by Michelle Bourne | May 2, 2024 | Payroll, statutory maternity pay, statutory sick pay
At Quickpaye, we’re committed to keeping our clients informed about important changes that may impact their payroll operations. As we approach the new tax year, it’s crucial to be aware of updates to statutory payments, which can affect both employers and employees.
Here’s what you need to know about the recent changes:
Standard Rate Increase for Statutory Maternity, Paternity, Adoption, and Shared Parental Payments:
Effective from April 6th, 2024, the standard rate for Statutory Maternity Pay (SMP), Statutory Paternity Pay (SPP), Statutory Adoption Pay (SAP), and Statutory Shared Parental Pay (ShPP) has increased from £172.48 per week to £184.03 per week. This adjustment aims to provide greater support to employees during periods of leave related to childbirth, adoption, and childcare responsibilities.
What This Means for Employers:
- Employers should ensure that payroll systems are updated to reflect the new standard rate for statutory payments.
- When processing payroll for employees on maternity, paternity, adoption, or shared parental leave, employers should use the revised rate to calculate their entitlements accurately.
- It’s essential to communicate these changes to affected employees to avoid any confusion or discrepancies in their payments.
Statutory Sick Pay (SSP) Changes:
Additionally, Statutory Sick Pay (SSP) will see an increase from £109.40 per week to £116.75 per week, effective from April 6th, 2024. This adjustment aims to provide better support to employees who are unable to work due to illness or injury, ensuring that they receive adequate compensation during their absence from work.
If you are not yet working with us then this is how Quickpaye could help you:
At Quickpaye, we understand the importance of staying compliant with statutory payment regulations while ensuring accuracy and efficiency in payroll processing. Our comprehensive payroll solutions are designed to accommodate changes in statutory payments seamlessly, allowing employers to navigate these updates with ease.
- Our advanced payroll team automatically update statutory payment rates, ensuring that calculations are accurate and compliant with HMRC regulations.
- Our team of payroll experts is available to provide guidance and support, assisting you in understanding the implications of statutory payment changes.
- With Quickpaye by your side, you can rest assured that your payroll operations remain compliant, efficient, and hassle-free, allowing you to focus on running your business effectively.
As statutory payment rates increase, it’s essential for employers to stay informed and ensure compliance with updated regulations. With support from Quickpaye, clients can navigate these changes seamlessly, ensuring that their payroll operations remain accurate, compliant, and efficient. Stay tuned for more updates and guidance from Quickpaye as we continue to support your payroll needs.
by Michelle Bourne | Apr 27, 2024 | Book Keeping, Payroll
When considering what to write this blog about I wanted to show you the reader how easy it was to simplify your Payroll Process with Quickpaye Agency – ie Why You Should Choose Us?
In any type of business, efficiency and reliability are paramount, especially when it comes to payroll management. At Quickpaye, we understand the challenges that businesses face when it comes to handling payroll, which is why we offer a comprehensive solution designed to simplify and streamline the process.
Here are three reasons from our clients as to why they choose Quickpaye for their payroll needs:
Accessible and Responsive Support:
- One of the frustrations many businesses encounter with other payroll providers is the lack of accessibility and responsiveness when issues arise. At Quickpaye, there is always someone in our team available during office hours to answer your call and assist you with any queries you may have. Our commitment to providing exceptional customer service was recently highlighted when we received praise from a client who stated that we were the only payroll provider who promptly answered the phone. Accessibility to us when you need it, is critical to ensure that you receive the right support, minimising disruptions to your payroll operations and allowing you to focus on other aspects of your business.
Unparalleled Expertise:
- When it comes to payroll management, knowledge is power. That’s why our team at Quickpaye boasts a highly rated combined knowledge base that covers all aspects of payroll processing and compliance. From tax regulations to employee benefits, our team has the experience to provide you with accurate and insightful guidance. Whether you’re a small startup or a large corporation, you can trust that our team will navigate the complexities of payroll with ease, ensuring that your payroll processes are efficient, accurate, and compliant with all relevant regulations.
Friendly and Efficient Service:
- At Quickpaye, we believe that excellent customer service goes beyond just providing solutions—it’s about creating positive experiences for our clients. That’s why we pride ourselves on being friendly and helpful, with all queries answered within a short space of time. We understand that navigating payroll processes can be daunting, which is why we strive to create a supportive environment for our clients. Whether you have a simple question or need assistance with a complex payroll issue, our team provides you with prompt and efficient service, ensuring that your concerns are addressed with care and attention to detail.
By making Quickpaye your trusted partner for all your payroll needs, you will receive accessible and responsive support to our unparalleled expertise and friendly service.
by Michelle Bourne | Mar 27, 2024 | Accounts, PAYE
It’s time to mark your calendars for an important deadline: Tax Year End 2024.
