The Budget takes place against the backdrop of the global outbreak of COVID-19.
Despite Black Monday and considerable market turmoil, the fundamentals of the UK economy remain strong and it appears that governments all over the world are working hard to help people prepare for what may be to come.
From a recruitment perspective, employment growth remains strong and actually reached a record high in the three months to December 2019 with and earnings growth above inflation.
However, the recent COVID-19 outbreak is obviously creating considerable uncertainty in the short-term and already we have seen the Bank of England slashing interest rates from 0.75% to 0.25% rate to help, but there have also been plans made in the latest budget to combat this uncertainty too.
On this Payroll Budget 2020 & Navigating Covid-19 episode of The Payroll Podcast, Samantha Mann tells us how the new budget plans will support individuals affected by COVID-19 and of course how these changes will subsequently impact payroll professionals tasked with calculating, implementing and processing the proposals.
Of course, this is the first Budget of Prime Minister Boris Johnson‘s majority government, the first of a new decade, and the first since the UK’s departure from the European Union (EU). It is also the first budget delivered by new Chancellor of the Exchequer, Rishi Sunak who was only appointed on February 13!
So, stay tuned as we dive into the 2020 budget to discuss statutory sick pay, tax rates and thresholds, off-payroll working, employment allowance increases and some surprise announcements!
This Payroll Budget 2020 & Navigating Covid-19 cover questions including:
- The last Budget was delivered by former Chancellor Phillip Hammond in 2018, and this Budget was fraught with delay and news of sudden resignations – so, was this latest budget worth the wait?
- Public safety is, for obvious reasons, the government’s top priority in its response to COVID-19. So how will the Government emergency measures impact employers and payroll professionals as they process Statutory Sick Pay?
- Will a certificate beyond 7 days be required?
- Employers with less than 250 employees can reclaim the full amount of SSP paid, in respect of Covid-19 – but how?
- What benefits were announced for the self-employed who get coronavirus or have to self-isolate?
- The government is also temporarily removing the minimum income floor from universal credit. What will this mean when it comes to calculating universal credit entitlements?
- Has payroll become the main vessel in administering support to working families?
- What surprises were there in relation to tax rates and thresholds?
- What has happened in relation to employment allowance increases and how will the changes impact employers?
- Was the announcement of a call for evidence on how to address different tax outcomes for lower earners welcomed?
- What were the surprise announcements relating to the taxation of Company Cars and Vans, are Expenses and Benefits in Kind having a greater impact on the payroll profession?
We hope you enjoyed this “Payroll Budget 2020 & Navigating Covid-19″ Special episode of The Payroll Podcast! If you know anyone else who works in payroll, then please, share this episode with your friends and get them to subscribe today!
- To discover more about Samantha Mann, please visit: Samantha’s LinkedIn Profile
- To find out more about the CIPP, please go to https://www.cipp.org.uk
- To find out more about JGA Payroll Recruitment Services, please visit: www.jamesgray.wpengine.com
- To contact Nick Day (Host of the Payroll Podcast) about either being featured on a future episode or about recruitment – please contact [email protected] or connect with me on LinkedIn here: Nick Day
The Payroll Podcast has one primary aim. To cut through the complex global payroll legislation, technology and compliance issues that affect payroll operations and to provide practical advice that you can implement immediately to improve your payroll department. We aim to take our listeners on a journey through subjects complex payroll issues ranging from GDPR, Robotic Process Automation, Blockchain Technology and Artificial Intelligence to, Global payroll compliance, payroll control frameworks, workplace psychology and payroll career planning. We try to do it with a little bit of humour and with content that I truly hope will help you to improve your payroll function for the better!
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Thanks for Listening!
PAYROLL & HR RECRUITMENT AND A WORD FROM THE HOST, NICK DAY
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