Welcome to the Insider for March 2020
While this is not a completely Coronavirus-free edition, self-quarantine or vigorous handwashing is not required to read!
Well, what a crazy month so far, with the world going into overdrive In the wake of the Covid-19 outbreak, Italy quarantining its entire population, Andrex experienced its highest level of sales in years and every school child in the UK is praying for a few extra days at home! Elsewhere, day to day life rumbles on regardless.
This edition is released slightly later in the month than usual, to capture the relevant details from chancellor Rishi Sunaks’ first financial statement, delivered on 11th March. Salient points and relevant links can be sought within the newsletter.
The start of the new fiscal year also beckons another uplift to the National Minimum Wage (NMW). Great news for those on the NMW, who can expect to see an average uplift of 5.85% on their hourly rate. We at Twentysix, regardless of age, pay all our NMW workers the over 25’s hourly rate. We feel that pay should be based upon skill and not age. Further positive news as the Bank of England reduces its rate of interest by 0.5% to 0.25%, which could translate to further savings for some. Happy days!
Following the recommendations from the latest government release and the World Health Organisation (WHO), we have compiled a ‘stay-safe’ communication relating to the Covid-19 outbreak. If you have any questions regarding this, please do not hesitate to contact one of the team. We will update any further changes as they are released.
The government has released a restriction on the use of Limited (Ltd) companies within the temp labour arena, which is rolling out the private sector. These are also known as PSC (Personal Service Companies), they are formed predominantly for tax efficiencies and have been accepted by HMRC up to this point. If you have a PSC and are supplying your services to an agency through your PSC, please follow the relevant links on the newsletter to ensure you are aware of the changes coming in April.
Finally, daylight saving hours start on 29th March (Harrah), longer days and lighter evenings, summer is finally on its way. Surely that’s something to get excited about!
That’s it from me for now. Stay safe and have fun!