Inflation and frozen tax bands mean that more than one million people will pay the higher rate of tax by 2027, new figures released by HMRC show.
The tax authority is forecasting that 1.13 million people will be pulled above the 40% tax threshold by 2027/28, as wages rise quickly and tax bands stay at the same level.
marketing | 22 October 2021
New research reveals that more than two million workers are planning to switch jobs before Christmas, with most workers motivated by a better work-life balance.
According to Totaljobs - which analysed more than 4.2 million job changes since 2015 and surveyed more than 4,500 jobseekers - a quarter of the UK workforce is planning on a change in the next two years.
On Friday HMRC released the discussion document inviting contributions from the industry on how best to police the murky area of disguised employment.
At first glance the consultation seems conflicted proposing two equally unsatisfactory options and then asks for someone else to come up with the magic solution for this thorny issue.
Perhaps the most concerning element of the document can be found on page 8 where it is suggested that the engaging party rather than the PSC be held responsible for the deduction of TAX and NI exactly as they would for a normal employee. Based on how open to interpretation the current legislation is and how few successful cases HMRC bring against contractors it is surely unfair to expect the engager in these circumstances to make that decision and then enforce it onto a supplier that they want to keep on side.
The Small Business, Enterprise and Employment Act 2015 has received royal assent and is now therefore inforce. This is the first time an act has been passed specifically for helping small businesses.
Employers and HR bodies have called for urgent reform of the Apprenticeship Levy. Some critics say the current system is inflexible and inaccessible, while others complain it benefits people that are already in management positions.
Tesco’s Chief Executive Ken Murphy has been particularly scathing of the scheme, which affects all large employers - including umbrella companies.
Reports suggest that the Government is planning to lure retired middle-aged workers back to the workplace to help boost the economy.
In recent months, problems like inflation have been intensified by low levels of economic activity amongst some working-age people.
Are you looking for a change? Each year, thousands of Brits start contracting to get them out of a slump in their work or home life.
For many full-time employees, contracting is the answer to numerous issues with their work and lifestyle. It lets people use skills and experiences developed as an employee and apply them on their own terms - at a time and place to suit.
To be sure, contracting isn’t for everyone. There’s definitely some downsides that come from trying to make it under your own steam, but we think the benefits outweigh the downsides, especially when you use an umbrella company like Umbrella.co.uk
Business confidence amongst the UK’s construction leaders – and many other firms in between – remains tip-top according to the latest research from accountants and business insight providers BDO.
With an employment index rating of above 113.0, the growth indications for UK construction remains a long-term trend and beyond: employers intend to keep on hiring, because there is work to be done and more is on the way.
Umbrella.co.uk's Jessica Evans joined us to chat over the latest good news for UK construction contractors: “The continued recovery – in fact, resurgence – of the UK’s building industry has really fuelled this continuous feelgood factor around the sector.”