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Dear <<First Name>>,
I'm pleased to send your copy of our Spring Newsletter (click here to download your PDF copy).
The ‘off-payroll’ or ‘IR35’ rules have been adapted considerably since they were first introduced, and the Autumn Budget (2018) announced further change to come. Our lead article provides an update in this area.
In the public sector, those engaging a worker through a personal service company (PSC) already have the responsibility of making the decision as to whether a contract falls within the IR35 rules. They also have to account for PAYE and National Insurance Contributions on payments made to those within IR35.
From April 2020, these obligations will also extend to some businesses in the private sector. We explain here who will be affected, and how HMRC’s online employment status tool may be used by those responsible for making this important decision.
The other article on the front page reports on the Catapult programme. Catapults are not-for-profit, independent technology and innovation centres located throughout the UK. Each has its own area of technological expertise and specialised facilities. Catapults exist to bring businesses and the research community together in order to encourage innovation and economic growth. Businesses of any size looking to develop new products or services on a commercial scale can access the Catapult network.
Elsewhere in the newsletter, we consider some of the numerous changes to the capital allowances regime introduced by the Budget, particularly the new Structures and Buildings Allowance.
In the light of the difficulties many employers face when it comes to retaining staff, we also discuss the issue of staff turnover and what can be done to provide incentives.
In our other articles, we cover:
- plans to help businesses deal with late payments
- changes to charity annual returns
- the retention of Class 2 National Insurance
- the rent a room scheme
- capital gains and your home.
Included with the newsletter, you will find special Briefing(s) where we look in more detail at:
Going for growth and success
This Briefing is designed to help business owners take stock of where they are now and to provide guidance on how successfully to approach longer-term aims.
Growth and success depend on having the right financial information to hand. We explain here how this can be achieved. Looking at areas which can often cause problems for businesses seeking to expand, such as cash flow difficulties, we highlight how monitoring the figures can successfully overcome these issues. We also discuss why a business plan is not just an adjunct to an application for funding, but a key management tool.
Contents include:
- harnessing real-time information from your business
- creating a business plan
- sources of finance, including crowd funding and ‘business angels’.
Essential Employer Update 2019
Our Employer Update reviews key areas in payroll practice and employment law.
We look for example, at change that may be needed to payslips from 6 April 2019 where employee pay varies according to time worked. We consider the National Minimum Wage (NMW), both the forthcoming increases to NMW and other areas of change; and the latest revision to the timetable for change to the National Insurance treatment of termination payments.
Other topics include:
- pensions auto-enrolment
- how to prepare for IR35 changes ahead
- student loan repayment and the new Postgraduate Loan.
Year-end Tax Planning Guide
The approach of a new tax year is always a good time to check that maximum advantage of available reliefs and allowances is being made. We look here at a number of important and topical areas, with tips on how best to structure affairs.
Residential landlords continue to experience the effect of a less generous tax regime, most notably the continuing introduction of interest relief restriction. In this context, we suggest possible strategies for the future. We also discuss issue of tax when the family home is sold.
Amongst other topics, we also examine:
- pension contributions
- tax efficient savings and investments
- key tips for the family company
Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven’t covered. Your views are always important to us and we would welcome your feedback.
If you have missed any previous information-packed newsletters - you can find them archived on the resources page on our website.
Best Wishes,
Simon Towers
Director, FCA
Clifford Towers
Email address: info@cliffordtowers.com
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