity, and infant mortality. Greater inequality is associated with higher levels of depression and schizophrenia.
• Corporate trust and product quality: Surveys compiled by the Equality Trust link excessive CEO pay to lower trust in corporations, bad relations with employees, worse job satisfaction and even higher inflation. These factors damage long‑term corporate performance.

Why Apex Accountants Supports Fair Pay Reform

As chartered accountants and business advisers, we at Apex Accountants believe that sustainable success depends on fairness, transparency, and good governance. We support efforts to close extreme pay gaps because they make economic sense and foster a healthier society. We also acknowledge that businesses need practical guidance to navigate new regulations. Here is how we can help:

Our Services

• CEO‑worker pay ratio analysis: We help clients analyse their executive pay ratios, benchmark against industry norms and identify opportunities to narrow gaps responsibly.
  
• Tax planning and compliance: Our experts stay up to date with proposed changes such as the Fat Cat Tax. We can model potential surcharges, assess how they will affect your corporation’s tax liabilities, and devise strategies to optimise your tax positions.
  
• Remuneration structuring: We advise on balanced compensation packages that align executive incentives with long‑term value creation. This includes designing bonus schemes, shared plans, and pensions that reward performance without creating unsustainable pay gaps.
  
• Pay policy reporting: Companies are already required to disclose CEO‑worker pay ratios. We assist with narrative reporting that explains pay practices, communicates fairness and meets regulatory requirements.
  
• Living‑wage implementation: Many clients choose to adopt the real Living Wage. We provide budgeting and payroll support to implement living‑wage policies and assess their impact on recruitment and retention.
  
• Training and governance: Apex Accountants offers training for remuneration committees on best practice and helps boards integrate worker voice into pay decisions, consistent with emerging standards for fair reward frameworks

Building a Fairer Future

The Fat Cat Tax proposal highlights growing dissatisfaction with a system that funnels corporate wealth to a privileged few. Polls indicate that most Britons support limiting CEO pay to modest multiples of average wages and that many consumers are prepared to boycott companies that fail to pay a real living wage. At the same time, decades of UK income inequality and wage stagnation mean that millions of households have seen little improvement in their living standards.

A tax surcharge for companies with very high pay ratios would not fix inequality on its own, but it would send a strong message that businesses should help society as a whole. By disincentivising excessive remuneration, encouraging higher wages for the lowest paid, and generating revenues for education and early years programs, the policy could make a real difference. Ultimately, businesses thrive in societies where workers are healthy, educated and motivated. Closing the gap between the boardroom and the shop floor is in everyone’s interests.