Last updated about 3 weeks agoNational Minimum Wage The National Living Wage and National Minimum Wage rates will increase for pay periods commencing on 1 April 2024: Statutory payment increases From April 2024 the first six weeks of Statutory Maternity Pay (SMP) and Statutory Adoption Pay (SAP) will remain the same at 90% of the…
Last updated about 2 months agoCurrently, the process allows employers to either submit P11D to report employee benefits for tax purposes at the end of the tax year OR register to payroll benefits, allowing the benefits to be taxed in real-time through PAYE. However, although changes to this process have long been expected, with the…
Last updated about 2 months agoFrom the 1st of April 2024, there are several changes to holiday pay that you need to be aware of.Those changes (which will take effect for holiday years commencing from 1 April 2024 onwards) include: Rolled Up Holiday PayThe change to allow employers to use rolled-up holiday pay for casual…
Last updated about 2 months agoWhat are the increases to the Minimum Living Wage in 2024? You may be aware that the increased National Minimum Wage for all employees begins in April 2024. This is the most significant cash increase since the minimum wage came into force in April 1999 (after the Labour Government passed…
Last updated on November 29, 2023Managing payroll can present challenges for businesses, particularly if you run a small company and are already wearing many hats. You need to stay compliant, keep updated with changing legislation and of course make sure your staff are paid the right amount on time, with the correct contributions taken for…
Last updated on October 6, 2023In April 2020, the landscape of company cars in the UK underwent a transformation in favour of electric vehicles (EVs). This pivotal moment came when the UK government made substantial cuts to electric company car tax rates, instantly enhancing the appeal of EVs for both businesses and their employees. We…
Last updated on April 6, 2023The government has announced its plans to raise the National Minimum Wage in April 2023. The government hopes that the rate rise, which was announced last November, will provide further protection to the living standards of those on lower wages. The new rates are as follows and will come into…
Last updated on November 17, 2022Key Point Summary Amidst the continuing rising of inflation and current bleak economic outlook, the Chancellor delivered on his promise of tax rises by freezing personal allowance thresholds and lowering the 45p tax rate threshold. In his statement, Jeremy Hunt said he had prioritised “stability, growth and public services” but…
Last updated on October 26, 2022You can now take advantage of setting a recurring direct debit payment plan for PAYE tax. Accountants are unable to do this for you but we’ve made this 1 minute video showing how you do it. Once the variable direct debit has been set up, HMRC will automatically collect PAYE in future.
Last updated on October 17, 2022Following the previously announced U-turns on the 45p tax rate abolishment and the corporation tax rate freeze, today the new Chancellor has gone one step further and completely reset the government’s economic plans. Jeremy Hunt has accelerated measures that were set to be announced as part of the Medium-Term Fiscal…
Last updated on October 3, 2022The Chancellor, Kwasi Kwarteng, has scrapped plans to abolish the 45p rate of income tax following pushback received from fellow Conservative MPs, opposition MPs and the market instability. The major U turn on tax comes after the pound plummeted in response to the Chancellor’s mini-Budget, with the Bank of England…
Last updated on September 23, 2022The Chancellor, Kwasi Kwarteng, has confirmed that National Insurance rates will be cut by 1.25% for both employees and employers from 6th November 2022. This will effectively abolish the Health and Social Care Levy introduced by the former Chancellor, Rishi Sunak. The scrapping of the rise is expected to reduce…
Last updated on September 13, 2022Who gets the day off for the Queen’s funeral? The very sad news of her Majesty Queen Elizabeth II’s death has an impact across the globe. Now, as we enter a period of national mourning, it has been confirmed that Monday the 19th September will be an additional bank holiday…
Last updated on September 9, 2022From 19 September 2022, HMRC will allow employers to take advantage of a recurring direct debit payment plan for PAYE tax. Once the variable direct debit has been set up, HMRC will automatically collect PAYE in future. Employers with a variable direct debit set up will have the following charges…
Last updated on August 4, 2022Last month the Supreme Court ruled that Harper Trust´s calculation of its employees’ holiday pay was unlawful and could have significant implications for many companies that have teams on zero-hour contracts, term time employees or seasonal workers. Mrs Brazel was a part time music teacher who had varying hours throughout…
Last updated on May 27, 2022Payroll Changes 2022/23 The National Living Wage and National Minimum Wage rates will increase for pay periods commencing on 1 April 2022: Health and Social Care Levy From the 2022/23 tax year there will be a new health and social care levy. The levy will be set at 1.25%, and…
Last updated on May 27, 2022HMRC have introduced a National Insurance contributions holiday for businesses who employ armed forces veterans The policy, which was brought in on 6th April 2021 allows employers to claim National Insurance contributions relief for veterans they have hired during their first year of civilian employment after leaving the armed forces….
