Latest news with #Code
Scottish Sun
5 hours ago
- Business
- Scottish Sun
How to legally pay less tax on your income as millions hit with stealth taxes
MILLIONS of workers will be hit with higher tax bills in the coming years as frozen thresholds will force them to hand over more of their earnings to the taxman. Around 4.1million extra workers will be dragged into higher tax bands by 2027-28, according to the most recent figures from the Office for Budget Responsibility. 1 Millions of people will be dragged into paying more tax in the coming years Credit: Getty Income tax thresholds are frozen until April 2028, which means that more people could find themselves pushed into higher tax bands through a concept called fiscal drag. The higher rate tax band is frozen at £50,270, which means any earnings over this amount are taxed at 40%. Meanwhile, the additional tax band is currently fixed at £125,140, beyond which any earnings are taxed at 45%. But there are things you can do to prevent a surprise tax bill from landing on your doorstep. Here we explain how you can reduce your tax bill and avoid the tax trap. Apply for tax relief One way to reduce your tax bill is to claim tax relief. You can claim the relief on your job expenses, which means you will take home more of your income and pay less tax. To be eligible you must use your own money for things that you need to buy for your job and you only use for work. You can claim for items including working from home, uniforms, work clothes, tools, vehicles you use for work, travel and overnight costs. You cannot claim tax relief if your employer gives you all the money back or alternative equipment. You will get the relief based on what you have spent and the rate at which you pay tax. For example, if you claim £60 of tax relief and usually pay tax at 20% then you will get £12 back. The exact amount you could get depends on what you are claiming for. For more information and to make a claim visit How do I check my tax code? YOU can check your tax code on your personal tax account online, on any payslips or on the HMRC app. To log in, visit If you have one, you can also check it on a "Tax Code Notice" letter from HMRC. Bear in mind that you might need your Government Gateway ID and password to hand to log in. But if you don't have this you can use your National Insurance number or postcode and two of the following: A valid UK passport A UK photocard driving licence issued by the DVLA (or DVA in Northern Ireland) A payslip from the last three months or a P60 from your employer for the last tax year Details of a tax credit claim if you have made one Details from a self assessment tax return (in the last two years) if you made one Information held on your credit record if you have one (such as loans, credit cards or mortgages) Claim marriage allowance If you are married or in a civil partnership then you may also be able to reduce your tax bill by claiming Marriage Allowance. Every worker has something called a Personal Allowance. This is the amount of money you can earn every financial year before you start to pay Income Tax. For the current tax year the Personal Allowance is £12,570. If you earn less than this then you usually do not have to pay Income Tax. Marriage Allowance is a special tax rule that lets you transfer £1,260 of your Personal Allowance to your husband, wife or civil partner. It is free to apply for and can reduce your tax bill by up to £252 every tax year. To be eligible you need to be married or in a civil partnership. Your income must be below £12,570 and your partner must pay Income Tax at the basic rate, which usually means their income must be between £12,571 and £50,270. Ian Futcher, financial planner at Quilter, said: 'Many eligible couples haven't claimed this, often because they simply don't realise it exists. 'It can be backdated for up to four years if you're eligible.' The fastest way to apply for the allowance is online and you should get an email confirming your application within 24 hours. You can also claim Marriage Allowance by post using the MATCF form. For more information visit Make use of salary sacrifice Salary sacrifice is a great way to top up your income without paying any tax. It lets you exchange some of your wages for a different benefit from your employer, such as a company car, childcare vouchers or pension contributions. Your salary is then reduced by the cost of any benefits you choose. As your salary is lower, you will pay less tax and National Insurance. For example, someone who earns the UK average salary of £37,430 could decide to sacrifice £200 a month into their pension. Over the course of a year they would pay £2,400 into their pension. By using salary sacrifice their wage would fall to £35,030 a year, which would save them around £480 a year in Income Tax. They would also save nearly £200 in National Insurance, which means their total saving would be £672. Salary sacrifice also saves your employer money on National Insurance. Many employers will pass this saving on to you by paying more money into your pension. As a result, your total pension contribution could be more than £2,700. Sarah Coles, head of personal finance at Hargreaves Lansdown, said it is worth checking if your employer offers salary sacrifice. She said: 'It will not boost your take-home pay, but it will cut your tax bill and make your money go further.' Pay into pension If you are lucky enough to earn more than £60,000 a year then you may be able to get more Child Benefit with an under-used trick. Child Benefit is paid