Start preparing now for Payrolling benefits 2022/2023

HMRC is encouraging employers to consider payrolling the expenses and benefits they pay to staff. The advantages of payrolling expenses and benefits are that employers will no longer need to submit multiple P11Ds, and employees will be more likely to pay the correct tax due on their benefits during the tax year. Employers still need … Continue reading Start preparing now for Payrolling benefits 2022/2023

PAYE RTI 2022-23: Technical Pack updated

The HMRC Software Developer Support Team have notified two updates to the Real Time Information technical specifications and an update to the RTI data items. They provide the following: There have been two additions to the 2022-23 RTI technical pack for internet submissions on GOV.UK at RTI online internet submissions support for software developers The … Continue reading PAYE RTI 2022-23: Technical Pack updated

Student Loan Plan 2 and Postgraduate Loan thresholds frozen

The Department for Education (DfE) has announced a freeze to the Plan 2 and Postgraduate student loan repayment thresholds. Plan 2 repayment threshold Plan 2 student loans are those taken out for a course starting after 1st September 2012 for England and Wales.Plan 2 borrowers will continue to repay 9% of their earnings over the … Continue reading Student Loan Plan 2 and Postgraduate Loan thresholds frozen

Health and Social Care Levy – Dividends

From next April the government will create a new, UK-wide, 1.25 per cent Health and Social Care Levy with dividends tax rates increasing by 1.25% points.. By increasing dividends tax rate the government is asking better-off business owners and investors to make a fair contribution. Dividend tax is charged on taxable dividend income an individual … Continue reading Health and Social Care Levy – Dividends

The year of two budgets! 2021 budget date set

The Chancellor has launched (7th September) Spending Review 2021 (SR21), which will conclude on 27th October 2021 alongside an Autumn Budget and set out the government’s spending priorities for the Parliament. The three-year review will set UK government departments’ resource and capital budgets for 2022-23 to 2024-25 and the devolved administrations’ block grants for the same … Continue reading The year of two budgets! 2021 budget date set

New 1.25% Health and Social Care Levy – National Insurance and Dividends

Prime Minister pledges to tackle NHS Covid backlogs and cut waiting times with £36 billion for health and social care‘Responsible, fair, and necessary’ action to provide the biggest catch-up programme for the NHS and reform to adult social careNHS capacity to increase to 110% of planned activity levels by 2023/2024: more appointments, treatments, and operationsSocial … Continue reading New 1.25% Health and Social Care Levy – National Insurance and Dividends

Student Loan plan 1 Threshold uplift for April 2022 confirmed

The Department for Education (DfE) confirmed the annual updates to the Thresholds of Income Contingent Student Loans and Mortgage Style Student Loans. Income Contingent Student Loans for pre-2012 (Plan 1) loans From 6 April 2022, the repayment threshold for pre-2012 (Plan 1) loans will rise to £20,195. PSP 2021(c) Income Contingent Student Loans for post-2012 … Continue reading Student Loan plan 1 Threshold uplift for April 2022 confirmed

Freeports Employer NICs Relief (FENR)

HM Revenue & Customs Software Developers Support Team (SDST) has issued briefing notes for developers in relation to changes for the April 2022 introduction of Freeports Employer NICs Relief (FENR). The relief applies from April 2021, however HMRC were unable to ready their systems in time for real time operations and employers will be expected … Continue reading Freeports Employer NICs Relief (FENR)

NICs Holiday for Employers of Veterans (NHEV)

HM Revenue & Customs Software Developers Support Team (SDST) has issued briefing notes for developers in relation to changes for National Insurance Contributions Holiday for Employers of Veterans abbreviated as NHEV. The relief applies from April 2021, however HMRC were unable to ready their systems in time for real time operations and employers will be … Continue reading NICs Holiday for Employers of Veterans (NHEV)

Want to Payroll Benefits In Kind (PBIK) and not issue P11Ds anymore?

Register for payrolling benefits and expenses If your considering payrolling benefits and expenses from April 2022, they need to register. This will give time to check software capabilities and also inform employees before the start of the 2022 to 2023 tax year. Payrolling is considered to be quicker easier and more real time. It’s also … Continue reading Want to Payroll Benefits In Kind (PBIK) and not issue P11Ds anymore?

Low Pay Commission – Consultation on April 2022 National Minimum Wage rates

The Low Pay Commission (LPC) is the independent body which advises Government on the levels of the National Living Wage (NLW) and National Minimum Wage (NMW). To help shape the recommendations they will make this autumn on the 2022 minimum wage rates, they are seeking evidence on the impact of the NLW and NMW. All … Continue reading Low Pay Commission – Consultation on April 2022 National Minimum Wage rates