Salary sacrifice isn’t for everyone. However, it can be an excellent way for employees to boost their earnings in a tax-efficient manner. This article sets out to answer the most common questions on salary sacrifice with umbrella companies. Keep reading to find out more. Do umbrella companies offer salary sacrifice? …
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Desperate to edge out the Tories and the Lib Dems next election, Labour leader Ed Miliband has begun to court freelancers and umbrella company contractors.
2012 will be remembered for the London Olympics, the Queen’s Diamond Jubilee, and if one union leader is to be believed, a year of strikes.
Contractors are no doubt aware that the government recently changed the rules on the amount of money people can put aside in a pension scheme and still benefit from tax relief. It used to be £225,000, but earlier this year chancellor Osborne reduced that to a mere £50,000 per year.
Umbrella company contractors who receive tax credits or other financial assistance may be interested to learn that HMRC recently signed a deal with Experian to help it catch people who fraudulently claim tax credits and other benefits.
Contractors working through an umbrella company may be interested to learn that small firms have been given an extra year to comply with pensions auto-enrolment.
Last week, the REC responded to the inquiry into workplace pension automatic enrolment, highlighting the challenges the reforms will pose for recruitment agencies that place temporary workers.
The Office for Budget Responsibility says that tougher austerity measures and higher taxes are needed if Britain is to achieve long term fiscal sustainability.
A new survey from the FSB confirms that small businesses would be more willing to take on staff if the coalition reduced employers National Insurance Contributions.
There is a substantial gap between the anticipated incomes of men and women in retirement, according to the Class of 2011 study from Prudential. Men expect an average income of £19,400 per year when they retire, whilst women anticipate just £12,200.
As from October 2012, employers, including umbrella companies, will need to enrol their staff in a pensions scheme automatically.
Although the new tax changes have been widely publicised, it appears that a lot of people, including umbrella company contractors, are still unaware of the effect they will have on their personal finances.
Low-income households and the elderly have been badly hit by the recession, according to research conducted by the BBC and the Institute for Fiscal Studies.
The problem of the multitude of different government regulations is now so bad that businesses often breach them simply because they don’t know which rules apply to them, according to a new report from the National Audit Office.
Discussions between the government and recruitment bodies regarding the AWR are going ahead as promised.
Umbrella company contractors should start considering their retirement now. Recent research, carried out by Defaqto, shows that 44% of adults in the UK are not confident that they will be able to sustain a reasonable standard of living once they retire. That’s a rise from 38% last year.
