As the new tax year arrives, payroll returns into focus for many employers. While payroll can sometimes be seen as a routine admin task, the reality is very different. Each new tax year brings important changes that can affect both employers and employees and getting them wrong can lead to unnecessary cost, confusion and compliance …
With the start of a new tax year comes a range of payroll changes that employers need to be aware of. In our latest podcast, Charlie is joined by Helen and Francesca to talk through the key payroll updates for 2026/27 and what they mean for both employers and employees. From increases in National Minimum …
The National Minimum Wage is increasing from 1 April 2024, impacting both employees and businesses. Here’s what you need to know: New Rates 2024/2025 Age Category 2023/2024 Rates 2024/2025 Rates % Increase 23 Years and Above (National Living Wage 23/24) £10.42 N/A 21 Years and Above (National Living Wage 24/25) N/A £11.44 9.80% 21 – …
The government made a commitment in 2019 to enhance workers rights and provide better support. The legislation has made significant improvements which will come into place from Spring 2024 to help new parents, unpaid carers and giving all employees better access to flexible workings. We have summarised the changes below. Protection for Expecting and New …
HMRC have extended the deadline for making voluntary National Insurance contributions (which can date back to 6 April 2006), to 31 July 2023. What is National Insurance? National Insurance is a tax paid by individuals who are employed or self-employed, based on how much they earn then determines how much National Insurance is contributed from …
The National Minimum Wage is increasing from 1 April 2023. With the Cost of Living crisis fully apparent, the increase will be welcomed by many. Below we detail the increases and what they mean for you, your employees and your business. National Minimum Wage Rate Increase from 1 April 2023 Category of Worker Hourly Rate …
Today, Thursday 17 November 2022, Chancellor Jeremy Hunt delivered his Autumn Statement. Many were hoping his announcements would help individuals and businesses in the face of increasing costs, with inflation at a 40 year high coming in at 11.1%. Instead Hunt delivered a bleak outlook for the next few years blamed on the fallout from Global factors, …
From 19 September 2022, HMRC will be introducing an optional payment method for a reoccurring Direct Debit for PAYE (Pay As You Earn). With a current array of payment methods, employers are responsible for making the PAYE payment each month and entering the details required to enable payment. With the new Direct Debit method, payments …
A tax efficient salary and dividends are how many directors of owner managed businesses choose to pay themselves. Many directors structure their remuneration this way is to maximise tax efficiency by minimising the tax payable on the money they withdraw from their company. What’s the Most Tax Efficient Director’s Salary in 2021/22? Sole directors – …
The Government announced on 31 October 2020 a further lock down for England commencing on 5 November 2020 to 2 December 2020. Many businesses will be required to close during this period. We empathise with many businesses where this will have a significant detrimental effect. We recommend businesses review their cash position and key areas …
