by | 11 Apr, 2024 | Payroll
The tax treatment of termination payments has changed significantly over recent years. The changes have aligned the rules for tax and secondary National Insurance contributions (employer (NICs)) by making an employer liable to pay NICs on termination payments they...
by | 4 Apr, 2024 | Payroll
The letters in an employee’s tax code signify their entitlement (or not) to the annual tax free personal allowance. The tax codes are updated annually and help employer’s work out how much tax to deduct from an employee’s pay packet. The basic...
by | 15 Feb, 2024 | Payroll
A reminder for our readers that the National Living Wage (NLW) and the National Minimum Wage (NMW) rates will increase with effect from 1 April 2024. The increase will see the NLW rate increased to £11.44 per hour, an increase of over £1 over the current...
by | 25 Jan, 2024 | Payroll
Employers generally use payroll software or other payroll services to record employees pay, deductions and National Insurance contributions on or before each payday. They also need to consider other deductions such as pension contributions and student loan...
by | 25 Jan, 2024 | Payroll
Assets such as computers, televisions and bicycles that are made available to employees can create certain tax, National Insurance and reporting obligations. There is no requirement to report anything to HMRC if the asset is office equipment only used for...
by | 18 Jan, 2024 | Payroll
It is not that long until the current 2023-24 tax year comes to an end and there are a number of year end payroll chores that must be completed. This includes sending a final PAYE submission for the tax year. The last Full Payment Submission (FPS) needs to be...
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