16th May 2019
Amid the ongoing uncertainty around Brexit, one of the few reliable dates was the new tax year starting on 6 April. There is plenty of change for 2019/20 to report in this edition of our Summer newsletter.
A key issue affecting both employers and employees is the rise in auto-enrolment pension contributions from April: Employers’ minimum contribution has gone up to 3% from 2% and employees must now pay up to 5% (from 3%) of their salary directly to their pension, with a knock-on effect for their take-home pay.
Our feature story extends into the employer-employee relationship, exploring the spread of flexibility in the workplace from working hours to benefits. One size no longer fits all as employees look for differences from flexible payment structures, the opportunity to trade holidays for increased salary (or vice versa) or control over their working hours which could be over a monthly or even annualised cycle.
HMRC’s long-awaited digitisation of the tax processing system has also launched. VAT-registered business owners with a turnover above the £85,000 threshold must now keep digital records and submit their tax returns under Making Tax Digital rules. We look at the processes that companies must have in place and expected future requirements. Our other stories include:
We hope you enjoy reading our PDF newsletter which can be downloaded below. If you would like to have more information about any of the articles in the newsletter and their possible impact on you, please let us know.Thompson Jenner LLP Summer 2019 Newsletter