How to set up and manage a tronc scheme in 2024
Startups
by The Startups Team
8h ago
A tronc is an organised payment arrangement to distribute the tips, gratuities, and service charges that customers give to your employees in a fair and transparent way. The person that runs a tronc is known as a troncmaster. They pay employees tips through a separate payroll run and PAYE scheme and report the details to HMRC. When you run a tronc scheme in this way, tip payments are not liable for employer or employee National Insurance (NI) contributions. New legislation is being introduced in October 2024 through the Employment (Allocation of Tips) Act, which means employers need to understa ..read more
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New UK Tipping Act laws: what’s changing in October 2024?
Startups
by The Startups Team
8h ago
In October 2024, new laws on the allocation of tips will be introduced in the UK. The Employment (Allocation of Tips) Act 2023 aims to ensure that the staff who earn the tips receive the benefit. The Act is targeted at protecting hospitality staff, but also applies to other professions where workers receive tips paid by cash or card. The draft act was introduced in September 2021, passed its third reading in the House of Commons in January 2023 and the House of Lords for further checks in March 2023. It will become law in October. A new Code of Practice on tipping is to be published, which sta ..read more
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Career “progression” is suppressing our skills – people should be honing their craft
Startups
by The Startups Team
4d ago
It’s been said “do what you love and the money will follow” but what’s often left unsaid is that, eventually, you’ll have to stop doing it and start managing others instead. In most companies, people only advance by climbing the corporate ladder, often forcing them into management roles that steer them away from their true passion—their craft. Instead of honing that craft, people born to create are stuck reviewing work and playing office politics. This phenomenon creates undesirable career paths for many, with one-third of tech workers expressing they didn’t want to take on a managerial role ..read more
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Can the Labour manifesto deliver for UK business?
Startups
by The Startups Team
4d ago
The long-awaited Labour manifesto, delivered yesterday by Kier Starmer, sets out a mission statement of creating the most pro-growth and pro-business treasury this country has ever seen.  “Wealth creation is our number one priority,” Starmer enthused at the manifesto launch. “If you take nothing else away from this today, let it be this.”  Although a large Labour majority may allow the party to follow through with its promises, a marginal, more fractured victory may leave more room for uncertainty.  Starmer promised a rare combination at the manifesto reveal – being both pro-wor ..read more
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I’m glad I got rejected from Dragon’s Den
Startups
by The Startups Team
4d ago
Early on in my business journey, as the founder of OMGTea, I was invited to apply for the BBC TV programme Dragons’ Den. It felt like a wonderful, albeit very scary, opportunity. It was 2018. The global matcha market was already valued at £2 billion and it was expected to increase rapidly. I was hopeful that the Dragons would be excited to get on the trend early, and provide me with the angel investment I needed to grow the brand. But what seems obvious to me now, and did all those years ago, was somehow lost on the millionaires in the room that day at BBC Studios. When it came to the end of t ..read more
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Labour vows to introduce Ethnicity Pay Gap reporting
Startups
by Helena Young
4d ago
The Labour Party has said it will require all large businesses to publish an Ethnicity Pay Gap report, if it wins the UK general election on July 4. Party leader, Sir Keir Starmer unveiled the new pledges as part of the Labour Party’s official manifesto, titled Change, in Greater Manchester earlier today. Similar to gender pay gap reporting, the legislation would make it mandatory for firms to report on the pay disparity between Black, Asian and Minority Ethnic (BAME) staff in a workforce. Racial Inequality Act The principle that all workers, regardless of gender, race, sexuality, or disabilit ..read more
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How you can work remotely from countries that don’t have a Digital Nomad visa
Startups
by Helena Young
5d ago
Digital Nomad visas have taken the world by storm. Well, most of it. While 50 countries now have visa programmes specifically for tech and freelance workers, others lag behind. Dreamy destinations such as Japan, Italy, and Thailand have all rolled out their own Digital Nomad-specific schemes this year. Their governments are catching onto the benefits that nomadic workers bring, such as a boost to tourism and the creation of knowledge clusters. But remote workers are still waiting for big-names such as the United States and Australia, and ten countries in the EU, to announce their own schemes ..read more
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New Zealand Digital Nomad visa: what we know so far
Startups
by Helena Young
6d ago
New Zealand, also known as Aotearoa or “land of the long white cloud”, is considering introducing a Digital Nomad visa to open up the country to wanderlusting remote workers. If it is announced, the scheme would make New Zealand the first country in the Oceania continent to welcome tech-enabled and self-employed workers to its islands. It would join Japan, Italy, and Thailand, all of which unveiled their own Digital Nomad visas this year. Few details have been announced so far, but we do know that the New Zealand visa scheme would enable nomadic employees to live and work in the country for at ..read more
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Bonus tax rules in the UK: How to tax bonuses correctly
Startups
by The Startups Team
1w ago
A bonus payment forms part of an employees’ taxable income, and so tax is due on bonuses. Employers need to understand how bonus tax rules work in the UK so that they are informed when considering offering bonuses to employees, and know how to pay employees bonuses to comply with tax laws. This article will cover how bonuses are taxed in the UK, how the taxation of bonuses impacts other payroll deductions, what an employer needs to know regarding bonus tax, and how bonus sacrifice schemes work. Verifying Get the latest startup news, straight to your inbox Stay informed on the top business ..read more
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Wettest summer in 100 years brings storm warning for businesses
Startups
by Helena Young
1w ago
And now, the weather. Summer 2024 is shaping up to be one of the wettest on record, with meteorologists predicting on-off showers until the end of June. The news is sure to disrupt Brits’ barbecue and park day plans. More concerningly, it poses a real challenge for SMEs. Retail and hospitality firms have already been hit by dampened consumer spending. Many rely on sunny spells to boost sales strategies throughout June, July, and August. But with the Met Office predicting there could be as many as 50 wet days over the course of the next three months, the extra rainfall is unlikely to give SMEs ..read more
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