020 8959 0099 payroll@quickpaye.co.uk
APRIL SPRING INTO ACTION – NEW PAYROLL LEGISLATION TO NOTE!

APRIL SPRING INTO ACTION – NEW PAYROLL LEGISLATION TO NOTE!

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

 

Xmas Cheer from the Quickpaye Team

Xmas Cheer from the Quickpaye Team

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!

 

 

Is the Budget good news in Payroll Land?

Is the Budget good news in Payroll Land?

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!