National Minimum Wage – The new rates from April 2022
From April 2022 the minimum hourly wage for individuals aged 23 and over will be £9.50. See all hourly minimum hourly rates announced.
Payroll
Tax Code BR
Tax code BR is one of the most popular tax codes but very few people seem to know what it is? We explain how tax code BR affects your take home pay? Why you might have a tax code BR? And how to change tax code BR if it is incorrect? Recommended Further Reading: Tax …
Optimum Directors Salary 2021/22
The optimum directors salary 2021/22 will be £8,840 per annum, which equates to £736 per month or £170 per week. This is the most tax efficient amount for the majority of directors to pay themselves. Owner managed businesses can typically decide how to pay themselves. This can be either a salary, dividends or a mixture …
Job Retention Bonus
Employers can claim a one-off payment of £1,000 per eligible employee. This is known as the job retention bonus. UPDATE: Following the extension of the Furlough Scheme from November 2020 to March 2021 this bonus has been postponed. It has not yet been cancelled but no further announcements have been made. The details below are …
Supply Chain Fraud – Payroll Services
Supply chain fraud can manifest itself in many forms. Here we will concentrate on payroll services. Due Diligence when Choosing a Payroll Provider HMRC have recently issued a warning in their Employer Bulletin 78. The warning relates to supply chain fraud in payroll services/providers. It warns employers to undertake the following. Sufficient and proportionate due …
Re-Enrolment into Workplace Pension Scheme
Re-enrolment into workplace pension scheme must be completed by employers every 3 years. Even if the staff member has opted out they must be re-enrolled. Compliance with the Pension Regulator Since the introduction of the workplace pension scheme, all staff had been given the opportunity to opt out of auto enrolment. This is still the …
IR35 Changes for the Private Sector 2020
In April 2020 there will be IR35 changes for the private sector. As a result a large number of contractors will be affected. Why are the IR35 Changes for the private sector happening? Despite HMRC’s best efforts and many changes to IR35 over the years since its introduction. The Government still claim that too many …
Auto Enrolment Pension Increase 2019
The auto enrolment pension increase 2019 will typically mean employees pay 5% and employers pay 3% into the pension scheme. When auto enrolment was first announced back in 2012 a phasing of contributions was setup. The phasing was set up so that minimum contributions were increased over time. In 2017 the minimum was 2%. In …
Register As An Employer
When do you need to register as an employer? When is registration not required? We will explain the steps you need to follow to register as an employer. The failure to register can incur significant penalties so follow this guide to ensure you are compliant. When you must register as an employer? You would assume …
Tax Code 1185L
The new tax year begins on 6th April 2018 and therefore this means new PAYE tax codes. The most common will be tax code 1185L. Every year millions of codes are incorrect so you must check your tax code or you could end up owing HMRC. Why is the most common tax code 1185L The …