Anna’s Accountancy Alerts – Week 45 (5th –  11th February 2024)

Spring

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Spring Budget 2024

Chancellor Jeremy Hunt will deliver the 2024 Spring Budget on 6 March, the government has confirmed.

It could be the last chance for the government to announce significant changes to tax policy before the general election.

HMRC Updates Off Payroll Compliance Guidance

HMRC recently updated its guidance on off payroll working compliance for employers.

The new guidance sets out ‘practical steps’ for organisations to follow. It affects employers who are responsible for operating off payroll working rules and who engage workers who provide their services through their own intermediary.

The guidance states that organisations should apply the new guidelines to ‘reflect the complexity and scale of their own off payroll working engagements‘. It said that the guidelines should be used to ‘help make informed decisions based on individual circumstances’.

From 6 April 2024, HMRC will take into account the taxes a worker or their intermediary have already paid against the amount the deemed employer owes. This change applies to income tax and National Insurance contributions (NICs) assessed by HMRC on or after 6 April 2024 from off-payroll working errors in payments since 6 April 2017.

December 2023 issue of the Employer Bulletin – GOV.UK (www.gov.uk)

Hybrid Working Is Here To Stay

Less than 30% of firms expect their workforce to fully return to the workplace over the next five years, according to research by the British Chambers of Commerce (BCC).

The survey of over 1,000 businesses found just 27% of respondents predict their employees will be fully physically present in the workplace over the next five years. In addition, 47% anticipate their staff will be mostly in-person, 16% expect mostly remote and 8% fully remote.

The research found a clear divide between different sectors. Only 17% of B2B services organisations expect fully in-person working, while the figure for manufacturers is 38% and B2C services 37%.

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.