Recruitment Process Temporary Adjustments to Continue
It has always been a requirement under UK law for employers to conduct ‘right-to-work’ checks, to confirm the validity of original documents during the recruitment process.
It has always been a requirement under UK law for employers to conduct ‘right-to-work’ checks, to confirm the validity of original documents during the recruitment process.
The Home Office new points-based immigration system for all migration to the UK and the 30th June 2021 deadline for UK residency ‘settled’ and ‘pre-settled’ status applications.
COVID-19 updates on the Job Retention Scheme, monitoring activities, decision-making and responding to your comments as we start to consider returning to the workplace.
Recent case law on overtime and holiday pay has caused some concern for SMEs, particularly those in industry and manufacturing where overtime is frequently used, so we thought we would speak to the professionals and contacted Aye Limbin Glassey, Partner at Shakespeare Martineau to ask if she could provide guidance on some of our key questions. To our delight she agreed – so a very big thank you to our Guest Blogger this month Aye Limbin Glassey for providing very detailed and insightful answers to our key questions. So what’s it all about…..?
Question: The 1st June 2015 was described as ‘Test tranche for less than 30 members’ what does this mean?
The Equal Pay Act came into force in 1970. Today David Cameron announces government plans to force large companies to disclose gender pay information.
Shared Parental Leave and Parental Leave – they’re the same aren’t they? We recently read a LinkedIn debate on this very topic. The new Shared Parental Leave (ShPL) legislation has caused some confusion – so let’s take a look at both and clarify the differences…
A survey this week by Trade Union UNISON of 2,977 ambulance workers suggested that 96% said they were suffering from stress. This is one of many articles covering the topic of stress and workplace stress, so what is it that causes us to feel like his in the work place? Our long hours culture, staff shortages, irregular or non-existent breaks or lunch hours, working in a target driven industry? When we are busy it is all too easy not to recognise the signs around us – in ourselves and others around us. This article has been written with the intention of being a resource of referral for all employees and managers on how to recognise and control how we ‘Deal with Pressure’. Part 2 will follow later this month with the emphasis on how ‘people managers’ can support their teams.
‘Pension freedom’ is coming in April 2015. This reform will allow people over the age of 55 to decide how they want to manage their retirement savings by giving them options; spending, saving or investing. With such an important decision to be made this month B2P has invited a ‘guest blogger’ a professional independent financial planner to share his thoughts…
The New World of Pensions
I’ve experienced a certain amount of suspicion over the years when advising entrepreneurs to contribute to a pension plan. ‘My business is my pension’, they’d cry, (although scant few had engaged with a business consultant to work out an exit strategy) or the other misguided answer was ‘my house is my pension’ although the question ‘how long will that money last and where will you live when you’ve sold it?’ didn’t elicit a coherent answer.
Our free-thinking Minister of State for Pensions Steve Webb has completely re-thought pensions legislation, introducing freedoms and flexibility that’s aligned to the thinking of the entrepreneur. This money you save will always be yours to spend on supporting yourself and your family (and it’s your stupid fault if you blow it on fast cars and slow greyhounds – at last a minister who treats us like adults) and if you don’t spend it, you can use it for succession planning and pass it on to the next generation free of inheritance tax and, if you’re unlucky enough to die before age 75, pass it on for an income to be drawn tax free too.
A pension really should be seen as another savings account – but one where you get tax relief on the way in, tax effective gains, a quarter comes out tax free and the income can be managed to meet your future income needs – which won’t be consistent. Contributions can reduce your own income tax rates, bring back your personal allowance or child benefit and be used to extract money from a business without incurring corporation tax. What’s not to like, other than not being able to get to it until you’re aged 55?
Of course there are risks with pensions – the main risk that people don’t get, is the risk of living too long and running out of money. Careful planning can help mitigate this. There’s always capital risk- what do stocks and shares do? They go up and down (but of course they also pay an income that can be rolled up). Another looming risk is if the money is accessible to you, it’s also accessible to trustees in bankruptcy. Businesses can fail – due to economic circumstances, divorce, or the death or serious illness of a key person in the business. The latter two can be prevented by insurance, (the future subject of another blog?) but if you can take money on demand having ‘crystallised’ and taken income, so can the insolvency practitioner. This risk is only looming as the courts have not yet made up their minds on this one. Also if you take income, your contributions are capped at £10k pa and if you breach this HMRC will take a very dim view.
Making sure you have a comfortable retirement when you stop working usually needs the help of advisors. A good, regulated financial planner (no, not the bloke down the pub) will formulate the right provider, the right investments and combination of income streams to keep you safe. Business Consultants will get your business systemised and saleable and a good solicitor will help with the sale.
So open your minds to the benefits, do some thinking and get saving. It’s always later than you think.
James Tarry DipFA CeMAP, Financial Planner, Mob: 07713 266916
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