The start of the new tax year on 6 April 2020 has passed virtually unnoticed against the backdrop of current events. A further Budget is scheduled for November this year at which the Chancellor is likely to outline his plans to recoup the enormous cost to the country of the financial measures introduced to combat the effects of the COVID-19 virus. Have you considered your tax plan for the upcoming year?
A shock announcement last night saw Chief treasury secretary Steve Barclay announce that the change to the off-payroll working rules will be delayed for one year to 6th April 2021. This is part of additional support for businesses and individuals to deal with the economic impacts of Covid-19. The delay means that the different rules that exist for inside and outside the public sector will continue to apply until 6 April 2021.
At PayStream, we are committed to making a difference to those in our local community, which is why we have partnered with Benefacto, an organisation that works with small charities to provide professional volunteers who spend a one off day in work hours to come along and help out with sessions.
Steven has been working at PayStream for the past couple of years as our Senior Digital Marketing Executive. He looks after all content for the company's social media channels, as well as contributing to our email campaign strategy, SEO management, video creation, webinar hosting and literature design. We wanted to find out a little more about Steven and his PayStream journey.
With the introduction of the new legislation due in a matter of weeks you will spot a trend with this month’s newsletter – 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.
The last minute review of how the new rules would operate, brought about by an intense campaign by and on behalf of the contracting industry, led to HMRC undertaking a detailed review of the draft legislation due to come into effect on 6th April 2020. Here is a quick look at the key outcomes and what you need to know ahead of the deadline.
Working as a limited company contractor has a lot of advantages, but it does mean you're responsible for plenty of running costs. Fortunately, there are tax relief and allowances that can help you maximise your take home pay, as well as different expenses you can claim. But negotiating the HMRC labyrinth can be complicated, and it's easy to get confused over what you can and can’t claim. Here's our very brief guide to claiming expenses.