All Tax and legislation articles – Page 22
-
OpinionHelen Watson: Business decisions during Covid-19
With little time to prepare or plan, businesses have needed to make critical decisions while having to navigate ever-changing legislation and guidance set out by the government. This has, in turn, left many employers potentially vulnerable, with lots of business owners and managers confused about what the correct duties and ...
-
ArticleGovernment to launch online service for SMEs to reclaim Covid-19 statutory sick pay
Small and medium-sized employers (SMEs), which have fewer than 250 employees, will be able to recover Coronavirus-related employee statutory sick pay (SSP) when the government launches a new online service on 26 May 2020.The online scheme, which was announced as part of the 2020 Budget, will enable employers to reclaim ...
-
OpinionEmma Swan: Five finer details of the furlough scheme
One of the biggest economic impacts of Covid-19 is the high risk of widespread job losses. Organisations are experiencing significant drops in revenue and, unfortunately, for many businesses, making redundancies is a logical first step to protect cashflow and help secure company survival.The Government’s Coronavirus Job Retention Scheme (CJRS) is ...
-
ArticleGovernment job retention scheme extended to end of October 2020
The government's Coronavirus job retention scheme (CJRS) has been extended for a further four months until the end of October 2020, to assist businesses that are affected by the financial ramifications of the Covid-19 (Coronavirus) pandemic.Rishi Sunak, Chancellor of the Exchequer, announced the decision in Parliament on 12 May 2020 ...
-
OpinionMatthew Swynnerton: Key pension issues arising from Covid-19
Some trustees may receive requests from sponsors to reduce, delay or suspend contributions, as employers may seek to deviate from the schedule of contributions due to cashflow concerns.Any such proposal would require the consent of the trustees, who would need to consider the members’ best interests, the scheme rules, The ...
-
OpinionVikki Massarano: Member contributions during the pandemic
The Covid-19 (Coronavirus) pandemic has multiple ramifications for businesses in every sector. Its implications for pension schemes are huge. Despite the government’s confirmation in March that employer minimum auto-enrolment contributions will be covered under the Coronavirus Job Retention Scheme (CJRS) for furloughed workers, the defined contribution savings space has been ...
-
OpinionDavid Jones: Managing employees during Covid-19
We are in unprecedented times; unchartered waters for employers. When some businesses are focused on simply keeping themselves afloat, it is important not to lose sight of the biggest asset to any business: its employees.How businesses manage their employees today is going to have a profound impact on how those ...
-
ArticleThe Pensions Regulator advises DB pension members to not move funds during Covid-19
The Pensions Regulator (TPR) has issued guidance advising trustees to send defined benefit (DB) members, looking to move their retirement funds, a letter warning them of the risks during the pandemic, urging them to make their decisions carefully.Since 2015, many members have taken advantaged of the flexible DB schemes offered ...
-
ArticleGovernment suspends pension tax charges for retired NHS staff returning to work
The government will temporarily suspend pension tax charges for all retired NHS employees who decide to work during the Covid-19 (Coronavirus) pandemic.This is to ensure that there are not any significant tax charges to employees' pension income for retired individuals due to their change in circumstances, especially those aged 50 ...
-
ArticleGovernment introduces £60,000 life assurance scheme for front-line healthcare workers
Front-line health and care employees in England will be covered by a life assurance scheme that financially benefits their family if they die due to Covid-19 (Coronavirus).On 27 April 2020, the government announced bereaved family members will receive £60,000, totaling approximately double the average pensionable pay for NHS employees.The government ...
-
ArticleFurloughed employees to receive full parental leave pay entitlements
Employees planning to take paid parental or adoption leave whilst on furlough will be entitled to full pay based on their usual earnings rather than a furloughed pay rate.Announced by the government on 24 April 2020, the changes ensures that all employees intending to take time off following the birth, ...
-
OpinionDavid Jones: Managing employees during Covid-19
We are in unprecedented times, unchartered waters for employers. With some businesses focused on simply keeping themselves afloat during the Covid-19 (Coronavirus) pandemic, it is important not to lose sight of the biggest asset to any business, its employees. How businesses manage their employees today is going to have a ...
-
ArticleGovernment extends job retention scheme to end of June 2020
The government announced on 17 April 2020 it would be extending the job retention scheme to 30th June 2020 to financially support businesses and their employees during the Covid-19 (Coronavirus) pandemic.The scheme was put in place 1 March 2020 to cover a period of three months, however, due to the ...
-
ArticleGovernment job retention scheme extended to support new staff
Newly hired employees may now be eligible to receive support through the government's Covid-19 (Coronavirus) job retention scheme.The government's new guidelines, published on 15 April 2020, extend the eligibility date by a further three weeks, enabling employees who were employed on or before 19 March 2020 to receive financial support. ...
-
ArticleStaff eligible for job retention scheme if organisation faces liquidation
Employees whose organisation faces administration during the Covid-19 (Coronavirus) pandemic could still be eligible for the government's job retention scheme.According to government guidelines updated on 9 April 2020, an administrator will now be able to pursue the job retention scheme for the organisation's employees if there is a likelihood of ...
-
ArticleTPR publishes pension guidance for employers during Covid-19
The Pensions Regulator (TPR) has updated its automatic-enrolment guidelines to assist employees during the Covid-19 (Coronavirus) pandemic. The new guidance ensures that employees' pensions are fully protected and employers are supported if they need to make any difficult decisions.The guidance also provides further information for employers about maintaining pension contributions.Despite ...
-
ArticleGovernment confirms employees can receive furlough pay for multiple jobs
The government has confirmed that employees who are furloughed in one job, but continue to work for another employer, can receive the furloughed payment while receiving their normal pay from a separate employer.The government’s furlough Covid-19 (Coronavirus) job retention scheme allows furloughed employees to receive 80% of their salary, capped ...
-
ArticleThe tax and legislation changes impacting reward from April 2020
With the arrival of the new tax year, new measures impacting pay and benefits are set to come into effect. Below is a round-up of these measures, along with other tax and legislation changes, that employers need to be aware of from 6 April 2020:The national living wage has increased ...
-
OpinionMini Setty: Guidelines for home working during Coronavirus
Coronavirus has wrought immediate and enormous changes to working practices across the UK. As the government advises businesses and workplaces to encourage staff to work from home wherever possible, employees and employers alike are understandably rushing to ensure they understand their rights and responsibilities under law.Employers have to take reasonable ...
-
ArticleGovernment to launch review of enterprise management incentive scheme
Budget 2020: Chancellor of the Exchequer Rishi Sunak announced on 11 March 2020 that the government will launch a review into enterprise management incentives scheme (EMI).The EMI scheme is a tax-advantaged share option scheme designed for smaller businesses, enabling them to reward staff with equity participation. The review will aim ...