Following on from the government’s publication of the UK’s Approach to the Northern Ireland Protocol command paper, HMRC is asking for responses from businesses who will be affected by the new requirements for goods being moved between Great Britain and Northern Ireland. A form has been published on Gov.UK which will allow companies to provide detail to HMRC of how they will be impacted by the new processes relating to Northern Ireland goods movements. Businesses also have the opportunity to sign up for email updates so that they are informed of any new requirements and future developments. The form will be available from 11 June 2020 to 29 June 2020. It is hoped that as many businesses will respond as possible. HMRC is actively encouraging businesses who have no experience of international trade get in touch, however, is asking that all businesses self-identify if they are affected. This will enable HMRC to send guidance and communications to the right people.
Should any questions arise, or if you would like to discuss anything further, please contact hmrctraders@hmrc.gov.uk.
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Concerns around no-deal Brexit and its potential effect on the Pension Protection Fund 23 June 2020
Pension experts are concerned about the effects that a no-deal Brexit could potentially have on the Pension Protection Fund (PPF). Due to the economic devastation caused by COVID-19, it is thought that many pension schemes could fall into the PPF. Where a sponsoring employer of the arrangement is EU-based, and does not have an ‘establishment’ in the UK, issues could arise. The lifeboat protection is currently in place for members of certain UK defined benefit schemes but in order to be eligible, the pension scheme must have its main place of administration in the UK, which will remain unchanged with Brexit. The issue is, that the mechanism for triggering a PPF assessment period where schemes have EU-based employers could potentially be altered from January 2021, following the end of the transition period.
Clive Pugh, from Burges Salmon, commented:
“From my own experience, I would estimate around 20 percent of schemes have an overseas employer or connection. This is a major issue impacting a large number of scheme members.”
A PPF expert confirmed that a no-deal Brexit will not affect the level of protection it provides to eligible UK Defined Benefit (DB) pension schemes that have a sponsoring employer registered in the UK, but the mechanism for triggering a PPF assessment period following an EU employer’s insolvency could be impacted. To put things into practice, the case of Flybe can be used. Flybe collapsed into administration in March 2020 due to the effects of coronavirus and the decreased amount of flight bookings. The pension scheme was registered in the Isle of Man which meant that members were not entitled to pension protection from the PPF.
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EU Settlement Scheme update 15 October 2020
The latest monthly statistics relating to the EU Settlement Scheme highlight that over four million applications have now been submitted.
The application deadline will arrive in approximately eight months, on 30 June 2021.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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