As Brexit continues to be unresolved, and new regulations are going into effect in 2020, it is important to ensure compliance with your current payroll process and make sure you are ready for new changes that will affect payroll.
As the new regulations for IR35 continue to cause confusion, HMRC is going to be enforcing the new requirements for the private sector in 2020. If you hire contractors or utilise a personal service company, you must make sure your payroll team is following the new requirements for reporting and paying taxes. HMRC changed the regulations for the public sector in 2018 and has raised more than £550 million in tax revenue due to the change. Companies that are not meeting the new requirements can be fined, so make sure your payroll is in order.
As Brexit continues to dominate the headlines, the new deadline is in January 2020. But with a general election scheduled for 12 December, things could change based on the outcome of the election. Payroll and other HR functions could be adversely impacted by Brexit, so your payroll process should be ready to handle the changes if they come in January. Right now the future of Brexit is uncertain, and will continue to be negotiated, so getting your payroll organised is vital to stay ahead of any changes that come in 2020.
If you are looking to simplify your payroll process in 2020, or need to get your payroll compliant with new regulations, we can help. Payescape has created easy-to-use technology with customised reporting so your team has real-time access to payroll across the organisation. Our CIPP-certified staff can help you ensure compliance with current regulations as well as prepare for upcoming changes. Click here to learn more
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Payescape Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 (register number 821826) for the provision of payment services.