APPG Challenges the gig economy poses to the tax system
|
|
- Philip Morton
- 6 years ago
- Views:
Transcription
1 APPG Challenges the gig economy poses to the tax system Mark Groom 20 November 2017
2 Agenda Key challenges What is the gig economy? Employment law Income tax and NI Defining the population Objectives? Compliance; Employment Rights; Revenues; all three? Status for what purpose? Complex boundaries and plethora of case law Worker = Dependent Contractor? Platform based working and the NMW/NLW How we pay tax Is our NI regime fit for purpose? Unlevel playing fields Newton s third law VAT Agent-Principal model vs. Worker Status VAT registration threshold Incorporation A veil over an individual s effective employment status Barrier to efficient tax collection Facilitates the lowest possible overall tax rates Switches off worker/employment rights 2
3 Defining the population Estimated size of the gig-economy We don t have enough detailed data to properly assess the scale of the gig economy. Current best guess is c.1.3m Gig workers (Source: CIPD 2017) part and full-time, ages 16-64, excluding those: providing rented or shared accommodation (e.g. Airbnb) conducting online sales (e.g. ebay). c.2.2m Gig jobs (source: Labour Force Survey 2017) Deloitte estimate after applying proportions of those reporting gig economy work (CIPD) to the numbers of working adults, full-time students and unemployed (Labour Force Survey) Giggers weekly hours 80% 16 hours or less 12% hours 8% 35 hours or more Total pay bill Approximately 9-10 bn (Transport, Food & Goods Delivery; Platform Workers; Others) 3
4 Employment Law Status for what purpose? Employment Law Tax and NI 4
5 Employment Law Worker = Dependent Contractor? Definition in short (s230 ERA 1996): and individual who has entered into works: (a) Under a contract of employment; or (b) Under any other contract where the individual undertakes to perform personally any work/services for another party to the contract But not if that party is a client/customer of the individual s profession or business undertaking. Policy intention: to extend the benefits of protection to workers (whatever their formal employment status) who may be required to: - work excessive hours, or - in the case of the ERA or NMWA, to suffer unlawful deductions from their earnings or to be paid to little. The purpose of the Regulations is to extend protection to self-employed workers who are, substantively and economically, in the same position as employees Who are considered to be in a subordinate and dependent position vis-à-vis their employers BUT: cannot include every person who is self employed. Exclusion: for those carrying on a business undertaking It is necessary to distinguish between: - workers whose degree of dependence is essentially the same as that of employees; and - contractors who have a sufficiently arm s-length and independent position to be treated as being able to look after themselves in the relevant respects. 5
6 Employment Law: Rights and protections State-Financed Benefits 2017/18 Employee Worker Fully selfemployed Single Tier State Pension pw pw pw Maternity allowance/smp weeks % of pay (if > )* pw pw Maternity allowance/smp weeks 7 to pw* pw pw Jobseekers allowance* income based < age 25 (income based means tested) >= pw pw pw pw pw pw *Universal Credit Protections and Employer-Financed Benefits Employee Worker Protection for whistleblowers Protection from unlawful deduction from wages Unlawful discrimination Working time including holiday pay ( ) Auto-enrolment pension contributions ( ) NMW / NLW ( ) Employee-only entitlements Employee Statutory sick pay 28 weeks Jobseekers allowance* (contribution based) payable for <= 6 months Redundancy payment Statutory notice entitlement Flexible working rights Protection on the transfer of an undertaking pw pw pw Employee SMP 92% recoverable from State 6
7 Employment Law Complex boundaries Key factors Officeholder, employee, IR35, Chapter 10 Agency worker (SDC) Selfemployed Worker Fully selfemployed Personal service (no unfettered substitution) Supervision, direction, control over how services are provided) x x Carrying on own business undertaking x x x Provision of substantial own equipment Financial risk Profit from own sound management Control over what work and when & where it is done Integration/part and parcel of the engager s business x x 7
8 Tax and NI Is our NI regime fit for purpose? Key differences (2017/18 rates) Tax NIC: individual pays on earnings: Employed, Agency workers(sdc), IR35 companies Fully self-employed, Self-employed Workers Broadly the same for all (slightly more generous expenses deductions for the self-employed) Class 1 Class 4 Up to 8,164 0% 0% From 8,164 to 45,000 12% 9% Above 45,000 2% 2% NIC: individual pays weekly flat rate if profits above 6,025 NIC: employer pays on earnings: - Class pw (until 2019) Up to 8,164 0% - From 8,164 to 45, % - Up to age 21 and apprentices up to age 25 up to 45,000 0% - Everyone above 45, % - 8
