Articles and information in relation to UK Payroll for business, employers and employees.
"to make the tax system simpler and fairer" The government announced Tuesday 16th January 2024 as part of a package of measures that supports its ambition to simplify and modernise parts of the tax system. They claim to be doing this by using the efficiencies of digital service to drive public sector productivity and exploring … Continue reading Compulsory Payrolling of benefits on the table for April 2026
Want to know how much the reduction in National Insurance could save you & your friends & family? The government are encouraging the sharing of this new online tool to find out. Hey there! The Government has cut National Insurance Contributions from 12% to 10%! This saves the average worker on a £35,400 salary £450 … Continue reading How much NICs will you save?
As a result of the Autumn Statement reduction in NIC standard rates by 2% from 12% to 10%, employees will benefit from a cut in National Insurance for payments from 6th January 2023. Directors NI is different to those of employees. To avoid various NIC avoidance measures being applied by directors and their remuneration from … Continue reading National Insurance change for directors – are you ready
Many employers provide benefits, whether as part of standard reward packages or via flexible reward choice programmes utilising Salary Sacrifice or other Optional Remuneration Arrangements (OpRA). The resulting benefits may have implications for Tax, Class 1 NICs and Class 1A with P11D and P11Db obligations. Many of these arrange,ents have developed over long periods of … Continue reading Want to payroll benefits – plan and register soon for 2024/2025
HMRC have issued the December 2023 edition of the Employer Bulletin which brings the latest HMRC updates and guidance to support employers, payroll professionals and agents. The next Employer Bulletin is in February 2024 The headline tax measure relevant for employers was: National Insurance Contributions (NICs) rates In this month’s edition there are important updates … Continue reading December 2023 Employer Bulletin
As part of the Autumn Statement 2023, the government have provided the following information on the operation of Income Tax for the 2024/2025 tax year. Could any of this change in the spring budget 2024, we will have to wait and see. For the time being the following apply: Income Tax - Personal Allowance’s The … Continue reading Income Tax 2024/2025
Following the Autumn Statement 2023 held on Wednesday 22nd November, As promised by Chancellor, the government have laid a bill to cut National Insurance from 6th January 2024. It is claimed that the average employee will save up to £450 next year. ‘Just one part of the biggest package of tax cuts to be implemented … Continue reading NI reduction bill presented
As part of the Autumn Statement, the Chancellor of the Exchequer Jeremy Hunt has announced a shock mid year change to National Insurance contribution for employees. The 12% rate is returned to 10%. Payroll software and employers will need to ready themselves to implement the changes in readiness for the new calendar year to be … Continue reading National Insurance rates cut by 2 percent
Biggest ever increase to the National Living Wage, worth over £1,800 a year for a full-time worker… Since 2010 the National Living Wage has doubled in cash terms from around £10,500 to nearly £21,000 a year for a full-time worker. For the first time, 21-year-olds on the National Living Wage will always earn two-thirds of … Continue reading Record wage boost for nearly 3 million workers – April 2024
During the National Payroll Week, the Chancellor of the Exchequer, Jeremy Hunt, announced on 5th September 2023 that he will present the Autumn Statement 2023 to Parliament on 22nd November. The treasury confirm that the Office for Budget Responsibility (OBR) have been commissioned to prepare an economic and fiscal forecast to be presented to Parliament … Continue reading Autumn Statement set for 22nd November 2023