Revalyst, LLC’s Post

🚧 The Budget: why firms need to be mindful of facilitating ‘bogus self-employment’ 🚧 No surprises, the Chancellor confirmed in the Budget that employers’ NI will increase. This could lead to a surge in the demand for self-employed workers (no bad thing if you ask me). In line with this, businesses need to be mindful of their compliance. Preventing so-called ‘bogus self-employment’ is vital. This is when an individual is engaged in a self-employed capacity but their contract and working practices reflect employment. Let’s say HMRC investigates (perfectly plausible given the focus the government is placing on compliance), the business would be hit with a bill made up of missing employment taxes, along with interest and even fines potentially. With this in mind, businesses are advised to carry out employment status checks from the word go to make sure self-employed workers are engaged under the correct status. Our CEO, Seb Maley, spoke with Construction News about the importance of this 👇 #construction #selfemployment #Budget2024 #tax #building

You're probably misclassifying your workers...⁣ ⁣⁣ ...find out why it matters and how to get it right. 👇⁣ ⁣ ⁣Figuring out your workforce's tax status and filing obligations is a real head-scratcher for many.⁣ ⁣ ⁣So, here’s the deal: Uncle Sam doesn’t mess around with taxes. Whether your workers are classified as contractors or employees can have a big impact on your tax responsibilities. But how the heck do you know which is which?⁣ ⁣ ⁣⁣ The general rule is this: 𝐒𝐡𝐨𝐫𝐭-𝐭𝐞𝐫𝐦, 𝐩𝐫𝐨𝐣𝐞𝐜𝐭-𝐛𝐚𝐬𝐞𝐝 𝐰𝐨𝐫𝐤 𝐮𝐬𝐮𝐚𝐥𝐥𝐲 𝐥𝐞𝐚𝐧𝐬 𝐭𝐨𝐰𝐚𝐫𝐝𝐬 𝐜𝐨𝐧𝐭𝐫𝐚𝐜𝐭𝐨𝐫. ⁣ ⁣ ⁣ ⁣But things get messy with long-term, dedicated workers. That's when you, the business owner, become responsible for getting it right.⁣ ⁣ Here's a handy checklist to help you out:⁣ ⁣ ➡️ Do you control how and where they work?⁣ ➡️ Do you determine their pay rates and pay schedule?⁣ ➡️ Do you provide training and materials for the team member to complete their work?⁣ ⁣ If you're ticking off 𝐀𝐋𝐋 𝐭𝐡𝐞𝐬𝐞 𝐛𝐨𝐱𝐞𝐬, congratulations, you've got yourself some 𝐞𝐦𝐩𝐥𝐨𝐲𝐞𝐞𝐬!⁣ ⁣ Now, what does this mean?⁣ ⁣ It means you're on the hook for taxes like Social Security and Medicare, unemployment insurance, and even worker's compensation. Not filing correctly can lead to hefty fines and back payments.⁣ ⁣ P.S. Misclassifying workers can be a costly mistake. Don't wait until you get a nasty notice from the State or the IRS to figure it out. #realestateaccounting #realestatebookkeeping

This week, the Lanarkshire Business Group had the pleasure of hearing from John Moffat of Benson Wood & Co Chartered Accountants who unpacked the Budget’s key updates with a focus on their impact on businesses. John highlighted some crucial areas for us to consider, such as the increase in National Insurance contributions, which will directly affect payroll costs for employers. He also covered the changes in Capital Gains Tax that could impact business owners considering selling assets or property. And with the rise in the minimum wage, businesses will need to review their wage structures and plan for higher staffing costs. John’s advice on navigating these changes was a timely reminder of the importance of being prepared and proactive as we head into the new financial year. A huge thanks to John for his insights—if you're looking for clear, tailored advice on handling these updates, Benson Wood & Co. have you covered. 💼 #BudgetUpdate #BusinessImpact #BensonWoodAndCo #LanarkshireBusinessGroup

Delighted to present our budget summary written specifically for small & medium sized businesses to the members of Lanarkshire Business Group who are mainly small & medium sized businesses too. #ukbudget #tax #nic #business

𝗥𝗲𝗺𝗶𝗻𝗱𝗲𝗿 to business owners: Don't ignore that 🐌 ✉️ In all of that holiday mail you're likely receiving - make sure to pay attention to the business-specific mail, especially if you have W2 employees. Here in #Seattle our clients are typically receiving important notices related to: ✉️ Unemployment Insurance rate changes ✉️ Local business license registrations ✉️ State annual registrations Make sure you're taking action on these by either forwarding to your accountant, payroll provider, or consulting with one if you have questions. #yearend #taxes #entrepreneur #smallbusiness #accounting