9 Tax and NI If giggers were subject to employee PAYE/NIC Estimated wages Approx TOTAL Employee say 3% (12%-9%) Employer Total NIC Est. No. jobs, say: c.2.2m Est. Total pay bill, say: c. 9.5bn If 90% of 9.5bn is below the NI secondary threshold: And 10% is above NI Secondary Threshold: -c. 8.6bn 900m 27 (?) 124 (?) 151 (?) PAYE likely to tax neutral, unless workers have been non-compliant in the past Under the current regime, employers would pay a 0% employer NIC on a gig economy worker aged 21 or under and earning below the Upper Secondary Threshold 3,750 p.a.) 90% of jobs are estimated to generate earnings below the Secondary Threshold The remaining giggers and their engagers could change the way they work so that earnings from any one source fall below the Secondary Threshold ( 8,164 p.a.) or giggers could incorporate Ignores increase in wages and NIC if all giggers had to be paid NMW as Workers Ignores negative impact of wage-employment elasticity i.e. potential reduction on jobs due to increase in engagers costs (through NIC and NMW). Deloitte estimate could be c. -10% (based on NIESR elasticity data) 9
10 Tax, NI and legal form But.Newton s third law Cost to engager: 10,000 30,000 30,000 Possible reaction (i) Possible reaction (ii) Sole Trader Employee or PSC where IR35 applies PSC (IR35 does not apply) Sole Trader Employee or PSC where IR35 applies Work for 3 employers PSC (IR35 does not apply) Individual's net income after tax: 9,687 9,583 9,651 24,187 21,879 25,579 25,150 Taxes payable: Corporation tax on profit ,149 Income tax (Self Assess or PAYE) ,700 3,170 3, NIC paid by individual ,113 2, NIC paid by employer , Total tax and NI: ,813 8,121 4,421 4,850 Cost per 1 net in pocket: Note: For simplicity, these examples ignore the additional costs of auto-enrolment pension contributions and apprenticeship levy, and all other on-costs of employment 10
11 Other challenges VAT Agent-Principal model vs. Worker Status VAT registration threshold Incorporation A veil over an individual s effective employment status Barrier to efficient tax collection Facilitates the lowest possible overall tax rates Switches off worker/employment rights 11
12 Total tax & NIC Tax, NI and legal form Comparative tax and NI as earnings rise from 5K to 30K 9,000 Total tax and NIC at different levels of gross income (17-18) 8,000 7,000 25,000 gross income 6,000 1,746 5,000 4,000 3,000 2, ,000 gross income 766 Employee/PSC+IR35 PSC - self employed Sole trader (no PSC) 1, Gross income 12
13 Summary Key challenges and how to address them Challenge Worker definition Employed vs. Self- Employed Boundary Sole-Trader vs. Incorporated Boundary Compliance and Boundaries Consider a new flat rate withholding tax for Workers New employment status framework in primary legislation Flexible status tests in Regulations Review CT and dividend withholding rates as applicable to PSCs Protect Revenues Consider applying PAYE and NIC to Workers + aggregation of employments for NIC Align class 1 primary and class 4 NIC rates to better reflect benefit entitlements Extend Public Sector IR35 measures to the Private Sector where IR35 applies Protect vulnerable workers Redefine Worker Status at the bottom end Relevance of Personal service / substitution? Review rights and protections available to fully self employed Review rights and protections for individuals in PSCs where IR35 applies Investment, entrepreneurialism, job creation Ensure no blurring of boundaries or misclassification of fully self-employed as employees or workers Consider whether fiscal incentives are sufficiently focussed Ensure no blurring of boundaries due to incorrect application of IR35 13
14 Sources and Citations The size of the gig economy and the numbers of self-employed Royal Society of Arts, Good work: the Taylor review of modern working practices. Royal Society of Arts, Good gigs: A fairer future for the UK's gig economy. Chartered Institute of Personnel and Development, To gig or not to gig? Stories from the modern economy. Centre for Research on Self-Employment, The True Diversity of Self-Employment. Office for National Statistics, A01 Labour market statistics summary data tables, published 18 th October Wage and Employment Elasticities Riley, R., Modelling demand for low skilled/low paid labour: Exploring the employment trade-offs of a Living Wage (No. 404). National Institute of Economic and Social Research. Employer National Insurance Contributions (NICs) rates and thresholds UK Government, Rates and allowances: National Insurance contributions (last updated 6 th April 2017). 14
15 Contact information Deloitte Mark Groom Telephone:
16 Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited ( DTTL ), a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of DTTL and its member firms. Deloitte LLP is the United Kingdom member firm of DTTL. This presentation has been written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of the contents of this presentation. Deloitte LLP accepts no duty of care or liability for any loss occasioned to any person acting or refraining from action as a result of any material in this presentation. Deloitte LLP is a limited liability partnership registered in England and Wales with registered number OC and its registered office at 2 New Street Square, London EC4A 3BZ, United Kingdom. Tel: +44 (0) Fax: +44 (0) Deloitte LLP. All rights reserved. Member of Deloitte Touche Tohmatsu Limited 16
Employment status and. Off-payroll working in the public sector. June 2017
Employment status and Off-payroll working in the public sector June 2017 Agenda Background Assessing employment status for tax purposes Using HMRC s web based tool CEST (formerly ESS, formerly ESI) What
More informationHelping you as an employer.
