The HMRC in a briefing issued last month announced how it will support IR35 affected organisations and intervene if 'deliberate defaulters' don’t comply. With the deadline April, 6th 2021 fast approaching the HMRC have issued a briefing, available on GOV.UK on how it will support affected organisations with IR35 reform changes. The HMRC also stated how they will intervene if IR35 non-compliers deliberately do not adhere to changes. Are you prepared? IR35 changes apply tomedium … [Read more...]
Know your IR35 status
Does your payroll include self-employed workers, contractors or consultants? A small piece of legislation is set to have a large impact on businesses. Understanding your IR35 status may save you from back paying unpaid tax. From the 6th April, 2021, all public authorities and medium to large sized businesses will be responsible for deciding the employment status of workers. Failure to comply could result in hefty workers tax and National Insurance shortfalls becoming the employer’s … [Read more...]
The IR35 Facts & Myths
Following the budget announcement, I think I speak on behalf of the entire population; it is a lot to digest and understand. With that said, the Government have predicted that the United Kingdom will return to pre-covid levels by the middle of 2022.As we are all aware, the IR35 reform will be going ahead and those contractors operating through a limited company, deemed to fall inside of IR35, will no longer be able to do so come April 2021. We have already seen some enquiries come through … [Read more...]
IR35 reform, one month to go
With April the 6th looming, there is no room for anyone to be burying their heads in the sand! Not to worry though, here at ePayMe, our knowledgeable and dedicated team are on hand to answer any of your questions. There have been many questions and some debates surrounding the best route for your workforce to go down, once the changes have been implemented. We are sure many clients are aware outsourcing their payroll is the best option; Furlough, statutory payments, answering pay enquiries, … [Read more...]
Budget 2021 – The key points
Chancellor Rishi Sunak has just revealed the contents of his Budget in the House of Commons.Here are the key points: UK economy forecast to return to pre-Covid levels by middle of 2022 Annual growth set to rebound by 4% this year, followed by 7.3% growth in 2022 Unemployment expected to peak at 6.5% next year, lower than 11.9% previously predicted UK to borrow a peacetime record of £355bn this year. Borrowing to total £234bn in 2021-22 Debt as a share of GDP to fall … [Read more...]
VAT Deferral New Payment Scheme – online service opens
Over half a million businesses that deferred VAT payments last year can now join the new online VAT Deferral New Payment Scheme to pay it in smaller monthly instalments, HMRC announced 23 February 2021.In order to take advantage of the new payment scheme businesses will need to have deferred VAT payments between March and June 2020 under the VAT Payment Deferral Scheme. They will now be given the option to pay their deferred VAT in equal consecutive monthly instalments … [Read more...]
Summer school catch up for pupils across England
The Government have announced an extra £420m in funding along with £300m announced for catch-up projects in January.The Prime Minister has stated the money would help ensure no child is left behind due to the pandemic.Schools will have the option to run summer classes for pupils who need it most, potentially starting with those who will be moving up to Year 7 at secondary school this year.Education Secretary Gavin Williamson said the average primary school would receive around £6,000 … [Read more...]
Self Assessment Late Payment Penalties
Today HMRC has announced that Self Assessment customers will not be charged the initial 5% late payment penalty if they pay their tax or make a Time to Pay arrangement by 1 April.The payment deadline for Self Assessment is 31 January and interest will be charged from 1 February on any amounts outstanding. The deadline has not changed, but this year, because of the impact of COVID 19, HMRC is giving taxpayers more time to pay or set up a payment plan.Payment plans or payments in full … [Read more...]
Furlough – the good, the bad and the misleading
With many temporary and agency staff not being able to continue to work as usual during the Covid-19 pandemic, we have seen a significant number of changes within the sector from recruitment agencies not wanting to operate internal PAYE and choosing to outsource entire books of workers, to contractors choosing alternative career paths to remain in employment. It’s fair to say the pandemic has caused some questions around how payroll providers can continue to support those affected by these … [Read more...]
Seven steps to success
The transition from LTD to umbrellaSince the beginning of the New Year, we have seen an influx of enquiries and requests for support from contractors operating through their own limited companies due to the IR35 reform looming.Our seven steps to success have seen a smooth transition for many contractors whom are affected by the changes to the IR35 regulations.What are these steps?Communication – our expert team have the knowledge to answer any IR35 and payroll related … [Read more...]