𝐌𝐚𝐬𝐭𝐞𝐫𝐢𝐧𝐠 𝐄𝐎𝐅𝐘 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞: 𝗘𝘀𝘀𝗲𝗻𝘁𝗶𝗮𝗹 𝗧𝗶𝗽𝘀 𝗳𝗼𝗿 𝗘𝗺𝗽𝗹𝗼𝘆𝗲𝗿𝘀   🚀 As we approach the end of the financial year, it's time for employers to ensure they're on top of their tax and super obligations. 📊 Whether you're a small business owner or part of a larger organization, staying compliant is essential. Here are some key reminders: ✅ Payroll Governance: Keep accurate records and calculate super guarantee contributions correctly. 📅 Upcoming Changes: Be aware of changes coming into effect from 1st July, including adjustments to tax withholding and the increase in the SG rate to 11.5%. 📋 STP Reporting: Make sure to finalize STP declarations by 14th July and rectify any mistakes promptly. 📚 Record Keeping and Policy Review: Take the time to review your payroll policies and procedures to ensure they reflect current regulations. 💡 By staying informed and proactive, employers can navigate EOFY obligations smoothly. Let's finish your financial year strong 𝘊𝘰𝘯𝘵𝘢𝘤𝘵 𝘶𝘴 𝘵𝘰𝘥𝘢𝘺! Carisma Solutions Private Limited Services Management At Carisma Solutions #EOFY2024 #TaxTips #Superannuation #EmployerObligations #SmallBusinessAdvice #PayrollManagement #FinancialYearEnd #ComplianceMatters #BusinessSuccess #Entrepreneurship #AccountingTips #Australia

📅 Save the Date! October is packed with important updates and deadlines for businesses and individuals. Make sure you’re prepared! 🔹 Oct 1: New Maryland Pay Statement & Pay Transparency Laws took effect 📜 ➡️ Employers are now required to provide detailed pay statements and ensure transparency in pay practices. Are you in compliance? 🔹 Oct 15: Extended Individual Tax Return Deadline for 2023 ⏳ ➡️ Time is almost up! If you’re still holding out, get your documents in order and file ASAP to avoid penalties. 🔹 Oct 31: Payroll Q3 Reports Due 🗂️ ➡️ Don’t get caught off guard! Make sure your payroll reports are completed and submitted on time. 💡 Need assistance navigating these deadlines or ensuring compliance? We’re here to help! Reach out to us at P+G Built Solutions and let us take the stress out of tax and payroll season. 💼✨ #PGBuiltSolutions #AccountingUpdates #TaxDeadlines #Compliance #OctoberReminders

Building a Sustainable Business: The Importance of PAYE As business owner's, it's essential to operate ethically and responsibly. One of the most crucial steps in doing so is choosing the right payroll practices, and PAYE (Pay As You Earn) is the right choice. Why PAYE is the Right Choice: Legal Compliance: Ensuring you're adhering to tax and National Insurance regulations. Failure to comply can lead to fines, penalties, and even imprisonment. Employee Benefits: PAYE provides staff with essential benefits like sick pay and pension contributions. Denying these rights can lead to legal action and harm your business's reputation. Business Reputation: Build a strong, reputable business by operating within the law. A reputation for unethical practices can quickly drive away customers and damage your brand. Future-Proofing: Protect your business from potential legal and financial risks. Non-compliance with PAYE can result in costly investigations and legal consequences. The Importance of Ethical Business Practices: Fairness: Pay your employees the wages they deserve. Unfair treatment leads to low morale, high turnover, and potential legal challenges. Transparency: Be open about your business practices—hidden fees and charges damage trust, leading to customer dissatisfaction and loss. Sustainability: Contribute to a sustainable economy by paying your fair share of taxes. Tax evasion is a serious crime that can result in significant penalties, including fines and imprisonment. Social Responsibility: Support your community by creating jobs and treating your employees fairly. Ethical business practices help build a more just and equitable society. Let’s work together to create a fair, transparent, and sustainable business environment. #PAYE #EthicalBusiness #Sustainability #EmployeeRights #TaxCompliance

Budget updates! Key changes every business owner should know: National Insurance ➡️ The increase in Employers' National Insurance contributions to 15% means higher payroll expenses for businesses. This could affect cash flow and profitability, particularly for companies with large workforces. Minimum Wage ➡️ With the minimum wage for over-21s rising to £12.21, businesses will need to budget for higher wage costs, especially if they employ a significant number of minimum-wage or entry-level workers. Tax ➡️ Businesses using umbrella companies or those which are in tax planning strategies may see increased scrutiny and potential tax liabilities. This could lead to higher compliance costs or adjustments in how companies structure their workforce and tax planning. Inflation ➡️ While projected to gradually reduce, inflation can lead to increased costs for goods, services, and materials in the short term. For businesses, this means planning for cost fluctuations that might impact both operational expenses and pricing strategies. If you're concerned about how these changes could affect your business, get expert advice from Parker Andrews. Contact us: https://lnkd.in/eTpy3Q8g #Insolvency #BusinessRecovery #ProfessionalAdvice #FinancialAdvisory #InsolvencyExperts

'[B]usinesses overall face having to pay higher minimum wages, higher business rates, as well as the cost of adapting to new workers' rights under new laws.' BBC summary of the higher costs to be borne by businesses: https://lnkd.in/ecmXbXDF #HR #employmentlaw #employmentlawyer #budget2024 #employers #workers