Helping you as an employer. At Price Bailey - It s all about you The right advice for your business life pricebailey.co.uk Welcome Welcome to the Price Bailey newsletter, where we will be highlighting
More informationUK Indirect Tax Conference 2015 Public Sector. Mark Dyer 11 November 2015
UK Indirect Tax Conference 2015 Public Sector Mark Dyer 11 November 2015 Agenda Health & Social Care Integration Better Care Fund Alternative Delivery Models and Tax Consequences Taxable Adult Social Care,
More informationAutumn Budget 2017: The Budget, in full
www.ukbudget.com 22 November 2017 Autumn Budget 2017: The Budget, in full Contents Introduction 1 Tackling tax avoidance, evasion and non-compliance 2 Real estate 2.1 UK real estate 2.2 CGT payment deadline
More informationIndirect Tax Conference Public Sector Breakout. Mark Dyer Ben Powell Nick Comer 14 November 2014
Indirect Tax Conference Public Sector Breakout Mark Dyer Ben Powell Nick Comer 14 November 2014 Agenda Supplies of Staff Partial Exemption and economic use Longridge on the Thames Compliance Trends 2 Case
More informationRED EXPAT. Moving employees from Spain to the United Kingdom. Pablo Álvarez y María Teresa López 20 th September 2016
RED EXPAT Moving employees from Spain to the United Kingdom Pablo Álvarez y María Teresa López 20 th September 2016 Agenda Introduction UK / Spanish Tax Systems The Example Assignment to the UK Local transfer
More informationUK Taxation of Real Estate. Kathryn Wintle & Barry Curtis 23 April 2015
UK Taxation of Real Estate Kathryn Wintle & Barry Curtis 23 April 2015 Contents Background UK NRL compliance VAT considerations Stamp Duty Land Tax Annual Tax on Enveloped Dwellings Capital Gains Tax on
More informationNATIONAL INSURANCE.
NATIONAL INSURANCE National Insurance National insurance contributions (NICs) are essentially a tax on earned income. The NICs regime divides income into different classes: Class 1 contributions are payable
More informationTyne & Wear Archives & Museums Joint Committee. Annual audit letter to the Members of the Joint Committee for the year ended 31 March 2015
Tyne & Wear Archives & Museums Joint Committee to the Members of the Joint Committee for the year ended 31 March 2015 October 2015 Contents The big picture 2 Purpose and responsibilities 3 Financial reporting
More informationShell + BG = An interesting time for share plans Pam Roffe (Shell), Nick Hipwell (Deloitte), Matt Stephen (Deloitte), Paul Churchill (Computershare),
Shell + BG = An interesting time for share plans Pam Roffe (Shell), Nick Hipwell (Deloitte), Matt Stephen (Deloitte), Paul Churchill (Computershare), Andy Willis (Computershare) 1 The panel 2 3 Computershare
More informationOur tax advisory principles A distinctive approach. Blue heading Green heading
Our tax advisory principles A distinctive approach Blue heading Green heading Introduction Our vision at Deloitte is to be the distinctive firm; defined by the impact we have on the success and reputation
More informationNeed to know FRC proposals on going concern: Implementing the recommendations of the Sharman Panel
Need to know FRC proposals on going concern: Implementing the recommendations of the Sharman Panel In a nutshell The FRC is proposing new Guidance on Going Concern 2013, applicable to all UK companies,
More informationAnnual Shared Services and BPO Conference 2013 How to successfully include tax activities within your shared services organisation
Annual Shared Services and BPO Conference 2013 How to successfully include tax activities within your shared services organisation Nandor Makos, James Tooley & Pippa Booth Introductions Nándor Makos Pippa
More informationMANAGING THE RISKS OF NON-PAYROLL LABOUR
MANAGING THE RISKS OF NON-PAYROLL LABOUR OCTOBER 2017 CONTENTS THE SPIRALLING COSTS OF GETTING THINGS WRONG... 01 A NON-PAYROLL LABOUR TAX RISK ASSESSMENT...02 THE RISKS WE WILL COVER...04 WHAT IS NON-PAYROLL
More informationPayroll Facts SOLVING THE PAYROLL PUZZLE PAYE GUIDE FOR EMPLOYERS 2018 /
Payroll Facts PAYE GUIDE FOR EMPLOYERS 2018 / 2019 SOLVING THE PAYROLL PUZZLE www.hazlewoods.co.uk CONTENTS TAX Page Tax rates 1 Personal allowances 1 Pension allowances 2 Student loan recovery threshold
More informationInspiring consumer confidence in challenging economic times. Graham Pickett Lead Partner Travel, Hospitality & Leisure June 2013
Inspiring consumer confidence in challenging economic times Graham Pickett Lead Partner Travel, Hospitality & Leisure June 2013 Inspiring consumer confidence in challenging economic times Agenda Europe
More informationHartlepool and Stockton on Tees CCG Annual Audit Letter On the Audit for the year ending 31 March 2014 July 2014
Hartlepool and Stockton on Tees CCG Annual Audit Letter On the Audit for the year ending 31 March 2014 July 2014 Contents 1. Introduction 2 2. Financial audit 3 3. Value for Money 5 4. Conclusions 6 Appendix
More informationLondon Borough of Hillingdon. Annual audit letter to the Members of the Council for the year ended 31 March 2015
London Borough of Hillingdon to the Members of the Council for the year ended 31 March 2015 29 September 2015 Contents The big picture 2 Purpose and responsibilities 3 Financial reporting 4 Value for Money
More informationHartlepool and Stockton on Tees CCG Annual Audit Letter On the Audit for the year ending 31 March 2015 July 2015
Hartlepool and Stockton on Tees CCG Annual Audit Letter On the Audit for the year ending 31 March 2015 July 2015 Contents 1. Introduction 2 2. Financial audit 3 3. Value for Money 5 4. Conclusions 6 Appendix
More informationTax Rates 2004/05. Audit.Tax.Consulting.Financial Advisory.
