In June 2014, the Queen's Speech was delivered in the House of Lords, including key announcements that revealed the plans of the government for the year ahead.
While many of the plans that were covered in the speech had already been speculated upon, the formal announcement now lays out possible changes to work in payroll in the future.
Of the bills announced in the Queen's Speech, which are all broken down and available to read on the government's website, there are several which may impact payroll. The Charted Institute of Payroll Professionals have reported on the most significant plans, in which there are three key areas:
Already being compared to the 'Dutch System', the proposed changes to pensions would allow for the first time groups of people to enter collective schemes. The idea behind this being that the risk is pooled between individuals, and that could mean greater stability of pension outcomes for the people involved.
Counter abuse measures
A number of items to be implemented are designed to tackle abuse, or what is perceived as abuse. This includes the following proposed measures:
- To tackle minimum wage abuses
- To strengthen the rules around director disqualifications
- To introduce a Targeted Anti Avoidance Rule (TAAR)
Both Wales and Scotland may soon each have a national rate of income tax. Scotland is expected to set a Scottish rate of income tax in April 2016, while a referendum is set to be provided in Wales on whether an element of income tax should be devolved.
We can expect more information to be extracted from the plans announced over the month; as experts debate the meanings and implication of the Queen's Speech, we will have an even stronger idea of the effects of these plans on payroll.
Positions in payroll
Contact us on 020 7247 9455 or email us if have any questions about jobs or work in payroll. We have connected candidates and employers for over twenty years, always finding the perfect match for a role. No matter who you need, with Portfolio Payroll you will find the best employers and the brightest candidates matched for any open position.
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