Last updated on May 27, 2022To protect workers’ living standards in 2021 The Government announced on 25th November 2020 the National Living Wage (NLW) and National Minimum Wage (NMW) rates which will come into force from April 2021. It accepted in full recommendations made by the Low Pay Commission at the end of October. For…
Last updated on May 27, 2022National Living Wage and National Minimum Wage rates increased on 1 April 2020. Previous rate Current rate from 1 April 2020 Increase National Living Wage £8.21 £8.72 6.2% 21-24 Year Old Rate £7.70 £8.20 6.5% 18-20 Year Old Rate £6.15 £6.45 4.9% 16-17 Year Old Rate £4.35 £4.55 4.6% Apprentice…
Last updated on April 25, 2022The government has sensationally delayed the private sector IR35 reform by 12 months, after pressure by peers and the Coronavirus, made not deferring the off-payroll rules unjustifiable. Steve Barclay, the chief secretary to the Treasury stated that this was not a cancellation of the controversial policy, but a necessary delay…
Last updated on May 26, 2022Who will be affected by these changes? IR35 changes are due to hit the private sector in April 2020, by operating via a company, individuals can remunerate themselves more tax efficiently. However, sometimes depending on the contract the laws on whether the contractor is allowed to be a limited company…
Last updated on May 26, 2022When you have happy employee’s who have a stress-free time at work, they’re going to be more productive in general. As an employer, it’s your job to put procedures in place that will keep your employees happy and motivated. When doing this it’s important to realize that every workplace has…
Last updated on May 26, 2022It is common knowledge that it is a legal requirement to allow your employees to have paid holidays and usually calculating holiday entitlements are pretty simple. An employee is entitled to 28 days for the full year, or you can use the online government holiday calculator to calculate the holiday…
Last updated on February 3, 2021STOP .. Ask yourself these four questions before you consider doing your own payroll As a new employer you may be pondering that it may be easy for your business to operate your payroll in-house rather than outsourcing it to a payroll expert. Here are four questions you need to…
Last updated on May 26, 2022A P11D is a form which employer’s use to report benefits in kind. These are items or services which an employer or employees receive from the company in addition to their salary. As benefits in kind increase the employers/employee’s salary, they may be subject to National Insurance contributions. It is…
Last updated on May 26, 2022More organisations are looking for software that offer a service where employee’s can be sent their digital payslips. Who can blame them, we can do almost anything on our mobile devices now, so why wouldn’t we choose to receive our payslips via this device tool? There are many advantages of…
Last updated on May 26, 2022Everyone has their off days but trying to get support from HMRC is getting more and more frustrating. Here in the office we deal with HMRC almost everyday and we understand how hard it is to get an unambiguous answer or for a simple fix to a problem. So, if…
Last updated on May 26, 2022Here at TI Accountancy it looks a little like Santa’s workshop as our own little elves are busy preparing for the Payroll Year End. One of the elves tasks involves sending out P60’s for all our client’s employees. At TI Accountancy we send out P60’s directly to the employees, safely…
Last updated on May 26, 2022Payroll Allowance Changes for 2019/2020 If you are anything like me then you’ll like to know what is ahead so you can be prepared. I thought I would share the changes coming in from April 2019 in regard to your allowances for 2019/2020. This will be handy to know if…
Last updated on May 26, 2022Are you an Employer paying employee’s a fixed salary? There’s only 5 months to go until the new legislation comes in that requires all employees to be provided with itemised payslips. On the 8 February 2018, a new statute was laid before Parliament: The Employment Rights Act 1996 (Itemised Pay…
Last updated on May 26, 2022Around 2.3% of the UK work force use zero-hour contracts and this number is rising. Employer’s usually employ people under a zero-hour contract to secure flexible employees when staff levels vary throughout the year. It is useful to use zero-hour contracts where work demands are irregular or there is…
Last updated on May 26, 2022 In March 2014 the then coalition government first launched the Tax-Free Childcare Scheme with an anticipated rollout date of late 2015, however due to a legal challenge the launch was delayed until April 2017. Tax-Free Childcare gives eligible families up to £2,000 free per child towards childcare costs. Due…
Last updated on May 26, 2022You’ve now doubt heard already that The Pension Regulator (TPR) are not only prosecuting employers for none-compliance of auto-enrolment but they have now started to prosecute employers for giving misleading information too. After a whistle-blower prompted TPR to investigate into Crest Healthcare they became the first employers to be prosecuted…
Last updated on May 26, 2022 With all businesses now reaching their auto enrolment staging date The Pension Regulator is using its powers to establish employers have fulfilled their Auto Enrolment duties. The watchdog issued 11,156 fixed penalty notices between January and March 2018 – up from 7,435 in the previous quarter which shows how…
Last updated on May 26, 2022 Trying to work out which pension provider to go for when being faced with Auto-enrolment must have been confusing for any business owner, I know it was for us and we’re the ones implementing the schemes!! And now in last week’s FT Advisor they’ve written an interesting article on…
Last updated on May 26, 2022I know I have mentioned it previously but I wanted to make sure you knew to inform any clients you have that minimum contributions increase from 06/04/2018 to 3% for employees and 2% for employers. These increases are the new legal minimum payments that all employers are required to…
Last updated on May 26, 2022Equal pay is in the forefront of many news headlines at the moment, and rightly so. The Equal Pay Act 1970 states that there must be no favourable treatment between men and women in regards to pay and conditions of employment. Similarly, the Equality Act 2010 prohibits discrimination in employment…
Last updated on May 26, 2022 Auto Enrolment is set for a bit of a shake-up with plans to extend the scheme to all workers over the age of 18 and to include all earnings instead of qualifying earnings. The Government has laid out plans to do away with the lower earnings limit of £10,000…
Last updated on May 25, 2022Check yours now As lots of small and medium sized businesses reach their staging date, a growing number of them are either setting up their scheme after their staging date has passed, or just not setting up the scheme at all! During the second quarter of 2017 nearly a fifth…
Last updated on May 25, 2022According to the Resolution Foundation, some self-employed workers should be entitled to the minimum wage. The thinking is predominantly aimed towards the self-employed workers who are generally on short term contracts or freelance work, also known as the gig economy. According to the Resolution Foundation, about half of self-employed workers…
