As recently as the March 2016 budget there was a real groundswell of opinion that the opportunity to make pension contributions via salary exchange (also known as salary sacrifice) was going to be under attack and removed. One quick check on Google will show that it has been almost an annual discussion point in the financial press – ‘the demise of salary exchange in the next budget’.
There has been much talk over the last year about the government’s contempt for salary sacrifice schemes and the actual cost to the Exchequer, and on 10th August 2016 HMRC launched its consultation on salary sacrifice, giving the clearest indication yet of its intentions going forward.
It may have taken some time but finally we have confirmation of the planned changes to auto enrolment contribution rate increases. The 2015 Autumn Statement provided a proposal to push back the original contribution increase dates to help businesses administer changes and align them with the tax years.
Is your business growing internationally? Do you have employees working in different countries? As the world becomes a smaller place we are finding more and more of our clients are working “in” multiple jurisdictions not just exporting services or products abroad.
For many businesses, payroll outsourcing offers an attractive and valuable alternative to in-house processing. Choosing a payroll provider correctly offers a less expensive, more efficient and simpler means of ensuring your employees, HRMC and NI are paid correctly on time, every time. However, choose poorly and your payroll process can result in a full-blown financially induced migraine.
In the historic referendum of 23 June 2016, the UK public voted to leave the European Union (EU). The following period has been filled with political and financial uncertainty, as the country contemplates its future outside the EU. However, one thing seems to be certain: in the words of our new Prime Minister, Theresa May, “Brexit means Brexit”.