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APRIL SPRING INTO ACTION – NEW PAYROLL LEGISLATION TO NOTE!

APRIL SPRING INTO ACTION – NEW PAYROLL LEGISLATION TO NOTE!

by | 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

 

Year End Payroll. Are you Struggling?

Year End Payroll. Are you Struggling?

by | 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?
Pension participation rates hit a new high! This is all thanks to auto-enrolment!

Pension participation rates hit a new high! This is all thanks to auto-enrolment!

by | Jan 13, 2017 | auto enrolment, Book Keeping, PAYE

So thanks to Auto Enrolment, more than 15 million people had signed up to a workplace pension by the end of 2015, and  that is 10.6 million more than were enrolled at the start of 2012. This is according to the latest figures released by the Department for Work and Pensions and this is a staggering amount of people.

In plain language, this means that 75 per cent of eligible employees are now enrolled in a workplace pension.

Participation is up across all age and income groups, with the largest increases taking place in the private sector.

Employers need to make sure that their employees are aware of the value of this benefit, as well as the fact that it will be their responsibility to take the decisions to make the most of their pension when the time comes.

Employers can use this to offer incentives to their staff.  Instead of an increase in salary, it can be more beneficial to offer to increase the amount of pension paid into the pot, since it will save them tax on the pension contribution.

Auto Enrolment is a key role in retirement planning now for generations to come.

IF YOU ARE HAVING ISSUES WITH AUTO ENROLMENT, THEN CALL US NOW AND WE CAN MAKE THIS HASSLE FREE FOR YOU!

AUTO ENROLMENT UPDATE FOR QUICKPAYE

by | Aug 17, 2016 | PAYE

Payroll trainingHere at Quickpaye we are always keeping up with current updates, so Michelle has done some more Auto Enrolment training this week.

We are all geared up for this and can set you up online with a pension scheme, and then run all the administration work for you in conjunction with your payroll.

This means that there will be very little or nothing for you to do, and the words AUTO ENROLMENT are no longer something to ignore or run away from!

Call us or email us now, we can help you with this! (more…)