Reclassification of individuals or activities for one purpose can have knock on consequences to business models and can lead to issues and liabilities in areas such as employment, wage tax, pensions, tax and regulatory. A decision or change in one area of law may be a time to re-assess the business model and consider whether that determination might have wider commercial implications.

The Upper Tribunal upheld a First Tier Tribunal decision that a project manager was within IR35 as he would have been an employee if he had been engaged directly. The case (Northern Light Solutions Limited v Revenue and Customs [2021] UKUT 134 (TCC)) relates to the pre-6 April 2021 position according to which it was for the contractor to determine whether he was inside or outside IR35.

In brief Following the end of the UK tax year on April 5, 2021, annual share plan returns may now be filed online with HMRC. All companies with open share plan registrations with HMRC are required to submit an annual return, even if it is a nil return (i.e., even…

The UK 2021 Budget was published yesterday, targeted at driving economic recovery as the UK begins to edge out of the worst of the COVID-19 pandemic and reopen its economy.  Key to the Chancellor’s stated agenda is seeking to promote business investment and support entrepreneurial growth, whilst creating and protecting jobs and livelihoods – which the Chancellor maintains is at the forefront of his Budget mandate. We have summarized the key employment tax highlights of the 2021 Budget.

The UK 2021 Budget was published yesterday, targeted at driving economic recovery as the UK begins to edge out of the worst of the COVID-19 pandemic and reopen its economy.  Key to the Chancellor’s stated agenda is seeking to promote business investment and support entrepreneurial growth, whilst creating and protecting jobs and livelihoods – which the Chancellor maintains is at the forefront of his Budget mandate. We have summarized the key employment tax highlights of the 2021 Budget.

In brief Having been delayed by the government at the eleventh hour last March, there are now less than 70 days to go until the new rules on IR35 are introduced. As a reminder, the revised rules impact how contractors who are engaged through personal service companies (PSCs) are taxed…

The EU-UK Trade and Cooperation Agreement (“Agreement”) contains a framework agreement for the future treatment of workers through a Protocol on Social Security (“Protocol”). The Protocol puts in place measures to ensure that social security benefits are coordinated and to protect individuals (and their employers) against double social security contributions.

On 10 December 2020, the Prudential Regulation Authority (PRA) published a statement on capital distributions by large UK banks. In a move that reflects the PRA’s view that large UK banks remain well capitalised, it has confirmed that banks may recommence some distributions and it is updating its expectations on the payment of cash bonuses to senior staff, including all material risk takers (MRTs), by large UK banks. However, against the backdrop of the global COVID-19 pandemic, the end of the Brexit transition period and the uncertainty that these entail, the PRA urges banks to take a cautious and measured approach.

The Financial Conduct Authority (“FCA”) and Prudential Regulation Authority (“PRA”) have recently published consultations relating to the implementation of the Capital Requirements Directive V (“CRD V”) in the United Kingdom. The consultations also address how the United Kingdom’s (“UK’s”) financial services remuneration rules will work effectively at the end of the transition period following the UK’s exit from the European Union (“EU”) on 31 December 2020. 

The Financial Conduct Authority (“FCA”) and Prudential Regulation Authority (“PRA”) have recently published consultations relating to the implementation of the Capital Requirements Directive V (“CRD V”) in the United Kingdom. The consultations also address how the United Kingdom’s (“UK’s”) financial services remuneration rules will work effectively at the end of the transition period following the UK’s exit from the European Union (“EU”) on 31 December 2020.