Also in the news...
Norway's WTO Trade Policy Review: UK Statement
UK Statement at Norway’s World Trade Organization Trade Policy Review. Delivered by the UK's Permanent Ambassador to the WTO and UN, Simon Manley.
UK-Norway Iceland Liechtenstein free trade agreement
Business guidance, reports and other documents to help you understand the UK-Norway, Iceland, and Liechtenstein free trade agreement (FTA).
Essential Steps Before Launching an International Auction Business
Expanding a business internationally presents unique challenges, particularly when that business involves auctions. The global auction market continues to grow as more entrepreneurs see its potential for reaching new customers across borders. However, success in this specialised field requires careful planning and the right technological foundation.
Innovative Welsh exporter puts Britain at the forefront of global immunisation efforts
UK Export Finance supports renewable energy tech company Dulas to deliver life-saving vaccine refrigerators to over 80 countries worldwide.
British aerospace manufacturers to benefit from UK-US trade deal
British aerospace manufacturers to benefit from UK-US trade deal as further details announced
Global Regulation Changes Affecting Payroll in 2019
Each year, governments change regulations that affect payroll calculations and processing. Global payroll teams have to adjust procedures and ensure new requirements are being met to stay in compliance.
There is also added complexity this year with the implementation of Brexit, which will affect employees living or working in the UK. If your global payroll team can’t keep up with the changes, your employee payroll is at risk. Here are just a few of the changes coming in 2019:
Payslips and auto-enrollment in the UK are changing. New payslip requirements are being implemented January 1stin the UK. Employers must now show the cumulative number of hours the employee is being paid for, or itemize the different types of hours and rates of pay for those hours if applicable. This change mostly affects hourly paid employees, but the changes are required for all employee types. Auto-enrollment minimum contributions are increasing again beginning April 6th, requiring employers to meet the minimum contribution of 3% or face strict penalties.
In the EU, payroll and global HR will be affected by the implementation of Brexit in March. If you have employees in the EU and UK, there are potential HR compliance issues if employee regulations differ once Brexit takes effect, so HR teams must ensure the employee handbooks, agreements, and other documentation remains the same. Employees traveling between the UK and EU could also face new visa requirements, so payroll and HR teams must remain vigilant related to employee-related laws and regulations once Brexit is in place.
In Canada, the premium rate and maximum insurable earnings rates are decreasing, while the rates for the Canada Pension Plan (CPP) are increasing beginning January 1st. The changes to CPP will be phased in over the next 7 years, increasing overall by 14% by 2025. Employers will need to adjust payroll and benefits plans to accommodate these new pension changes to ensure compliance.
As global regulations change, payroll teams in every country have to adjust procedures to maintain compliance. Preparing in advance for upcoming changes ensures your HR and finance teams pay your global employees accurately so you avoid audits, fines and penalties. If you would like to learn more about simplifying your global operations and payroll you can contact us here.