Tax Tax Rates 2004/05. Audit.Tax.Consulting.Financial Advisory. Contents Personal tax 1 Indirect taxes 6 National insurance contributions 2004/05 8 Business tax 10 These tables are a summary and do not
More informationUpdate on recent tax & legal issues relating to global share plans. Andrew Moreton & Richard Wilson
Update on recent tax & legal issues relating to global share plans Andrew Moreton & Richard Wilson 29 September 2016 Introduction 2 Agenda Global updates of the last six months Key trends in employee share
More informationINCOME TAX REGISTERED PENSIONS
2019/20 Tax Tables INCOME TAX UK excluding Scottish taxpayers non-savings income 19/20 18/19 20% basic rate on taxable income up to 37,500 34,500 40% higher rate on taxable income over 37,500 34,500 45%
More informationOn Wednesday, 8th July, the Chancellor, George Osborne, delivered the first Conservative-
On Wednesday, 8 th July, the Chancellor, George Osborne, delivered the first Conservativeonly Budget in nearly 20 years, hailing it as a big Budget for a country with big ambitions. Introduction Delivering
More informationMODERN WORKING PRACTICES: EMPLOYMENT STATUS RULES FOR EMPLOYMENT RIGHTS AND TAX/NIC
L ICAEW REPRESENTATION 45/18 MODERN WORKING PRACTICES: EMPLOYMENT STATUS RULES FOR EMPLOYMENT RIGHTS AND TAX/NIC ICAEW welcomes the opportunity to respond to the Employment status rules for employment
More informationUK Indirect Tax Conference 2014 Compliance in Perspective Consumer Business Case Law. Oliver Jarratt 14 November 2014
UK Indirect Tax Conference 2014 Compliance in Perspective Consumer Business Case Law Oliver Jarratt 14 November 2014 1 Contents Place of supply Finance exemption Adjustments Barter, free stuff and no supply
More informationThe gig economy: The workplace changed forever? Dr Anne Sammon, Simmons & Simmons
The gig economy: The workplace changed forever? Dr Anne Sammon, Simmons & Simmons 18 May 2017 Overview The gig economy Employment status The gig economy under attack Conclusion 1 / B_LIVE_EMEA1:4375456v1
More informationNational insurance is often overlooked yet it is the largest source of government revenue after income tax.
National Insurance National insurance contributions (NICs) are essentially a tax on earned income. The NICs regime divides income into different classes: Class 1 contributions are payable on earnings from
More informationIndirect Tax Conference 2015 Real Estate
Indirect Tax Conference 2015 Real Estate Mark Annear Richard Smith Ben Tennant 11 November 2015 Contents Annual update 3 TOGC s case law developments 11 Cross-border issues 19 2 Annual update Overview
More information30 th European Hotel Investment Conference Experience the future. Simon Oaten & Guy Langford Wednesday 7 November
30 th European Hotel Investment Conference Experience the future Simon Oaten & Guy Langford Wednesday 7 November Passion for leisure Both strong economic fundamentals as well as changes in consumer behaviour
More informationBallot begins for IFRS 4 Phase II and Deloitte comments on the IFRS 9 decoupling ED
Ballot begins for IFRS 4 Phase II and Deloitte comments on the IFRS 9 decoupling ED The IASB moves towards completion Francesco Nagari Deloitte Global IFRS Insurance Lead Partner 23 February 2016 Agenda
More informationJune The new remuneration report Disclosure regulations
June 2013 The new remuneration report Disclosure regulations The new remuneration disclosure regulations have now been laid in Parliament for approval. Assuming they are approved, they will come into force
More informationNeed to know. GAAP: In depth. Non-Financial Reporting Regulations. Contents. In a nutshell
GAAP: In depth Need to know Non-Financial Reporting Regulations Contents In a nutshell Background Scope How has this been implemented into UK law? Groups The requirements How does this differ from existing
More informationA sea of change in new IFRS Standards Impact on the shipping industry
A sea of change in new IFRS Standards Impact on the shipping industry What could the changes mean to the shipping industry? The shipping industry commonly operates through various structures and arrangements
More informationPAYROLL DATA 2017/18
Ruthlyn House 90 Lincoln Road Peterborough PE1 2SP Tel: 01733 865265 Fax: 01733 865266 Email: payroll@rawlinsons.co.uk www.rawlinsons.co.uk/payroll PAYROLL DATA 2017/18 FOR ELECTRONIC USE ONLY Income Tax
More informationConstruction Industry Scheme
Construction Industry Scheme We go that extra mile Construction Industry Scheme The Construction Industry Scheme (CIS) sets out special rules for tax and national insurance (NI) for those working in the
More informationTax Tables March 2018
