GOVERNMENT ANNOUNCES CHANGES TO NATIONAL INSURANCE FOR JANUARY
Christmas is coming and 2024 is looming …… the New Year will be upon us before we know it!! ARE YOU READY?? Changes in Payroll legislation for 23/24 could affect your business. Today we start off with the new National Insurance Rates: The amount of National Insurance you pay is established by whether you are employed or self-employed, and how much you earn. If you are Employed NI rates for 2023/24: From 6th January 2024NI rate for employees earning an income of between £12,570 to £50,270 a...
Let’s Talk Salary Sacrifice
Anything to do with tax seems to be something that confuses many employees and employers alike. One of the government schemes set up to help employees save money is called Salary Sacrifice scheme. In simple terms it allows employees to save money by paying for things directly from their salary before paying tax. The benefits that fall within the scheme are: Payments into a pension scheme; Employer provided Pension advice; Workplace Nurseries; Childcare Vouchers, Car leasing and Bicycles and...
Payroll and BACS
BACS stands for Bankers Automated Clearing Services and is a popular and secure way of transferring money from one bank account to another. There are other methods, but it is the most popular method in the UK, with more than 90% of the UK workforce being paid via BACS. In this article we look at how BACS is used for payroll purposes and comment on how secure the system is. How is BACS Used for Payroll? For paying wages through the payroll (as well as paying suppliers), the Direct Credit system...
National Payroll Week
It’s National Payroll week and we thought it would be fun to prepare a short quiz with a few payroll facts, lets see what you know and for those on LinkedIn how you did you do with your answers:
4 Reasons to outsource your payroll
Most businesses in the UK are small businesses, and many of these have less than 20 employees. These businesses often don't have a specialist HR or payroll department, with such functions being handled by directors whose skill might not be in finance. Nevertheless, all businesses are treated the same by HMRC who expect all business to be compliant regardless of size. Running a payroll can be time consuming and it makes sense to outsource, especially if you run a small business. Here are just...
