Countless Opportunities For Everyone In the Sharing Economy

Did you know that the Sharing Economy is growing rapidly and offers new ways of working and entrepreneurship?  No?  Well, that’s exactly why we’re focussing on this exciting and increasingly important sector.  You have probably heard of Airbnb and TaskRabbit, both of which are larger well-established businesses in the sharing economy, but there are many, many more!  The possibilities are endless – from unlocking the value of assets (and earning income from them); to trading of skills, space and materials; to sustainability; to connecting with communities.  This all sounds fantastic for entrepreneurs and gig workers alike, so we chatted to Juliet Eccleston, chair of Sharing Economy UK to find out more.  You can get the lowdown here.

During the last week there has been increasing speculation that the Chancellor’s Budget (due on 3 March 2021) should include measures to even up the tax and NICs generated by self-employed people, bringing them closer to those of employees.  However, there is the usual confusion of not comparing like for like, i.e. employers NICs in relation to employees, and the corporation tax, VAT and dividend tax paid by limited company contractors.  Any perceived equalising of tax rates might seem unthinkable given the very large number of forgotten groups who have received no COVID-19 financial support to date, but according to the Institute of Fiscal Studies this fact should not prevent action: 

“The government has struggled to get support to some of the self-employed during this crisis. But that doesn’t mean we should permanently keep across-the-board preferential tax rates for business owner-managers.”  

The Chancellor is under increasing pressure to provide COVID-19 financial support to the forgotten groups, so I would expect unprecedented levels of outcry in response to any proposals to tax them more at this time.  

Given the pandemic-driven increase in worker exploitation (such as fake job scams, forced self-employment, reduced employment rights) I was surprised that the BEIS Director of Labour Market Enforcement position is to be vacant for at least 3 months following the end of Matthew Taylor’s tenure.  It seems a strange decision given that Taylor offered to continue in the role (unpaid if necessary), and given that the government is aware of the problems within the labour market.  In practical terms this means that, without a director in post the labour market enforcement office cannot say anything publicly, engage stakeholders or produce reports.  Effectively this will further delay many of the commitments in the Good Work Plan, which we analyse in more detail here.

Lastly, I was delighted to join the expert panel on an IR35 webinar hosted by CXC Global last week.  It was a great event with lots of practical information on how businesses should prepare for April’s changes, what is an SDS, what is reasonable care, what are the risks, and what happened when similar legislation was introduced to the public sector.  You can watch the recording here.

Testimonials

Don’t just take our word for it, here are just a few of the comments we’ve received so far

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    Elevate is a fantastic payroll service, knowledgeable, helpful, professional, and efficient. As an agency worker I have had dealings with many payroll companies and elevate is by far the best and I have never had a problem, would recommend to everyone and I will only continue to use Elevate as there is never any hassle.

    D. Andrews
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    I have been with Elevate for some time now, and I have always been paid on time. I have never had any problems at all, and they have been amazing whilst going through the difficult time of Covid-19. I can’t thank them enough.

    S. Wells
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    Elevate payroll are extremely professional and when any problem is found they are personal and help until a good conclusion, they were my preferred payroll company whilst I was working in Swindon on an office refurbishment.
    I would recommend elevate to anyone around Wiltshire/Swindon area and I would like to be paid by them again in the future
    Professional and personal at the same time; fantastic.

    M. Lock
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    I approached Daniel at Elevate to help me payroll a good size cohort of contractors. Daniel was always super helpful; thinking outside the box and coming up with ideas to support not just the contactors but for me as well. Daniel is always upfront; honest; flexible and above all, put my contractors at the forefront by always working hard to ensure they were paid on time or even early in most cases which always went down really well with the guys thus creating a better working environment. The team at Elevate have been readily available for any urgent queries and have been able to offer some great guidance. My contractors have valued being with Elevate and all of them hope to be able to stay with Elevate moving forward.
    I would go nowhere else to payroll now. I have been approached by many for the business; and its clear to me that Daniel will not only work over and above to maintain excellent customer/client services but will do so with the upmost integrity.
    We genuinely feel like a partnership has been formed and wish all the best to Elevate and the team.

    Operations Director