From 6 April 2024, the 2% cut in employee national insurance contributions will come into effect. Employees will now be deducted 8%, rather than 10%, on monthly earnings between £1,048 and £4,189. A 2% deduction on earnings above this amount continues to apply. There is no change to the rate of employers’ national insurance, which […]
It is important to remember that the minimum wage pay rates increased with effect from 1 April 2024. Failing to increase to the new rates can result in penalties being charged. The new minimum wage payment rates are set out below: 2023/24 rate 2024/25 rate 21 and over (previously 23 and over) £10.42 £11.44 18 […]
Last week, the government named and shamed 524 businesses for failing to pay the minimum wage to their staff. These failures amounted to a total of nearly £16 million that had not been paid to their workers. Each of the employers named has had to repay their staff for the shortfall and have also faced […]
The chancellor’s announcement of a 2% cut in national insurance contributions (NICs) for employees applies to payments on or after 6 January 2024. That doesn’t allow much time to update payroll software, particularly with the Christmas holidays in between. Note that for employees other than directors, NIC is not calculated on a cumulative basis so, […]
Employers should be aware that from April 2023 several statutory payment rates increase for the 2023-24 financial year. Statutory Maternity, Paternity, Shared Parental and Adoption Pay From Sunday 2 April 2023, Statutory Maternity Pay, Statutory Paternity Pay, Statutory Shared Parental Pay, Statutory Adoption Pay and Statutory Bereavement Pay all increased from £156.66 to £172.48 per […]
As an employer running payroll, you need to report to HM Revenue and Customs (HMRC) on the previous tax year (which ends on 5 April 2023), give your employees a P60, and prepare for the new tax year, which starts on 6 April. What you need to do […]
Employers should be aware that all minimum wage rates increase on 1 April of each year. This includes all National Minimum Wage rates and the National Living Wage rate. See the table below that shows the current minimum wage rates and new rates from April 2023: Current rate (since April 2022) New rate from […]
In today’s climate its more important than ever to make the most effective use of your time. Outsourcing payroll means you will have more time to focus on your business. Processing payrolls in-house can be time consuming, complicated and stressful. Keeping up to date with ever-changing legislation and updates is demanding and can be a […]
The 23 September Fiscal Statement included the unexpected news that the “off-payroll working” (OPW) rules would be scrapped from 6 April 2023. These rules were introduced for public sector employers from 6 April 2017 and then extended to large and medium-sized private-sector organisations from 6 April 2021. It has since been announced that the OPW rules […]
From 6 July 2022, some National Insurance Contributions (NICs) thresholds will increase. The primary threshold for 6 July 2022 to 5 April 2023 will rise to: £242 per week £1,048 per month £12,570 per year See Class 1 National Insurance thresholds for 2022 to 2023. To accommodate this change, payroll software, including HMRC’s Basic PAYE Tools, […]