Spring 2018 Tax Tables March 2018 Tax Tables 2018/19 INCOME TAX UK excluding Scottish taxpayers non-savings income 20% basic rate on income up to: 33,500 34,500 40% higher rate on income over: 33,500 34,500
More informationOUR GUIDE TO PAYING THE NATIONAL MINIMUM WAGE (NMW) AND NATIONAL LIVING WAGE (NLW) FROM 1 APRIL 2018
OUR GUIDE TO PAYING THE NATIONAL MINIMUM WAGE (NMW) AND NATIONAL LIVING WAGE (NLW) FROM 1 APRIL 2018 The National Minimum Wage (NMW) and the National Living Wage (NLW) are the minimum pay per hour most
More informationPPP Seminar : Education Barnsley Case study
PPP Seminar : Education Barnsley Case study Gavin Quantock Deloitte Corporate Finance 23 July 2014 Case study Barnsley building schools for the future programme PPP and Education Project background Project
More informationFind your way in the tax regulatory compliance maze Taxparency.
Find your way in the tax regulatory compliance maze Taxparency www.deloitte.com/ch/taxparency Contents The big picture 01 Business challenges 02 Taxparency Deloitte response 04 Subscription model 06 Regulatory
More informationTax Tables 2018/19. Retirement Planning Life Assurance Investments & Savings Inheritance Tax Planning
Tax Tables 2018/19 Retirement Planning Life Assurance Investments & Savings Inheritance Tax Planning INCOME TAX UK excluding Scottish taxpayers non-savings income 18/19 17/18 20% basic rate on income up
More informationI t: I e:
National Insurance www.baldwinsaccountants.co.uk I t: 0845 894 8966 I e: info@baldwinandco.co.uk National insurance contributions (NICs) are essentially a tax on earned income. The NICs regime divides
More informationTax Tables ID R_Tax_Tables_2018&19_Final.indd 1 21/02/ :04
Tax Tables INCOME TAX UK excluding Scottish taxpayers non-savings income 18/19 17/18 20% basic rate on income up to 34,500 33,500 40% higher rate on income over 34,500 33,500 45% additional rate on income
More informationThe Deloitte Consumer Tracker Consumer confidence sees its largest increase in 18 months
The Deloitte Consumer Tracker Consumer confidence sees its largest increase in 18 months Q3 The latest Deloitte Consumer Tracker shows that UK consumers have shrugged off postreferendum pessimism, with
More informationCapital Gains Tax Selected Rates Inheritance Tax Tax Data Key Dates & Deadlines Capital Allowances
Tax Data 2014/15 Harwood House 43 Harwood Road London SW6 4QP Tel: 020 7731 6163 Fax: 020 7731 8304 warrenerstewart.com Warrener Stewart Limited No 07513468 Income Tax Pensions 2014-15 2013-14 Basic rate
More informationFOR ELECTRONIC USE ONLY
Tax Data 2018/19 Harwood House 43 Harwood Road London SW6 4QP Tel: 020 7731 6163 Fax: 020 7731 8304 warrenerstewart.com Warrener Stewart Limited No 07513468 Income Tax Income tax rates (other than dividend
More informationTax Strategy for The Bahamas as an IFC 2 March 2018
Tax Strategy for The Bahamas as an IFC 2 March 2018 Agenda Tax Strategy for The Bahamas Current global environment Tax strategies of other IFCs Potential impacts of corporate tax Policy considerations
More informationTECHTALK. The self-employed aren t required to automatically enrol themselves. SANDRA HOGG
TECHTALK This article originally appeared in NOV 17 edition of techtalk. Please visit www.scottishwidows.co.uk/techtalk for the latest issue. PENSIONS FOR THE SELF-EMPLOYED Insufficient participation in
More informationDirectors remuneration in FTSE 100 companies the story of the 2015 AGM season so far Initial findings and the reaction of shareholders
Directors remuneration in FTSE 100 companies the story of the 2015 AGM season so far Initial findings and the reaction of shareholders The Deloitte Academy: Promoting excellence in the boardroom June 2015
More informationUK SUMMER BUDGET July 2015
UK SUMMER BUDGET 2015 8 July 2015 The Chancellor, George Osborne released his first all-conservative Government Budget since 1997 on Wednesday, 8 July 2015. The Chancellor described this Budget as focusing
More informationMANAGING THE RISKS OF NON-PAYROLL LABOUR
MANAGING THE RISKS OF NON-PAYROLL LABOUR NOVEMBER 2017 CONTENTS THE SPIRALLING COSTS OF GETTING THINGS WRONG... 01 A NON-PAYROLL LABOUR TAX RISK ASSESSMENT...02 THE RISKS WE WILL COVER...04 WHAT IS NON-PAYROLL
More informationAnother step closer to finalising IFRS 4 Phase II More education on participating contracts while IFRS 9 is issued in final text
Another step closer to finalising IFRS 4 Phase II More education on participating contracts while IFRS 9 is issued in final text Francesco Nagari Deloitte Global IFRS Insurance Lead Partner 31 July 2014
More informationPulse Deloitte s Charities and Not for Profit Group Newsletter
October 2017 Pulse Deloitte s Charities and Not for Profit Group Newsletter As ever, there have been new developments in the sector over the last few months. The ICAEW published its audit insights on charities.
