The new tax year starts 6th April 2024 and will end 5th April 2025 and here are some key changes for this upcoming year: National Insurance (NI) Cuts: The income tax rates and thresholds are as follows: England and...
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So, the Chancellor’s mini budget was announced on 23rd September 2022, but what does it mean for you and your payroll? Income Tax Cut The Chancellor has announced that the income tax of 20% will reduce to 19% from...
Chancellor Rishi Sunak has announced the contents of his Spring Statement today (23rd March 2022). Amongst his statement he announced he would cut fuel duty, raise the threshold at which people start paying National Insurance and also pledged to...
The Statutory Sick Pay Rebate Scheme closes for coronavirus relating to absences after today (17th March 2022). You must submit any claims, including amended claims already submitted, by 24th March 2022 If you or your payroll provider do not...
From 24th March 2022, COVID Statutory Sick Pay (SSP) will revert back to being paid only on the fourth day of continual sickness rather than day one. The prime minister has made several announcements in his plan to live...
For the past few years businesses and payroll professionals have had to adapt to the ongoing changes due to the pandemic, COVID statutory pay (SSP) being one of them. Currently with COVID SSP and subject to them qualifying you...
HMRC have now confirmed the new rates for 2022-23, although the following rates are subject to parliamentary approval. Income Tax Rate – Wales Basic rate 20% £1-£37,700 Higher rate 40% £37,701-£150,000 Additional rate 45% Over £150,000 Income Tax Rates...
Along with a number of updates from HMRC, we can confirm that the new rates for tax year 2022/23 are as follows: SSP weekly rates for sickness will increase from 6th April 2022 from £96.35 to £99.35. Parental leave...
On September 7th 2021 the government announced a new 1.25% Health and Social Care Levy to fund investment in the NHS and social care. For working age employees the Levy will be introduced from April 2022. This will also...
Following the Bank of England’s Monetary Policy Committee vote on 16th December 2021 to increase the base interest rate, HMRC will also be increasing the interest rate for late payments. The base rate has increased from 0.1% to 0.25%...