Some 61% of jobs done by these young women had wages paid by the state, HM Revenue and Customs (HMRC) said.Young men of the same age were also more likely than not to have been furloughed, hitting 58% of their jobs.Men aged in their 40s and women aged 41 to 58 were least likely to have been put on the scheme.Anne Willmot, age campaign director at Business in the Community, said: "Young people are being locked out of employment at the start of their careers - a key time for them to … [Read more...]
Tax credits update
HM Revenue and Customs (HMRC) is reminding tax credits customers that they need to tell HMRC about any changes in their circumstances or income by 31 July 2020.Tax credits help working families with targeted financial support so it is important that people don’t miss out on money that they are entitled to.Renewing tax credits online is quick and easy. Customers can log onto GOV.UK to check the progress of their renewal, be reassured that it’s being processed, and know when they will hear … [Read more...]
Summer statement: what you need to know
The Chancellor Rishi Sunak announced measures in the summer statement to help the UK recover from the effects of the coronavirus.Below we have put together a summarised brief of the announcements.Jobs Retention Bonus: If an employer brings back a furloughed employee and keeps them in the job to January, then the Government will pay a £1,000 bonus per employee. Sunak stated, "It's vital people aren't just returning for the sake of it - they need to be doing decent work.”For businesses … [Read more...]
What you need to know about staff returning to work post Covid-19
Following The Prime Ministers announcement regarding the further easing of lockdown, measures will need to be in place to start planning for staff to return to work.The initial response to the pandemic was to enforce lockdown and for employees to work from home where possible. Meaning a large portion of the UK working from home. Steps had to be put in place to accommodate the changes to many businesses and ensure staff received support during lockdown to protect their wellbeing.Many HR … [Read more...]
EU Settlement scheme update – 1-year left to apply
The 30th June 2020 marked the 1-year countdown for the EU settlement scheme application deadline. Already 3.6 million applications have been submitted and more than 3.3 million applications have been granted.EEA citizens and their family members who have been granted pre-settlement or settled status have secured their rights in UK Law, ensuring that they will have the evidence they need to continue living and working in the UK.The lastest detailed official Statistics show that the … [Read more...]
How do you choose the right Umbrella company?
With the changes in IR35 reform just around the corner, more and more Limited Company PSC’s that are deemed as “inside” IR35 will be required to alter their current pay structure and look at either an employed in-house PAYE or outsourced umbrella service. Many agencies run a PSL (Preferred Supplier List) to allow workers a choice of approved/accredited providers without having to search themselves and stumble on a provider that is not necessarily compliant. It is just another level of compliancy … [Read more...]
Tax avoidance schemes aimed at contractors and agency workers
HMRC is aware of schemes that claim to increase your take-home pay by paying less Income Tax and National Insurance contributions. These schemes do not work and by using them you may be taking part in tax avoidance. How these schemes work Most umbrella arrangements operate within the tax rules, and correctly deduct tax and National Insurance contributions from all your earnings using PAYE.Some promoters of tax avoidance schemes set up umbrella companies and use them to convert income into … [Read more...]
Are Agencies taking a contractor’s earnings serious enough?
With workers becoming more and more in demand and a lack of work currently available for skilled temporary/contracted workers, there is more emphasis on the agencies to offer a better service. This is not only with their on-boarding, but also to give the worker the flexibility to be able to earn more. A happy worker will not only return, but also spread the love by recommending to fellow co-workers on their experience.This experience not only works for agencies but also from a payroll … [Read more...]
Brexit News Update
For those following the Brexit news; this week those campaigning for a Second Referendum to keep the UK within the EU received boost as Jeremy Corbyn committed his party to supporting a fresh referendum.This is pertinent to the financial sector as after Brexit, the trade relationship between the UK and the EU will not be the same after the implementation period. Financial services is one of the UK’s biggest exports to the world, representing almost 10% of the UK’s total exports.If a no … [Read more...]
Preferred Supplier Lists
As we settle into 2019 it is time to reflect and review on how we are doing, to avoid regulatory penalties and improve our business for the coming year.Many recruitment agencies use preferred supplier lists (PSL) for umbrella companies, but how do you ensure this is followed by your workforce? There has been mention of HMRC targeting individual consultants for unpaid tax, due to direct payments made by providers.Referral incentives place consultants at risk and can leave businesses open … [Read more...]