Nicole Slowey’s Post

The Conservative manifesto is out and whilst there is a fair amount of data and policy within it, not much expansion on the points that are being made, making it really hard to interpret who, when and why! See below for the changes to policy for the Conservatives 🌳 : 🌳 The current government have continuously cut National Insurance for employees over the last few years and their manifesto continues that trend, with a pledge to cut employee's national insurance to 6% by 2027 estimating a tax saving of £1,350 from the start of this year if you earn £35k per annum 🌳 Continuing with National Insurance, the Conservatives also want to completely abolish National Insurance contributions for Self employed workers by the end of this next parliament. This would mean 4 million self employed people would no longer pay National Insurance at all 🌳 Another interesting pledge and one that always becomes a huge point of discussion around April time with agency partners is National Living Wage. The government are looking to continue their algorithm of working out the living wage for the next two years, meaning it can expected to be around £13 per hour by 2026 🌳 Tax avoidance - rather appropriate in our sector and whilst the positive headlines are that the estimate gain from the 200 policies the Conservatives have brought in since 2010 sits at around £6.7billion per year, the suggestion is they will continue to build on this by adding another £6billion per year. The confusion however, is that nowhere in the manifesto does it state how, who they will target, what reforms they will put in place to achieve an extra £6billion etc.. so leaving us very much in the dark The closing words on this manifesto would be that nowhere in the manifesto is there any mention of employment rights, IR35 or job/ contract security which could be interpreted as... no change needed 😢 What are your thoughts on this? #conservatives #payroll #employment #election

The Chancellor’s Autumn Budget included important updates that will affect Employers' National Insurance (NI) liability, personal tax thresholds, and more. Here's a very quick look: 🔹 Employers' NI Rate is increasing from 13.8% to 15%. 🔹 Secondary Threshold is dropping from £9100/year to £5000/year – meaning smaller businesses may save, while larger ones may see rising costs. 🔹 Employment Allowance will increase to £10,500 for 2025–2026. These changes could have significant payroll and budgeting implications, so now’s the time to plan! ➡️ For a full breakdown, visit our online article, here: https://buff.ly/4eDsDwn #PayrollUpdates #AutumnBudget2024 #EmployersNI #PayrollPlanning

We break down the key points for #employers from the UK Government's 2024 #AutumnBudget, which includes changes to minimum wage, employer National Insurance Contributions, and the taxation of umbrella companies. #employmentlaw

If you're leaning towards an employer-employee relationship, consider setting up payroll. Although this involves paying payroll taxes and possibly workers' comp insurance, it helps you avoid potential issues with the Department of Labor and IRS over employee misclassification. Misclassifying employees can lead to serious problems, including accusations of tax fraud and tax avoidance. While setting up payroll can be more costly upfront, it de-risks your business from legal and financial complications. #EmployerEmployee #PayrollSetup #BusinessTaxes #WorkersComp #EmployeeClassification #TaxCompliance #BusinessFinance #PayrollTaxes #IRSCompliance #LaborLaw #blackcpa #africanamericancpa #businessmanager #virtualcfo #taxbrackets #blackbusinessmanager #fractionalcfo #cpa #africanamericancpa #africanamericancfo #africanamericanaccountant #blackaccountant #blackownedcpafirm #blackownedaccountingfirm

👩💼 Simplify Employee Benefits Tax Offering benefits like company cars or healthcare? Make sure you manage tax implications properly. 📌 Tip 1: Use HMRC’s guidelines to classify benefits correctly and calculate liabilities. 📌 Tip 2: Consider salary sacrifice schemes to reduce tax and National Insurance liabilities. ✅ Need advice? Lawrence Grant ensures your benefits are tax-efficient. #EmployeeBenefits #TaxAccountantsLondon #CharteredAccountantsLondon #HMRCCompliance #lawrencegrantllp

Today's question: What's the difference between a W2 employee and a 1099 contractor? For employers needing consistent hours and company adherence, hiring a W2 employee is your go-to. W2’s involve payroll taxes and benefits plus potentially higher costs. On the other hand, 1099 contractors handle their own taxes and benefits, often more cost-effective but be sure to comply with IRS rules to avoid penalties. For employees, being on a W2 generally means more job security and benefits like health insurance, while being a 1099 contractor offers more freedom and autonomy but requires managing one's own taxes and benefits. Do these differences impact your work preference or hiring decisions? Share your thoughts below!  #FinancialFacts #GoldenOakFS #W2vs1099

Following HMRC’s announcement concerning the mandatory payrolling of benefits from April 2026, it is proposed that the payment of Class 1A National Insurance will be paid monthly, as opposed to annually on 19 July. 📝 Employers will need to plan for mandatory payrolling if they haven't already. Joanne Hennessy, Employment Tax Senior Manager, explains what employers can do to prepare for the upcoming changes here: https://bit.ly/3vMTkyk 👈 Get in touch with Jo for further information. #payrollingofbenefits #employmenttax #nationalinsurance #HMRC

Essential Guide to Claiming Employment Allowance for Small Businesses in the UK: Claiming Employment Allowance is vital for small businesses in the UK, but it requires reapplication each tax year due to changing eligibility criteria. Businesses using payroll software must indicate "Yes" in the Employment Allowance Indicator when submitting their Employment Payment Summary (EPS) to HMRC. Those using HMRC’s Basic PAYE tools should go to the 'Employer' menu, select 'Change employer details,' and follow the prompts to confirm eligibility. It's essential to remember that not all businesses qualify for the full allowance, as it depends on employee National Insurance Contributions. For more guidance, small business owners can consult HMRC resources or advisory platforms. #uktax #taxation #taxsavings #taxpayers #taxupdates #taxadvices #smallbusinessowners

Budget announcements can bring significant changes for employers, particularly in relation to national insurance, wages, and benefits. Adam Craggs shares important insights in Employee Benefits on how employers can plan ahead and adapt effectively. From anticipating legislative shifts to refining your total reward offering, preparation is key. #RewardStrategy #BudgetPlanning #EmployeeBenefits #TaxTake #Tax

#Misclassifying_Employees Mistakenly classifying an employee as an #independent_contractor can lead to problems with #tax_withholding, benefits, and legal compliance. This results in a failure to withhold and pay #Social_Security, #Medicare, and #unemployment_taxes. Example: An employee earning $50,000 annually is misclassified as a contractor. As a contractor, the employer doesn't withhold #payroll_taxes, but the IRS could reclassify the worker as an employee, leading to back taxes owed. Employer’s share of FICA (Social Security and Medicare) is 7.65%. $50,000 x 7.65% = $3,825 in unpaid payroll taxes. The company could owe this amount in #back_taxes, plus penalties and interest for misclassifying the employee.