The Autumn Statement and the effect on small businesses
The government has announced a cut to the main rate of Class 1 employee NICs from 12% to 10% from 6th January 2024 and a cut to the main rate of Class 4 self-employed NICs from 9% to 8% from 6th April 2024. It has also announced that no one will be required to pay […]
Being “green”
With sustainability and the environment constantly in the news, there are several ways any business can “make a difference”. Paper consumption, along with the consumables that are used in printing- toner, cartridges, etc. – can be reduced significantly. Why print and post invoices when it is possible to email them direct from accounting software, or […]
PAYE Tax codes! HMRC systems can cause headaches and extra work……?
A real-life scenario: An employee earns £3,125 per month – £37,500 p.a. However, in April she had a bonus of £7,300 – making her gross pay for the month £10,425. Her tax code in April was 1216L – a reduction from the expected 1257L due to benefits in kind. However, in late May, just before […]
The tax year end is also the payroll year end….
So, get it right
If you are an employer running payroll, you will need to report to HM Revenue and Customs (HMRC) on the previous tax year (which ends on 5 April 2023), give your employees a P60, and prepare for the new tax year, which starts on 6 April. Important dates around payroll year-end include: The late filing […]
National Minimum Wage increases from April 2023
The National Living Wage and National Minimum Wage rates change on 1 April 2023. Make sure you update your payroll so your workers get paid at least what they are legally entitled to. The National Living Wage applies to workers aged 23 and over. This was introduced on 1 April 2021. The rates are as […]
Payroll – are the settings correct
There are many areas where payroll can “go wrong”, sometimes with costly consequences. In setting up payroll, there may be different pay elements that need to be created – common ones are basic pay, overtime pay, holiday pay, bonus etc. Sometimes reimbursed expenses or loan advances may be paid within the payroll too. There may […]
