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Boris Johnson has been elected the new Prime Minister of England. Along with any new leadership, he will bring with him new ideas, Brexit plans, and more. So how could this impact your global operations? Let’s look at few potential changes for companies operating in the UK:
Brexit
The new Prime Minister has been very vocal about Brexit and his views on
leaving the EU with or without a deal. The EU has made it clear they
are not willing to re-negotiate the agreement that was made with the
former Prime Minister Theresa May, so Johnson will have to work within
the limits of the agreement or leave the EU with no deal. A “no-deal”
Brexit could impact trade and commerce between the EU and UK, so if you
have employees living and/or working in the UK the Brexit negotiations
are an important factor for your global operations.
Employee Taxation
Johnson has previously stated that he would like to amend the 40% higher
tax levels to employees earning £80,000 or more instead of the current
£50,000. This change would impact companies with employees in the UK who
are currently being taxed at the higher levels, so payroll teams need
to be aware that these changes could be coming in the next year.
Market Uncertainty
With Johnson continuing the no-deal Brexit talks, the pound value has
flat-lined. If the no deal Brexit moves forward, the UK economy could
suffer – especially in Ireland. As the markets react to new changes and
the Brexit date set by the EU gets closer, the global economy will be
looking to the EU and UK for the outcome of this next chapter. For US
companies, the lower pound value could be a positive change, but if the
pound increases it will be more expensive to do business and pay
employees in the UK.
Just as with any change, there are uncertainties and a period of “wait and see”. Getting your payroll and compliance under control now can save time and resources later. To learn more about simplifying payroll, click here