by Michelle Bourne | Apr 17, 2018 | auto enrolment, national insurance, National Minimum Wage, PAYE, statutory maternity pay, statutory sick pay
AUTO ENROLMENT PENSION CONTRIBUTIONS INCREASE FROM APRIL
With effect from 6th April, the minimum automatic enrolment (AE) contributions you must pay towards your employees’ pensions will increase. You will now need to contribute at least 2%, whilst the employee is required to contribute 3% themselves through automatic wage deductions. The government has warned that any failure to abide by these new regulations will lead to financial penalties for the organisation in question
STATUTORY PAY RATES TO INCREASE
The weekly pay rates of statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP) and shared parental pay (ShPP) will all increase from £140.98 to £145.18.
Coinciding with the new tax year, statutory sick pay (SSP) will increase from 6th April from £89.25 to £92.05 a week. The average weekly earnings limit which an employee must reach to be eligible for these statutory payments will also rise from £113 to £116 a week.
NATIONAL LIVING WAGE AND MINIMUM WAGE INCREASE
You will need to ensure you are paying your employees the new rates.
From the 01st April 2018 the Minimum Wage rates has increased as below:
- 25+ year olds – NMW (National Living Wage) will increase from £7.50 to £7.83 per hour
- 21 – 24 year olds – MW will increase from £7.05 to £7.38 per hour
- 18 – 20 year olds – MW will increase from £5.60 to £5.90 per hour
- 16 – 17 year olds – MW will increase from £4.05 to £4.20 per hour
- Apprentice rate (for apprentices under the age of 19 or 19 and over but in the first year
of apprenticeship) – MW will increase from £3.50 to £3.70 per hour
by Michelle Bourne | Apr 3, 2018 | PAYE
The end of the year is now approaching fast! Have you done your P60’s? Have you made your final submission to HMRC?
Have you informed your staff about the mandatory increase to Auto Enrolment Pension contributions?
Here at Quickpaye we have everything in hand. We are here to help you, don’t struggle anymore!
Just call us or email us and the next Year End will be a breeze! You will not have to do anything except our email informing you that everything has been taken of and all the relative forms have been done and submitted.
Wouldn’t that be nice?
by Michelle Bourne | Dec 18, 2017 | national insurance, PAYE
So it’s that time of year when everyone is trying to feel merry ready for Christmas!
We have sent out some gifts and cards and have received back some lovely messages showing appreciation for our services!
Thank you, and your merry team, for all of your hard work – you really do help to take some of the strain off us ?
We would like to thank all your staff for the continuing excellent service we enjoy from Quickpaye. Your efficiency and extremely swift responses to any queries is acknowledged and highly appreciated.
Thank you for your appreciation and our work as a team.
It is so nice to have such kind words for all our hard work!
So contact us if you would like the strain taken off you!
HAPPY CHRISTMAS AND NEW YEAR TO ALL!
by Michelle Bourne | Nov 29, 2017 | national insurance, PAYE, Personal Allowance
So the Chancellor has raised the Higher Rate income tax personal allowance threshold from £45K to £46,350 from April 2018, and the Lower Rate Threshold will increase by £350 to £11,850.
This means that the new tax codes will increase from 1150L to 1185L in April 2018.
For a typical worker who pays tax in 2018-9, this will be a £1075 reduction in their tax paid, and a Full time Worker who is on the National Living Wage will take home more than £3,800 extra in their wage packet.
But is this good news for the typical worker? Well, the increase in personal allowance may be less generous than you think, since at just over 3%, it was only just in line with inflation!
Given that National Insurance is payable at a rate which is more than £3K below that of income tax, the lowest paid taxpayers may query whether the increase in personal allowance is the right way to support them?
Let me know your thoughts!
by Michelle Bourne | Oct 18, 2017 | bereavement pay, Book Keeping, PAYE
New Proposed Laws could give employed parents who lose a child under the age of 18 the right to two weeks’ paid leave which will also be reclaimable by the company.
The Parental Bereavement (Pay and Leave) Bill will give a day-one right to parental bereavement leave and employees with a minimum of 26 weeks’ continuous service will be eligible for statutory parental bereavement pay.
At the moment, there is no legal requirement for employers to provide paid time off for grieving parents, which seems very unfair.
The new law would give parents two weeks’ paid leave and enable businesses to claim back statutory parental bereavement pay.
‘We want parents to feel properly supported by their employer when they go through the deeply distressing ordeal of losing a child,’ said Margot James, Business Minister.
The government is backing this bill since they want parents to be supported by their employer when having to go through this trauma, and therefore it goes significantly further than most other countries in providing this kind of workplace right for employees.
Small employers will be able to recover all statutory parental bereavement pay, while larger employers will be able to reclaim nearly all of it.
The Bill will have its second reading on 20 October, with the ambition of it becoming law in 2020.