by the government to parents or other people who are responsible for bringing up a child. It is currently worth £26.05 for the eldest or only child and £17.25 for every additional child you have. You get this full payment if you earn less than £60,000 a year. But beyond this point you need to start paying the benefit back at a rate of 1% for every extra £200 you earn. The payment disappears entirely once you earn more than £80,000 a year. But you may be able to hang on to more of your Child Benefit with a simple trick, Ian Futcher explains. He said: 'If your earnings are close to the threshold, using pension contributions or salary sacrifice to reduce your taxable income could allow you to keep more of your Child Benefit.' For example, if you earned £61,000 a year then paying £1,000 into your pension would allow you to keep all of your Child Benefit. Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
Euronews
a day ago
- Business
- Euronews
EU Commission to call on companies to sign AI Code
The European Commission will next week stage a workshop in an effort try to convince companies to sign the Code of Practice on general-purpose AI (GPAI) before it enters into force on 2 August, according to a document seen by Euronews. The Code of Practice on GPAI, a voluntary set of rules, aims to help providers of AI models, such as ChatGPT and Gemini, comply with the EU's AI Act. The final version of the Code was set to come out early May but has been delayed. The workshop, organised by the Commission's AI Office, will discuss the final code of practice, as well as 'benefits of signing the Code', according to the internal document. In September 2024 the Commission appointed thirteen experts to draft the rules, using plenary sessions and workshops to gather feedback. The process has been criticised throughout, by tech giants as well as publishers and rights-holders concerned that the rules violate the EU's Copyright laws. The US government's Mission to the EU sent a letter to the EU executive pushing back against the Code in April, claiming that it stifles innovation. In addition, Meta's global policy chief, Joel Kaplan, said in February that it will not sign the Code because it took issue with the then latest version. An EU official told Euronews in May, that US companies 'are very proactive' and there was sense that 'they are pulling back because of a change in the administration', following the trade tensions between the US and EU. Euronews reported last month that US tech giants Amazon, IBM, Google, Meta, Microsoft and OpenAI have called upon the EU executive to keep its Code 'as simple as possible', to avoid redundant reporting and unnecessary administrative burdens'. A spokesperson for the European Commission previously said the Code will appear before early August, when the rules on GPAI tools enter into force. The Commission will assess companies' intentions to sign the code, and carry out an adequacy assessment with the member states. The EU executive can then decide to formalise the Code through an implementing act. The AI Act – which regulates AI tools according to the risks they pose to society – entered into force gradually last year, however, some provisions will only apply in 2027.
Euronews
a day ago
- Business
- Euronews
EU Commission to call on companies to sign AI Code in workshop
The European Commission will next week stage a workshop in an effort try to convince companies to sign the Code of Practice on general-purpose AI (GPAI) before it enters into force on 2 August, according to a document seen by Euronews. The Code of Practice on GPAI, a voluntary set of rules, aims to help providers of AI models, such as ChatGPT and Gemini, comply with the EU's AI Act. The final version of the Code was set to come out early May but has been delayed. The workshop, organised by the Commission's AI Office, will discuss the final code of practice, as well as 'benefits of signing the Code', according to the internal document. In September 2024 the Commission appointed thirteen experts to draft the rules, using plenary sessions and workshops to gather feedback. The process has been criticised throughout, by tech giants as well as publishers and rights-holders concerned that the rules violate the EU's Copyright laws. The US government's Mission to the EU sent a letter to the EU executive pushing back against the Code in April, claiming that it stifles innovation. In addition, Meta's global policy chief, Joel Kaplan, said in February that it will not sign the Code because it took issue with the then latest version. An EU official told Euronews in May, that US companies 'are very proactive' and there was sense that 'they are pulling back because of a change in the administration', following the trade tensions between the US and EU. Euronews reported last month that US tech giants Amazon, IBM, Google, Meta, Microsoft and OpenAI have called upon the EU executive to keep its Code 'as simple as possible', to avoid redundant reporting and unnecessary administrative burdens'. A spokesperson for the European Commission previously said the Code will appear before early August, when the rules on GPAI tools enter into force. The Commission will assess companies' intentions to sign the code, and carry out an adequacy assessment with the member states. The EU executive can then decide to formalise the Code through an implementing act. The AI Act – which regulates AI tools according to the risks they pose to society – entered into force gradually last year, however, some provisions will only apply in 2027.
