The draft legislation was released earlier today and is largely as discussed in the consultation document and very similar to the off-payroll rules in the public sector. However it will be subject to scrutiny and possible change as it makes its way through Parliament to become the Finance Act. There were a number of outstanding questions following the end of the public consultation, all of which we focus on in our response, along with the key points likely to have a material effect on the industry.
We often get asked by both potential contractors and recruitment agencies, what makes PayStream different from other umbrella company service providers? Our answer is simple - our brand is built upon two solid foundations; Service and Compliance. Our goal as a company is to ensure that we not only deliver exceptional service, but that we do so in a compliant manner.
Over the past year or so much has been written and said about this HMRC creation and it is destined to figure prominently in the lead up to April 2020 when the off-payroll working in the private sector rules are scheduled to come into effect. Although we don’t know yet what the final format of the tax legislation will look like, we can be pretty confident that CEST in its current or slightly amended form will be at the operational end of it.
The consultation on “off-payroll working rules from April 2020” was published on 5th March 2019. The proposals are broadly similar to the public sector, however there are some key developments which will apply equally to public sector engagements from April 2020.