Many of you will remember the madness that ensued as small business owners and large corporations from all over the world scrambled at the end of 2017 to comply with the EU’s deadline to comply with new Data Protection Regulations in May 2018 (Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data). Just over a year on, the EU and individual member states have researched the outcome of implementation of new protocols with mixed reviews.
We have discussed in past issues the serious battle Social Security has on its hands. Although we may complain about the amount of money we pay each month towards our Social Security contributions, they are essential if we want to receive our well-earned pensions come retirement age.
When a business owner hires an employee, they do not only have to take their salary into account when calculating costs, but a portion of Social Security and a quarterly tax amount must be factored into the overall expense. These two concepts are based on a percentage of said salary so it stands to reason, the fewer hours the employee works, the lower their salary and the lower the taxes to be paid out by the business owner.
