Consulting on off-payroll working

The UK government has announced a consultation on off-payroll working rules, commonly called IR35, as part of its tax admin day announcements.

The rules were introduced for clients in the public sector in 2017 and extended to include medium and large-sized clients in the private and

Beware material nature risk

Businesses must place nature loss on the same level as climate change in their risk assessments, with more than half of global GDP moderately or highly dependent on nature, according to new PwC analysis.

The findings of new PwC research reveal the extent to which economic activities and natural ecosystems are linked, with 55% of global GDP – equivalent to about $58 trillion – moderately or highly dependent on nature, up almost onethird ($14tn) since 2020.

To help mobilise a response from the in

2021. The proposed solution would introduce new legislation to share the income tax and NIC liability between the client and the worker, by estimating a set-off for tax and NIC already paid by the worker and their intermediary.

This would potentially work in a similar manner to existing provisions business community, PwC is launching a global Centre for Nature Positive Business, which will double the number of nature specialists in the firm to 1,000, with up to 10% based in the UK.

EY makes big job cuts in US in the PAYE Regulations 2003 (SI 2003/2682), that can allow the offsetting of taxes already paid in certain circumstances where HMRC discovers that a directly engaged worker has been incorrectly classed as a self-employed sole trader, instead of employed, for tax purposes.

EY’s US arm is cutting some 3,000 jobs after it was decided to drop plans to separate the consulting and audit businesses.

EY said that it was making the redundancies after assessing the impact of current economic conditions, strong employee retention rates and overcapacity in some parts of the firm.

However, EY US stressed that the move had nothing to do with the aborted separation.

Reporters who contacted EY UK were told there would no plans to reduce staff.

Profit warnings on the rise

UK-listed companies issued 75 profit warnings between January and March 2023, the highest first-quarter total since the early stages of the pandemic in 2020, according to EY-Parthenon’s latest Profit Warnings report.

The report reveals that the number of warnings issued in the first quarter of 2023 exceeded the 72 issued in Q1 2022. It also showed that quarterly profit warnings have remained above the 10-year quarterly average, excluding 2020, for five consecutive quarters. The highest number of Q1 warnings was in 2020, when 305 were issued.

Persistent economic uncertainty has played a significant role in many of these profit warnings.

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