National Minimum Wage Rates April 2024: The age for the National Living Wage rate will reduce from 23 year olds to 21 year olds. Under 18s and apprentice rates increase from £5.28 to £6.40 per hour 18 -20 year olds increase from £7.49 to £8.60 per hour 21 and overs increase from £10.18 or £10.42 […] Read more »
Are you ready to submit your P11Ds?
If you’re an employer and provide expenses or benefits to employees, you must usually report them to HMRC so that tax and NICs are accounted for, unless they are subject to an exemption. It’s important you understand which exemptions apply and what needs reporting. We would recommend employers review the expenses and benefits they provide […] Read more »
Change in employee National Insurance threshold from July 2022
A surprise announcement in the Chancellor’s Spring statement means a change in employee National Insurance Thresholds from July 2022. There is an increase to both the primary threshold and lower profits limit which takes affect 6th July 2022. It is unusual to revise thresholds part way through a tax year, and may catch some employers […] Read more »
Tax Year 2022-23: New Rates, Allowances and Thresholds
The new tax year 2022-23 New Rates, allowances and thresholds you need for your payrolls from April 2022 are as follows: All tax thresholds and allowances have been frozen so remain the same as last tax year (except Scotland). Therefore the standard tax code remains 1257L. National Insurance Thresholds have changed. The lower earnings threshold […] Read more »
Further Changes to the Furlough Scheme
Don’t forget the further changes to Furlough scheme from 1 August 2021, when the level of grant will be reduced to 60% and you will be asked to contribute 20% towards the cost of your furloughed employees’ wages. To be eligible for the grant you must continue to pay your furloughed employees 80% of their […] Read more »
Incorrect Tax Codes…is yours correct?
Research of 54,000 UK employees has found that 36% had paid too much tax as a result of being given the wrong tax code in the previous 4 years. This has meant employees have lost out on an average of £204.00 each. Shocking statistics from our perspective as payrollers are: 47% of employees never check […] Read more »
Employment Law Changes from April 2021
The employment law changes from April 2021 that will affect your payroll are as follows: Annual free pay allowance increasing from £12500 to £12570 meaning the standard tax code will be 1257L. The 20% basic rate for tax banding increases from £37500 to £37700. The National Insurance weekly earnings limit for employees is £184.00 and […] Read more »
Furlough changes from August
The government have announced that Furlough will not be extended beyond October, but there are changes to the furlough scheme coming into force from this month. Over 9.3 million workers have been placed on the furlough scheme, which has seen the government cover 80% of wages up to £2,500 a month, since its launch in […] Read more »
New Payroll Rates from April 2018
The 2018-19 tax year means you need to know all the new payroll rates from April 2018. * The personal allowance increases from £11,500 to £11,850 per year, making the standard tax code 1185L * The 20 per cent basic rate tax band increases from £33,500 to £34,500 per year * The lower earnings limit […] Read more »
Budget Changes that will affect your Payroll from April 2017
The March 2017 Budget has confirmed the following changes that will affect your payroll from April 2017: * The personal allowance increases from April 2017 from £11,000 to £11,500 making the standard tax code 1150L. * The 20% basic tax rate band increases from April 2017 £32,000 to £33,500 per annum. * The lower earnings […] Read more »
New E-Payslip website
The e-payslips site has been revamped with a new look and feel. The new URL is my.ePayslips.com When logging into the new site you can continue to use your current login ID and PIN. LOGO As part of the new look it is possible to add a logo to every page and change the colour […] Read more »
No more P35 Questions
HMRC has said that from 6th March 2015, the end of tax year P35 checklist will no longer be required. Employers will still however be required to report the Final Submission for the Year indicator with either their RTI Full Payment Submission (FPS) or EPS. The end of year checklist consists of seven declaration questions […] Read more »
HMRC error affects 5 Million UK taxpayers
The Daily Telegraph has reported that HMRC have made miscalculations in millions of taxpayers’ pay and tax calculations for the 2013-14 tax year. We have already been contacted by many of our clients whose employees have received form P800 which they believe to be incorrect as the forms show they have earned more than they […] Read more »
New National Minimum Wage Rates
From 1st October 2014 the National Minimum Wage rates are increasing. Please ensure you review and amend the rates for your employees from this date. The hourly rate for employees under 18 years of age increases from £3.72 to £3.79 per hour The hourly rate for employees between 18 to 20 years of age increases […] Read more »
£2000 Employment Allowance
So you may have seen the advert on the telly, or you may have had a lovely letter from 10 Downing Street saying the government’s new employment allowance will cut up to £2000 from your employer National Insurance bill. Around 1.25 million business employing someone will benefit from this new allowance and a third of […] Read more »
Tax Year End Procedure 2013-14
Now that you are reporting PAYE information to HMRC in real time, there is no longer a need for a P35 or P14s anymore. Instead, the usual questions and declaration that were part of the P35, will now be part of your final Full Payment Submission (FPS) or Employer Payment Summary (EPS) if applicable. For […] Read more »
Don’t pay HMRC too early!
Since Real Time Information (RTI) started, some employers have been experiencing difficulties in reconciling the difference between the tax they think is due, and the tax HMRC think is due according to the RTI submissions. As I mentioned in my last blog, it is vital for employers to use their correct PAYE Accounts reference for […] Read more »
RTI: The importance of reporting Hours Worked
From October 2013, the new Universal Credits system will start to be introduced around the UK. This new benefits system will replace income support, housing benefit, job seekers allowance and employment and support allowance. Then, from April 2014, workers who are currently claiming tax credits will claim universal credits instead. It is therefore crucial that […] Read more »
Paying HMRC correctly
Since April 2013 and the introduction of RTI (Real Time Information), HMRC know exactly what each employer owes them every month and are quick to chase for late payments or apparent underpayments. We have seen many cases recently of our clients being sent demands for underpayments when in fact they have paid the correct amounts, […] Read more »
Child Benefit Change for High Earners
From 7th January 2013, any taxpayer earning more than £50,000 a year who receives Child Benefit, or whose partner receives Child Benefit, will be liable to incur a new income tax charge. Anyone who has to pay the charge will need to pay an amount equivalent to some or all of the Child Benefit that […] Read more »