March 2021 - Fazlanie Financial Accountants

March 25, 2021

P60

P60 is an end-of-year payroll process that spans over the fiscal year (6 April – 5 April) this document contains the total payroll figures for the year. All employers are responsible for providing a P60 by 31st May following the tax year. This is for employees employed on 5 April. Why is a P60 Required? P60 is required for multiple […]

March 22, 2021

PAYE vs Umbrella

With the changes in IR35, those caught ‘inside IR35’ commonly ask which is the most lucrative option out of these two? This depends on the remuneration package that is on offer for each contract PAYE Remuneration packages tend to be less in comparison to umbrella companies, however, employers are factoring in the employer’s national insurance contributions of 13.8%. Income […]

March 22, 2021

IR35 legislation changes April 2021

IR35 is legislation introduced to prevent disguised employment, what this means is that HMRC is not going to allow contractors using a limited company for the purpose of tax relief when they are actually considered to be employees. In most cases, individuals tend to fall outside IR35 rather than inside IR35. Inside IR35 is defined as a contractor caught within […]