Associated Press
a day ago
- Business
- Associated Press
GoDaddy 2024 Sustainability Report: Responsible Governance & Operations
Originally published in GoDaddy's 2024 Sustainability Report Honest & Ethical Conduct Transparency, integrity, and trust are thecornerstones of how we do business. We hold ourselves to the highest ethical standards, ensuring our actions reflect professionalism and transparency. By continually evolving our practices, we stay ahead in a fast-changing regulatory world, always striving to do what's right. Business Ethics We implement the following policies and procedures to guide our business conduct: Human Rights PolicyAnti-Slavery PolicyEthics HelplineSpeak Up Policy 87/100: Through our annual GoDaddy Voice Survey, we achieved an average score of 87 out of 100 on the question, 'If I encounter an unethical situation, I feel comfortable reporting issues regarding ethics and compliance.' Education & Training We are dedicated to ensuring our workforce is well-equipped to uphold our ethical standards through comprehensive trainings. As a part of their onboarding process, new GoDaddy employees complete trainings which enforce awareness of and compliance with the Code of Business Conduct and Ethics. These include foundational topics such as anti-harassment and anti-discrimination; data protection and security awareness; and social engineering alongside targeted training on anti-trust, anti-bribery, and anti-corruption for specific roles. Annual refresher trainings are also required for select topics. When vendors and contractors begin working with us, we require them to complete ethics trainings on our Code, data protection, security awareness, and other topics, where relevant. Refresher trainings on select topics may also be required annually. Corporate Governance Strong corporate governance is the foundation of our business strategy, generating long-term value and maintaining the trust of our stakeholders. Our Board provides oversight on the long-term strategic, financial, and organizational goals of the company. Our Corporate Governance Guidelines reflect the Board's commitment to a system of governance which enhances corporate responsibility and accountability, and assist the Board in implementing effective corporate governance practices. For more information on the responsibilities of our Board and its committees, please review our Corporate Governance Guidelines, committee charters, and Proxy Statement on our Investor Relations Financials page and Governance page. In 2024, our Board appointed Graham Smith as a new independent director, effective June 26, 2024. For more information on our Board, refer to our 2025 Proxy Statement. Risk Management Our Board is responsible for overseeing GoDaddy's enterprise-wide risks, the formation of our long-term strategic, financial, and organizational goals, and the plans designed to achieve such goals. The Board and its committees also oversee strategic, legal, regulatory, financial, management, and operational risks. For more details on the responsibilities of the Board and its committees, refer to the Sustainability Governance section or the committee charters on our Investor Relations Governance page. With oversight from our Audit Committee, the Assurance, Risk, and Compliance (ARC) Team leads our enterprise risk management program. The ARC Team is responsible for identifying key risks that could impact the Company's strategy, operations, or compliance. The ARC Team assists our Leadership Team in defining metrics to monitor such risks and respond proactively, helping the business navigate risks while staying focused on strategic execution and innovation. Government & Policy Engagement Our Corporate and Government Affairs Team serves as an advocate for our customers and small businesses, championing their interests in key legislative, public policy, and regulatory arenas. By engaging with policymakers, lawmakers, and other stakeholders, the team highlights GoDaddy's role in the industry and our support for a fair and open digital ecosystem. As both a Registry and a Registrar, we actively participate in Internet Corporation for Assigned Names and Numbers (ICANN) working groups and community leadership bodies. These engagements shape the policies governing and managing the Domain Name System, impacting our products, services, and how they are utilized by our customers. The team also ensures fair and transparent resolution of complaints and information requests from ICANN and third parties, covering a wide range of domain name-related issues. As a part of our commitment to honest and ethical conduct, the Corporate and Government Affairs Team detailed GoDaddy's standards for political contributions, activities, and lobbying by our directors, officers, and employees in a publicly available policy. ENGAGING WITH REGULATORS TO PROTECT OUR CUSTOMERS GoDaddy actively engages with institutions