Congratulations to Nick Martin - August Umbrlela Employee of the Month

"Congratulations to Nick Martin who has won Umbrella Employee of the month for August. Nick is one of our Accountants and has been with Umbrella since April 2015. Nick is an inspirational and motivating member of the Accountancy team. Nick always goes the extra mile and is always keen to take on new projects with dedication."  Micaela Blackshaw, Deputy Accountancy Services Manager.

Some public sector contractors missing out on 30% of income after IR35 changes

Some self-employed contractors lost 30% of their income in the wake of IR35 reforms that took effect in the public sector this in April.

As the dust settles around the changes IT recruitment company, CW Jobs, found that more than 70% of their clients saw a reduction in income after the IR35 reforms.

Of these contractors, a quarter saw a reduction close to 30%.

The IR35 reforms mean that contractors who work solely or primarily for public sector bodies are being taxed as if they were regular employees of that company. But are no receiving any of the accompanying benefits such as such pay or holiday entitlement. 

Three quarters of self-employed have no pension
Editor | 7 August 2017
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A survey of British workers has revealed that almost three quarters (73 per cent) of self-employed people have no personal pension.

The survey revealed that self-employed Brits contribute less to their pensions each month, start saving for retirement later and are less likely to know what’s in their pension pot.

With questions raised about pension provision for contractors, the survey suggests that the pension industry is not meeting the needs of the self-employed community. 

Umbrella.co.uk Agency Fantasy Football League Update

Little Pea’s, Rooney Rampage & Pogba Points making the difference this week. The ongoing Mystery as to why Harry Kane never scores in August continues. Do you drop him or leave him in???!  Complete change in top 3 from last week with some big names taking big hits as mid table teams climb up. Its early days but I’ve heard some rumours of teams already considering their wildcards is this for real or are the mind games beginning?

The new Tax Evasion Legislation for Recruitment Agencies
To prevent tax evasion, the new tax law makes recruiters criminally responsible.
 
Following on from recent tax scandals, including the Panama Papers and various loan write-off schemes, a new corporate “failure to prevent” offence is being introduced from 30th September with a severe penalty regime that should make all agencies sit up and take note.
 
With unlimited fines and the possibility of a criminal record a clear target is being painted on the backs of any part of the staffing supply chain that isn’t compliant. Of vital importance is the fact that an agency can be convicted even if no intent is established and the agency has not benefited financially from the arrangement.