More informationCapital Gains Tax Selected Rates Inheritance Tax Tax Data Key Dates & Deadlines Capital Allowances
Tax Data 2013/14 Harwood House 43 Harwood Road London SW6 4QP Tel: 020 7731 6163 Fax: 020 7731 8304 warrenerstewart.com Warrener Stewart Limited No 07513468 Income Tax 2013-14 2012-13 Basic rate band income
More information29 th European Hotel Investment Conference Heading into thin air? Andreas Scriven Wednesday 8 November
29 th European Hotel Investment Conference Heading into thin air? Andreas Scriven Wednesday 8 November Chairman s welcome Andreas Scriven Partner - Head of Hospitality & Leisure Deloitte #DeloitteEHIC
More informationIMPORTANT PAYROLL TAX CHANGES
IMPORTANT PAYROLL TAX CHANGES COMMENCING FROM 6 APRIL 2018 Tax Codes From 6 April the new personal allowance for tax will increase to 11,850 per annum regardless of an individual s date of birth. For all
More informationTax Facts 2017/18. London +44 (0) Cambridge +44 (0)
Tax Facts 2017/18 London +44 (0)20 8922 9222 Cambridge +44 (0)1763 209 113 www.bkl.co.uk Income Tax 2017-18 2016-17 Basic rate band income up to 33,500 32,000 Starting rate for savings income *0% *0% Basic
More informationThe Moore Stephens Pensions Master Trust Employer Guide
The Moore Stephens Pensions Master Trust Employer Guide Wealth Management PRECISE. PROVEN. PERFORMANCE. 2 Contents What you need to know about Auto Enrolment...3 Questions and Answers...3 What is automatic
More informationMiFID II & MiFIR Update. Link`n Learn August 2016
MiFID II & MiFIR Update Link`n Learn 2016 11 August 2016 Speakers Manmeet Rana Director Risk Advisory Deloitte UK E: mrana@deloitte.co.uk T: +44 20 7303 8624 Ciara O Grady Manager Audit Deloitte Ireland
More informationIFRS industry insights
IFRS Global Office May 2011 IFRS industry insights The Revenue Recognition Project An update for the consumer business industry Respondents requested that the Boards clarify how to evaluate the transfer
More informationThe biotech IPO landscape
Biotech IPO Remuneration considerations for biotechs considering an IPO on the Nasdaq August 2018 The biotech IPO landscape This paper examines the executive remuneration planning involved for biotechs
More informationPrivate Equity Tax Autumn Briefing
Private Equity: Tax Autumn Briefing Private Equity Tax Autumn Briefing HMRC consultations seem to have been the flavour of the summer, with a large number of recent or ongoing HMRC consultations of importance
More informationTax Rates Budget Edition: March 2017
Tax Rates 2017-2018 Budget Edition: March 2017 Acre House 11-15 William Road London NW1 3ER T 020 7388 7000 E Acre House 3-5 Hyde Road Watford WD17 4WP T 01923 698 340 @HWFisherUK Income Tax 2017-18 2016-17
More informationTax and NICs on income from employment
Tax and NICs on income from employment Introduction Income received from an employment or the exercise of an office is taxable as employment income under the Income Tax (Earnings and Pensions) Act 2003.