and standards bodies to share the potential impact decisions have on our customers' registration experience, data protection, and overall online presence. Our engagement is important to our customers and our business as proposed legislation can at times result in unnecessary domain name suspensions, confusing customer communications, and increased exposure to phishing and other online threats involving personal data. GoDaddy also works through ICANN and Internet Infrastructure Coalition (i2Coalition), and in collaboration with other industry associations representing internet infrastructure companies, to engage on matters important to protecting registrants and promoting a secure and predictable online environment. To learn more, read our 2024 Sustainability Report. About This Report This GoDaddy 2024 Sustainability Report details our progress toward our corporate sustainability goals, strategies, and initiatives in support of our overarching corporate mission and values. Unless otherwise noted, this report reflects our corporate sustainability performance across our global operations covering the fiscal year period from January 1 to December 31, 2024. To demonstrate our commitment to transparent communication regarding our sustainability progress, we routinely share updates through our website and our annual Sustainability Report. We welcome your questions, comments, and feedback on this report by contacting [email protected]. This report references the Global Reporting Initiative (GRI) Standards, includes select Sustainability Accounting Standards Board (SASB) metrics for the Internet Media and Services sector, and the Task Force on Climate Related Financial Disclosures (TCFD). We also disclose our contributions and progress toward priority UN SDGs. For additional information on how we align with these frameworks and key indicators demonstrating our sustainability performance, please refer to the Frameworks & Metrics section. Visit 3BL Media to see more multimedia and stories from GoDaddy
Yahoo
a day ago
- Business
- Yahoo
Shell Says No Plan to Make Offer for BP
This article was first published on Rigzone here Shell PLC on Thursday dismissed media reports it could be intending to approach smaller rival BP PLC for a potential merger. Shell 'has not been actively considering making an offer for BP and confirms it has not made an approach to, and no talks have taken place with BP with regards to a possible offer', it said in an online statement. 'This is a statement to which Rule 2.8 of the Code applies and accordingly Shell confirms it has no intention of making an offer for BP', Shell said. It was referring to restrictions imposed by the United Kingdom Takeover Code on an entity that has made a statement of not intending to make an offer for a company. 'We remain focused on delivering more value with less emissions through performance, discipline and simplification', Shell said. However, it added, 'Under Note 2 on Rule 2.8 of the Code, Shell reserves the right to set the restrictions in Rule 2.8 aside in the following circumstances: with the agreement of the board of BP; if a third party announces a firm intention to make an offer for BP; if BP announces a Rule 9 waiver or a reverse takeover; and if there has been a material change of circumstances (as determined by the Takeover Panel)'. Rigzone emailed a comment request to BP. Take control of your THOUSANDS of Oil & Gas jobs on Search Now >> Earlier on Thursday The Wall Street Journal cited unnamed people familiar with the matter as saying Shell was holding 'early-stage talks' with BP. 'Talks between company representatives are active, the people said, and BP is considering the approach carefully', the Journal reported. 'Potential terms of any deal couldn't be learned and a tie-up is far from certain, the people familiar with the matter warned', it added. 'Bankers working on behalf of the companies have been engaged in the discussions, which are moving slowly, the people said'. Earlier in May Bloomberg reported, citing unnamed sources, that Shell was consulting advisers on a potential acquisition of BP but that it was 'waiting for further stock and oil price declines before deciding whether to pursue a bid'. According to Bloomberg's sources, Shell may favor share buybacks and bolt-on acquisitions over a megamerger. A Shell spokesperson told Bloomberg then, 'As we have said many times before, we are sharply focused on capturing the value in Shell through continuing to focus on performance, discipline and simplification'. To contact the author, email More From The Leading Energy Platform: Equinor Files Development Plan for Fram South in Norwegian North Sea USA Crude Oil Inventories Drop by Almost 6 Million Barrels WoW Chevron Field in Israel Allowed to Resume Production EIA Fuel Update Shows Increasing USA Gasoline Price >> Find the latest oil and gas jobs on << Sign in to access your portfolio
