The 2019/20 statutory payments have now been announced as follows: Statutory maternity pay Statutory paternity pay Statutory adoption pay Statutory shared parental pay £148.68 p.w Daily rate £21.24 Effective 31 March 2019 Recovery rate 92% unless your total class 1 National Insurance for the previous tax year is £45,000 or lower when Read more about Statutory payments announced for April 2019[…]
From 6 April 2019 your business will have to give every worker on its payroll (not just employees) an itemised pay statement (i.e. payslip) and some new information must be provided. This is because the Employment Rights Act 1996 (Itemised Pay Statement) (Amendment) (No.2) Order 2018 comes into force. So Whats happening? It will extend Read more about Changes to the law on payslips[…]
In November 2018 HMRC wrote to over two million customers, with their main residence in wales, telling them about WRIT. All people living in wales subject to Income Tax, including individuals who earn below the Income Tax threshold, should have received a letter. Employees or people who receive a pension will be given new tax Read more about Welsh rates of Income Tax (WRIT)[…]
Taking on your first member of staff is a big moment for any employer If you have recently become an employer for the first time, you will have workplace pension responsibilities from the moment your new employee starts working for you. You should use the The Pensions Regulator simple online tool to understand what you need to Read more about Workplace pension responsibilities are from day one of talking on your employee[…]
The thresholds of Plan 1 and Plan 2 student loans will be increasing from April 2019. The current thresholds (for 2018-19) are: Plan 1 – £18,330 Plan 2 – £25,000 The Department for Education (DfE) has confirmed that from 6 April 2019 the thresholds will increase to: Plan 1 – £18,935 Plan 2 – £25,725 Read more about Increase in Student Loan Plan 1 and 2 thresholds[…]
The National Live in wage and the National Minimum Wages is set to rise in April 2019. Rates per hour depend on your age and whether you’re an apprentice – you must be at least school leaving age to get it. New rates, which come into effect from April 2019: Year 25 and over 21 Read more about National Minimum Wage and Live In Wage rates from April 2019[…]
Here are some of the key points from the budget of 29 October 2018: Savings The ISA allowance is held at £20,000. The Junior ISAs annual allowance and Child Trust Funds for 2019/20 will be increased in line with CPI to £4,368. National Savings and Investments (NS&I) have announced the minimum investment for premium bonds Read more about Main points from the budget (29 October 2018)[…]
A new student loan product know as postgraduate loans (PGL) has been launched. The earliest a student can start repayments of a PGL is April 2019 and so you might receive notifications about deductions you need to make from employees’ wages after that. Where an employee is to repay a PGL, HMRC will send you Read more about Student Loans – A new loan[…]
The minimum contributions that you and your staff pay into your automatic enrolment workplace pension scheme are increasing. This is also sometimes known as phasing. It is your responsibility to make sure these increases are implemented. What do you need to do next? You’ll need to ensure you collect and pay the correct contribution amounts Read more about Auto Enrolment – Change in contribution rates from April 2019[…]
A company car used by a director or employees potentially a taxable perk, even where it’s only used for business. The tax charge arises where the car is “available” for private use. Actual use is less important. Therefore, the first step to avoid a tax charge is to communicate that t’s not available for private Read more about Pool Cars[…]