Tag Archives: tax

UK: Budget 2018 announces NIC change delay and new minimum wage rates

An important announcement in the Budget for employers to note was the decision to delay by a further year the introduction of employer Class 1A NICs on termination payments over £30,000, until April 2020. There will also be changes to … Continue reading

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Filed under Employment status (including agency workers, casual workers, use of contractors and 'dispatch' arrangements), Jurisdiction: UK, Termination of employment

China: Compliance Check – Is Your Company Compliant with its Social Insurance Obligations?

Despite clear rules requiring both employers and employees to contribute to state social insurance schemes, many companies still remain in breach. In a crackdown intended to increase compliance, the tax authority will now be overseeing social insurance contributions.

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Filed under Jurisdiction: Asia

UK: HMRC and HM Treasury Publish Consultation to Extend Recent IR35 Public Sector Reforms to the Private Sector

On 18 May 2018, HMRC published a consultation document entitled “Off-payroll working in the private sector” with the aim of tackling what it perceives as high levels of non-compliance in the private sector with the existing off-payroll working regime (HMRC … Continue reading

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Filed under Employment status (including agency workers, casual workers, use of contractors and 'dispatch' arrangements), Jurisdiction: UK, Remuneration (including bonus and incentive plans)

UK: employers should update template termination agreements in light of April tax changes and developments on NDAs

The tax treatment of payments for termination of employment has changed for terminations taking place on or after 6 April (see our earlier blog post here). The effect of the changes is to fully tax as earnings such part of … Continue reading

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Filed under Jurisdiction: UK, Termination of employment, Workplace culture, diversity and discrimination (including bullying and harassment)

UK: Termination payments – changes to tax treatment from 6 April 2018

Employers currently contemplating or negotiating termination agreements should be aware of changes to the tax regime which will apply for the 2018-19 tax year onwards. The expectation was that these will apply to payments received from 6 April 2018, although … Continue reading

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Filed under Jurisdiction: UK, Termination of employment

Australia: Employment taxes update

Our colleagues at Greenwoods + Herbert Smith Freehills have published an excellent update on Employment Taxes. Click here to discover more.

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Filed under Jurisdiction: Australia, Remuneration (including bonus and incentive plans)

UK: Tax evasion – New corporate criminal offence of failure to prevent facilitation of tax evasion

Two new corporate criminal offences of “failure to prevent” the facilitation of UK and foreign tax evasion, contained in the Criminal Finances Act 2017, came into force on 30 September 2017. A body corporate or a partnership (a “relevant body”) … Continue reading

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Filed under Jurisdiction: UK

UK: Gig economy- Taylor Review released

The Taylor Review of Modern Working Practices “Good Work” was published yesterday. It considers how technology platforms have impacted working practices and the rights of workers, and examines whether our current legislative and regulatory framework is fit for purpose. The … Continue reading

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Filed under Employment status (including agency workers, casual workers, use of contractors and 'dispatch' arrangements), Jurisdiction: UK

Australia: Have you updated your salary sacrifice policy?

Employers may need to review their salary sacrifice policies as from 1 July 2017 due to changes to the superannuation rules. The most significant change is that, from 1 July 2017, employees will be able to make personal superannuation contributions … Continue reading

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Filed under Jurisdiction: Australia, Remuneration (including bonus and incentive plans)

UK: Autumn Statement – taxation on termination payments and salary sacrifice

Our July-August 2016 ebulletin highlighted HMRC proposals to change the taxation of termination payments from April 2018, and in particular to provide that all payments in respect of unworked notice be treated as earnings subject to income tax and employer … Continue reading

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Filed under Jurisdiction: UK, Termination of employment