The Big Picture - February 2020

March 2020 Update - Off-payoll working legislation delayed until April 2021 due to COVID-19

With the introduction of the new legislation due in a matter of weeks you will spot a trend with our upcoming articles – help and advice regarding the off-payroll working legislation. For instance, if you’re a limited company contractor affected by the changes, you may not be aware of how an umbrella company differs from an agency payroll, so we explain the difference between the two and the benefits that can be gained from working as an umbrella company contractor.

Some of you may already be aware that similar changes were brought into the public sector back in April 2017 so we also share with you the experience of Martin Whalley a contractor who was working through his own limited company in the Public sector before those changes. He then moved over to working through our umbrella company and shares his experience of the transition.

Now is also a good time to remind you that not all umbrella companies are the same. We all have different levels of expertise, service and capability. That’s not to mention different standards of compliance and with the HMRC spotlight well and truly shining on our sector, it’s now more important than ever before to ensure that you are working with a compliant provider that you can trust, like PayStream. As it is difficult to know who to trust, we have highlighted some of the key warning signs to look out for, to help you spot the heroes from the villains.

And because we didn’t want the entire newsletter to just be dedicated to the upcoming changes, we also provide advice on how to keep a handle on all of your different pension pots to ensure that you aren’t missing out on money owed to you when you retire. And with the 2019/20 tax year fast approaching we provide some hints and tips to ensure that you are maximising your personal allowances and any tax reliefs available to you, to ensure that you are working in the most tax efficient way.