PAYSLIPS REQUIRED...
FREELANCERS and GIG economy are now entitled to payslips.
The requirement, which extends to all workers, including casual and those on ‘zero-hour’ contracts, and not just employees, came into force on 6 April this year.
There are several key details that must be included on the payslip, such as:
- Gross pay and salary
- Varied rates of pay and hours worked
- The amount of any deductions and what they relate to
- Net wages or salary payable; and
- The amount and payment method
The more complex question is, however, determining whether someone is an employee, worker or self-employed contractor. G H W Rosevear & Co. are employment law specialists and are always pleased to assist in determining employment status.
IR35 RULE CHANGES
Advisors and businesses should be aware that next year IR35 employment tax rules will be applied to the private sector.
The changes to the rules will transfer the responsibility for deciding whether PAYE should be applied on payments made from the workers’ company to the payer.
For further information and advice email: ir35@hmrc.gov.uk
STAGGERING STATISTICS
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81% of SMEs that have applied for external finance but failed to seek external, independent advice.
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33% of British people have heard of MTD – Making Tax Digital; but only 50% have understood what the it means.
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£93m is the amount lost by UK businesses because of invoice fraud
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37% of entrepreneurs who have never had a weekend free of work
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69% of UK consumers are not confident about the UK’s economy in the current climate
THE NEW TAX YEAR BRINGS NEW CHANGES
32 million income taxpayers will see their bills cut because of key changes to the personal allowance and other tax changes.
The tax-free personal allowance increases from£11,850 to £12,500. The basic rate limit will be increased to £37,500, while the higher-rate tax band is going up from 46,350 to £50,000 in England, Wales and Northern Ireland.
For those earning between £46,350 to £50,000 their NIC (National Insurance Contributions) will increase to 12%.
However, Capital Gains annual tax exemption will be rising from £11,700 to £12, 000.
As the Chancellor Philip Hammond MP says: “the changes will boost families, strivers, grafters and carers.”
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