Student Loans. Thresholds have risen. Make sure your payroll process is up to date?
At the start of the new tax year in April 2021, the thresholds for student loans increased, which will affect employees that are repaying their academic fees. The thresholds are: Student loan Plan 1 increased from £19,390 to £19,895 from this date, Employees on Plan 2 saw their student loan threshold rise from £26,575 to £27,295. Employees repay nine per cent of the amount they earn monthly over the threshold for Plan 1 and 2. In Scotland the threshold for loans, called Plan 4 loans, now...
What are the latest furlough changes?
Commonly known as the Furlough Scheme, but correctly called Coronavirus Job Retention Scheme, it has provided an essential lifeline to employers, helping them shoulder the employment costs for employees who were unable to work or who work reduced hours due to the restrictions imposed because of Covid-19. Currently, the scheme comes to an end in September 2021, but some changes are looming from July 1st 2021, and these must be factored in to payrolls. Changes to Furlough from July 1st 2021 The...
Payroll News – National Living Wage April 2021: 23-year-olds AND OLDER to receive increase
The Government has confirmed that the age from which workers become eligible for the national living wage will reduce to 23 (from 25), from April 2021 In his comprehensive spending review in November 2020, the Chancellor Rishi Sunak confirmed that the national living wage (NLW) will increase 2.2% to £8.91 from 1 April 2021 and will become available to people aged 23 and above, down from the current age of 25. The National Living Wage 2021 Workers aged 23-24 years old will receive a substantial...
Claim Tax Relief for your Job Expenses Whilst Working from home
With more people working from home due to Coronavirus, it is worth a reminder that you can claim Tax Relief for additional household costs You may be able to claim tax relief for additional household costs if you have to work at home on a regular basis, either for all or part of the week. This includes if you have to work from home because of coronavirus (COVID-19). However, you cannot claim tax relief if you choose to work from home. What is Meant by Additional Costs? Additional costs include...
Are Statutory Notice Periods No Longer Included in Furlough?
In November 2020 the government announced that the Coronavirus Job Retention Scheme would be continuing until 31st March (now extended to the end of April 2021). The announcement confirmed that employees on payroll as at 30 October would be eligible for the payments providing the business had made a PAYE RTI submission to HMRC since CJRS first launched in March 2020. Despite the dwindling generosity of CJRS in recent months, the reinstalled version of the scheme would see rates return to their...