More informationComing to an end of joint decisions before re-exposure IFRS 4 Phase II Update
Coming to an end of joint decisions before re-exposure IFRS 4 Phase II Update IASB/FASB meetings January 2013 Francesco Nagari Deloitte Global IFRS Insurance Lead Partner 6 February 2013 Agenda Highlights
More informationCarbon Penalties & Incentives Project Report Launch
Carbon Penalties & Incentives Project Report Launch A presentation of the findings of a review of policy effectiveness for carbon reduction and energy efficiency in the commercial buildings sector Sir
More informationEmployment Law Key Legislative Developments
Employment Law Key Legislative Developments 2012-13 (Updated: May 2013) A summary of the key legislative changes in employment law that were introduced in the past 12 months and the developments which
More informationTax Rates 2018/19 Pocket Guide
Tax Rates 2018/19 Pocket Guide Income tax allowances and rates, ISAs, tax reliefs, child benefit, pensions and key dates 1-7 National insurance contributions rates 7-8 Capital allowances, corporation tax
More informationFeasibility study for the provision of universal telecare services of the over 75s
Feasibility study for the provision of universal telecare services of the over 75s Peter Lock November 2016 Project Context Number of over 75s in Scotland is increasing and emergency admissions from this
More information* Not available if taxable non-savings income exceeds the starting rate band
TAX TABLES 2019/20 Income Tax Rates Starting Rate of 0% on savings income tax up to* 5,000 5,000 Savings allowance at 0% tax: Basic Rate taxpayers 1,000 1,000 Higher Rate taxpayers 500 500 Additional Rate
More informationChanges to UK share plan reporting Are you ready?
Changes to UK share plan reporting Are you ready? Significant changes to the UK share plans reporting regime have been introduced. The changes increase the reporting and disclosure requirements for companies,
More informationDraft Head of Internal Audit Opinion 2012/13 Isle of Wight NHS Trust
Draft Head of Internal Audit Opinion 2012/13 Isle of Wight NHS Trust. Contents Introduction 1 The Head of Internal Audit Opinion 2 Commentary 3 Appendix 1 - Key to Assurance Levels 7 Appendix 2 - Statement
More informationMill House, 58 Guildford Street, Chertsey, Surrey KT16 9BE Tel: Fax: High Street, Sandhurst, Berkshire GU47 8EE Tel:
Mill House, 58 Guildford Street, Chertsey, Surrey KT16 9BE Tel: 01932 564098 Fax: 01932 562638 90 High Street, Sandhurst, Berkshire GU47 8EE Tel: 01252 877477 Fax: 01252 875115 E-mail: mail@fuller-spurling.co.uk
More informationIFRS 4 Phase II will be IFRS 17, effective from 1/1/21
IFRS 4 Phase II will be IFRS 17, effective from 1/1/21 Many changes approved on the likely final meeting of the multi-year insurance contracts project Francesco Nagari, Deloitte Global IFRS Insurance Leader
More informationTAX RATES 2017/18 POCKET GUIDE
TAX RATES 2017/18 POCKET GUIDE Income tax allowances and rates, ISAs, tax reliefs, child benefit, pensions and key dates 1-7 National insurance contributions rates 7-9 Capital allowances, corporation tax
More informationConstruction Industry Scheme
Construction Industry Scheme The Construction Industry Scheme (CIS) sets out special rules for tax and national insurance (NI) for those working in the construction industry. Businesses in the construction
More informationThe Deloitte Consumer Tracker Confidence pauses as consumers react to wider uncertainty
2016 The Deloitte Consumer Tracker Confidence pauses as consumers react to wider uncertainty The latest Deloitte Consumer Tracker shows a fall in consumer confidence in the first quarter of 2016, a sign
More informationUnited Kingdom Payroll & Tax Overview A GUIDE TO DOING BUSINESS IN UNITED KINGDOM 2018
United Kingdom Payroll & Tax Overview A GUIDE TO DOING BUSINESS IN UNITED KINGDOM 2018 Contents 1.0 Key Country Facts and Public Holidays 3 2.0 Business and Culture in United Kingdom 4 3.0 Visas and Work
More informationNATIONAL MINIMUM WAGE
www.ewp.uk.com The National Minimum Wage (NMW) and National Living Wage (NLW) are the legal minimum wage rates that must be paid to employees. Employers are liable to be penalised for not complying with
More informationTUTOR IZABELA DRABIK. Introduction to Payroll System
TUTOR IZABELA DRABIK Introduction to Payroll System National Insurance Number ( NIN) The UK Tax Year Dates And Filing Deadlines The Payroll System Gross and Net Pay calculation The PAYE Payslips The PAYE
More informationebrief for freelancers and contractors Real Time Information & its implications for contractors
ebrief for freelancers and contractors Real Time Information & its implications for contractors The facts behind Real Time Information Intouch Accounting the personal online accounting adviser for contractors
More informationThe Rise of the Exponential Actuary TM
The Rise of the Exponential Actuary TM Actuaries have the opportunity to spend more time as business strategists and offering voices to the C-suite. Opportunity: The transformation of the actuarial profession
More informationCapital Gains Tax Selected Rates Tax Data 2014/2015 Inheritance Tax Key Dates & Deadlines Value Added Tax
Tax Data 2014/2015 Herschel House 58 Herschel Street Slough SL1 1PG t: +44 (0)1753 551111 f: +44 (0)1753 550544 contact@ouryclark.com www.ouryclark.com Income Tax 2014-15 2013-14 Basic rate band income
