In June, PayStream were awarded yet another accolade and were presented with the Best Accountancy Firm 2019 prize at the annual Recruitment International Awards ceremony in London. This was further evidence of our reputation within the industry, and that our business continues to deliver exceptional service levels in a very competitive market.
An additional security measure to help prevent millions of pounds worth of fraud has unfortunately been postponed until 2020 due to a delay in the banking systems. The Confirmation of Payee was due to be introduced by July 19 to help protect customers from payments scams involving authorised push payments (APP’s).
The rules introduced in April 2017 are being extended to the private sector. The responsibility for operating IR35 is shifting from the individual contractor to medium or large-sized clients and third sectors (such as charities) from April 2021. Developments in the April 2021 legislation, such as the client led status disagreement process, are also being applied to the public sector. Government has accepted that CEST is not fit for purpose and has committed to improving it ahead of April 2021. But, considering the industry’s need to start preparing for the changes urgently, how long will we have to wait for the latest version of CEST?
Shawn joined PayStream as a Customer Care Advisor in 2018 and has since become an integral part of the team. She's one of the first points of contact for our umbrella employees and is also responsible for training new starters. We wanted to find out a little more about Shawn and her PayStream journey.
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.
As we approach the end of July, contractors who have to make payments on account of their 2018/19 personal tax liabilities should hopefully be in a financial position to make those payments by the due date of 31 July.
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.