A Professional Employer Organisation, PEO for short, has been hugely popular for many years in the United States contractor market due to the additional benefits this solution can provide, such as health insurance, simplified workings for gross take-home pay, as well as an alternative to an umbrella solution.

After a one year delay due to the COVID-19 pandemic, the new off-payroll working regulations are now in force for freelancers and contractors in the private sector. This follows on from the public sector changes back in 2017.

The chancellor, Rishi Sunak has today set out his second budget since he joined office in 2020.

Although there were little surprises from the information already released in the media, we set out our highlights below, which covers Business and COVID-19 Support, Personal Income & Taxes, Company Taxes and IR35.

On 15 February 2021, HMRC announced in a new policy paper briefing titled ‘Supporting organisations to comply with changes to the off-payroll working rules (IR35)’, that there will be a 12-month waiver for IR35 penalties.

ICS Accounting is dedicated to supporting you through thick and thin. To ensure you are fully up to date with the financial impact of coronavirus, we have set out a summary below of the government’s current support options for you and/or your business.