At Quickpaye, we understand the significance of this date for our clients and are here to provide guidance on how to navigate this crucial period effectively.
When Does the Tax Year End?
The 2023/24 tax year concludes on 5 April 2024. This date signals the deadline for various tax-related activities. It’s the final day to ensure that your financial affairs are in order for the year, impacting how you plan and submit your taxes.
Why is Tax Year End Important?
Tax Year End represents more than just the close of another fiscal year. It’s an opportunity for individuals and businesses to review their financial records, assess their tax liabilities.
Key Considerations for Tax Year End 2024:
- Review Your Financial Records: Take the time to review your financial records for the 2023/24 tax year. Ensure that all income, expenses, and deductions are accurately recorded. This will form the basis for preparing your tax returns and assessing your tax liabilities. If you need help with your Bookkeeping then pick up the phone and call Quickpaye!
- Submit Tax Returns on Time: The deadline for submitting tax returns for the 2023/24 tax year is 31 January 2025 for online submissions. It’s essential to ensure that your tax returns are filed accurately and on time to avoid penalties and interest charges. If you need a Tax Return to be completed, then call Quickpaye!
How QuickPaye Can Help:
At QuickPaye, we’re committed to helping our clients navigate Tax Year End with ease and confidence. Our comprehensive payroll solutions are designed to streamline the process of managing payroll taxes, ensuring compliance with HMRC regulations and deadlines.
Our team of experts is here to support you every step of the way. We’ll work closely with you to ensure that your financial affairs are in order for Tax Year End 2024, allowing you to focus on what matters most – running your business.
by Michelle Bourne | Mar 27, 2024 | National Minimum Wage, Payroll
As April 1, 2024 approaches, businesses across the UK are gearing up for changes in the National Minimum Wage (NMW) and National Living Wage (NLW). The government’s announcement of these adjustments underscores the ongoing commitment to ensuring fair wages for staff of all ages. At Quickpaye, we understand the significance of these changes and are here to support our clients in navigating and implementing them effectively.
Effective April 1, 2024, the following adjustments to the National Minimum Wage and National Living Wage will take effect:
National Living Wage (NLW) Increase for Ages 21 and Over:
- There will be a notable £1.02 increase, equivalent to 9.8%, raising the NLW from £10.42 to £11.44 per hour.
- National Minimum Wage (NMW) Increase for Ages 18-20:
- Similarly, there will be a significant £1.11 increase, amounting to 14.8%, raising the NMW for individuals aged 18-20 from £7.49 to £8.60 per hour.
These changes signify a positive step towards creating a more inclusive and fair working environment for individuals of all ages. However, for employers, ensuring compliance with these new wage rates is essential to avoid penalties and maintain positive employee relations.
At Quickpaye, we understand the complexities involved in managing payroll and staying compliant with evolving wage regulations. Our comprehensive payroll solutions are designed to ensure accuracy and compliance every step of the way.
We can seamlessly integrate the new minimum wage rates into your payroll system, ensuring that your employees are paid accurately and in accordance with the latest regulations. Additionally, our team of payroll experts is available to help you understand the implications of these changes and implement necessary adjustments to your payroll processes.
By using Quickpaye, you can rest assured that your payroll needs are in capable hands. We are dedicated to helping you navigate the intricacies of minimum wage regulations with ease and confidence, allowing you to focus on what matters most — growing your business and supporting your employees.
With our expertise and commitment to exceptional service, we make compliance simple, ensuring that your payroll operations run smoothly and efficiently.
by Michelle Bourne | Jan 12, 2024 | auto enrolment
In the dynamic landscape of business operations, staying compliant with evolving regulations is paramount. A payroll provider can be a game-changer in ensuring a smooth and compliant process, especially when it comes to managing pension contributions.
Integrating pension contributions into payroll processes streamlines the entire system. This means that contributions are seamlessly deducted from employees’ salaries, eliminating the need for manual intervention. Furthermore, these providers handle the intricate tax relief calculations, alleviating the burden on your finance team.
One of the significant advantages of utilizing payroll services is their commitment to staying abreast of the latest regulations. As regulations surrounding pension schemes are subject to change, relying on experts in the field ensures that your business remains compliant. From assessing eligibility to automatically enrolling eligible employees, payroll providers manage the entire spectrum, including the intricate processes of opt-ins and opt-outs, in accordance with the latest regulations.
In essence, integrating pension contributions into your payroll system not only streamlines operations but also guarantees compliance, allowing you to focus on your core business while leaving the intricacies of pension management in capable hands.
Here at Quickpaye, we process monthly pension maintenance, sending out any necessary correspondence, and will also upload your pension file for you to the relevant pension provider. We deal with Aviva, People’s Pension, Nest, etc to name but a few.
Please contact us with any of your queries, as our team member Mala, is our auto enrolment expert!