More informationSummary of the key manifesto pledges of the three main political parties affecting employment law, employee incentives and immigration
Summary of the key manifesto pledges of the three main political parties affecting employment law, employee incentives and immigration CONSERVATIVE LABOUR LIBERAL DEMOCRATS EMPLOYMENT STATUS Commitment
More informationAccounting by Limited Liability Partnerships Statement of Recommended Practice Exposure Draft (draft LLP SORP)
Deloitte LLP 2 New Street Square London EC4A 3BZ Tel: +44 (0) 02 7007 0884 www.deloitte.co.uk vepoole@deloitte.co.uk Sharon Grant CCAB Moorgate Place London EC2P 2BJ 17 January 2014 Dear Sharon Accounting
More informationIFRS industry insights
IFRS Global Office September 2011 IFRS industry insights The new joint s standard insights for the real estate industry IFRS 11 Joint Arrangements may change how investors in the real estate industry account
More informationUK Indirect Tax Conference Environmental Tax Breakout Session
UK Indirect Tax Conference Environmental Tax Breakout Session Helen Thompson, Matt Parkes, Prem Mehta 14 November 2014 1 Agenda Environmental Tax Strategy News and Developments Case Studies Q&A 2 Environmental
More informationSalary and Dividend Planning
Salary and Dividend Planning 2017-2018 This document is for limited companies where the owner is the director, shareholder and the sole employee of the company: As the director is an employee they are
More informationIR35. Guidance for KCC Schools
IR35 Guidance for KCC Schools Contents What is IR35?... 3 Summary of Changes... 3 Overview of the Employment Status Service (ESS)... 3 In Scope of the intermediaries legislation... 4 Outside Scope of the
More informationemployment law FACTS & FIGURES APRIL
employment law FACTS & FIGURES APRIL 2018 www.ashtonslegal.co.uk Compensation limits from 6th April 2018 5th April 2019 Complaint Maximum award Failure to give statement of particulars Breach of right
More informationPAYE and NIC hot topics. Presented by: Ros Martin
PAYE and NIC hot topics Presented by: Ros Martin General update Introduction Number of draft proposals announced at time of Autumn Statement and Budget Some in FA2017 But this was shortened due to election
More informationNeed to know. FRC publishes Triennial review 2017 Incremental improvements and clarifications (Amendments to FRS 102) Contents
FRC publishes Triennial review 2017 Incremental improvements and clarifications (Amendments to FRS 102) Contents Background What are the main areas of improvement or clarification? Effective date and early
More informationEmployment Tax. Spring Articles in this edition. chartered accountants & tax advisers. Termination payments. Employment status an update
chartered accountants & tax advisers Employment Tax Spring 2018 Articles in this edition Termination payments Employment status an update Employment taxes calendar Tax Free Child Care PAYE Settlement Agreements
More informationI-WIRE Independent Workers and Industrial Relations In Europe
I-WIRE Independent Workers and Industrial Relations In Europe National report WP 3 United Kingdom Anna Mori and Renata Semenza (Università degli Studi di Milano) Partners meeting - Milan, 18 November 2016
More informationEmployment Law Facts & Figures 2018
Employment Law Facts & Figures 2018 Compensation limits from 6 April 2018 Complaint Discrimination Unfair dismissal: Additional award for failure to reinstate A week s pay used to calculate basic awards
More informationFor professional advisers and employers MAKE YOUR COMPANY PENSION STAND OUT. A guide to salary exchange. Workplace Pensions
For professional advisers and employers MAKE YOUR COMPANY PENSION STAND OUT Workplace Pensions A guide to salary exchange WELCOME Welcome to salary exchange from Royal London. This guide explains what
More information*Reduced by 1 for every 2 of income over 28,900 ( 28,000 for 17/18), until minimum reached.
0/ Tax Tables INCOME TAX Basic rate of 0% on income up to: / / UK excl. Scotland,00,00 Scotland* TBA,00 Higher rate of 0% on income over: UK excl. Scotland,00,00 Scotland* TBA,00 Additional rate of % on
More informationThinking allowed Climate-related disclosure. Integrating climate-related information in the annual report
Thinking allowed Climate-related disclosure Integrating climate-related information in the annual report Corporate reporting continues to evolve to meet the expectations of investors as the environment
More informationPULSE Quarterly Newsletter of Deloitte s Charities and Not for Profit Group
Spring 2014 PULSE Quarterly Newsletter of Deloitte s Charities and Not for Profit Group Happy New Year! Welcome to the first edition of Pulse in 2014. A new year brings with it many challenges, but all
More informationAutumn Budget Tax Insights. What it means for you.
PKF Littlejohn LLP Tax Insights Autumn What it means for you. We ve reviewed and analysed today s so you don t have to. Here are our thoughts on the announcements and how they might affect you. www.pkf-littlejohn.com
More informationGovernance in brief The longer term viability statement a how to summary guide
October 2015 Governance in brief The longer term viability statement a how to summary guide Headlines The UK Corporate Governance Code requires a longer term viability statement for September 2015 year
More information