Parliament will not hike NICs for self-employed, says Chancellor

The Chancellor has today announced that the Government will not go ahead with planned hikes in National Insurance Contributions (NICs) for self-employed workers.Continue reading→

Tesco to pay back staff following significant payroll error

One of Britain’s biggest businesses was left red-faced after it announced last week that it would be reimbursing 140,000 present and previous employees, following a mistake involving its payroll.

The error could mean that Tesco pays a total of £10million to the individuals affected.

The supermarket giant had made the mistake – which meant that a sizeable section of its workforce received less than the National Living Wage – while calculating pay for staff who had contributed a portion of their salary to a pension scheme, childcare or the company’s cycle-to-work scheme.

The blunder came to light during a review which was organised as part of the introduction of a new payroll system at the FTSE 100 firm.

The BBC has reported that around a third of the current workforce have been affected, in addition to 40,000 people who had since left the business.

Matt Davies, the chief executive of Tesco UK and Ireland, said: “As soon as our own review identified this issue we took immediate action to resolve it and establish which colleagues are affected.

“We’ve apologised to our colleagues and our priority now is to talk to them about how this affects them individually, and make any necessary payments.”

Business Minister Margot James said the supermarket’s announcement showed the Government’s approach to enforcing minimum wage legislation was working.

“It is completely unacceptable for any worker to be underpaid and everybody should check their pay ahead of the national minimum and living wages rising on April 1^st,” she added.

Row rages on over tax changes for the self-employed

Thousands of UK families who depend on a single self-employed wage could lose as much as a sixth of their income, new research suggests.Continue reading→

MP hits back following tax return row

The Leader of the Opposition, Jeremy Corbyn, this week found himself at the centre of a spat over his tax affairs.Continue reading→

Increasing number of UK SMEs eyeing up international trade

A new study suggests that an increasing number of UK small and medium-sized enterprises (SMEs) are eyeing up international trade, and hoping to expand into both EU and non-EU markets.Continue reading→

Watch out! HMRC scammers are now phoning you in your own home

Taxpayers are being targeted over the telephone by fraudsters pretending to be representatives of HM Revenue & Customs (HMRC), it has emerged.Continue reading→

IR35 status tool fails to quash contractors’ tax fears, says IPSE

A new online tool launched by HM Revenue & Customs (HMRC) to help contractors determine their tax status ahead of radical IR35 reforms has failed to quash the tax fears of those working in the public sector, according to the Association of Independent Professionals and the Self Employed (IPSE).Continue reading→

Calls for SMEs to embrace new technology

Technology is the key to successful growth for small and medium-sized enterprises (SMEs), new research suggests.Continue reading→

Industrial strategy will not work long-term, say MPs

The Government’s long-term industrial strategy will not work, MPs have warned.

The report, published by the Business, Energy and Industrial Strategy (BEIS) select committee, looks at the recent industrial strategy green paper.

The committee’s chairman Iain Wright said the Government should be working on new policies, rather than simply continuing and expanding current ones.

He said the “business as usual” approach will not achieve the result needed and that the strategy will fall short in providing long-term security for industrial sectors.

Mr Wright said one of the green paper approaches – that sectors should approach the Government to strike deals – could lead to special pleading and that some key areas could miss out.

“One of the things the committee felt quite strongly was that if you just go down a sectoral route you are going to miss the cracks in the middle,” he said.

“And the cracks in the middle could be where the real economic advantages are.

“What happens if something is really important to the UK economy and they don’t come forward with a sectoral deal?”

The MPs argued that the Government should instead focus on “horizontal” policies that would benefit the wider economy.

This includes boosting skills, infrastructure, and research and development, the committee added.

It also warned that industry will need to continue to bring in skilled workers from abroad after Britain has left the European Union.

“In the context of negotiations over free movement as part of withdrawal from the EU, government must ensure that businesses continue to be able to access the skills they need.”

The Government’s industrial strategy green paper can be found here.

ICAEW calls on Chancellor to ‘improve productivity’ in forthcoming Budget

In a formal letter addressed to Chancellor Philip Hammond ahead of his Budget announcements on 8 March, The Institute of Chartered Accountants in England and Wales (ICAEW) is calling for changes to a number of upcoming reforms.Continue reading→