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It is always important that you are compliant with payroll legislation, but particularly so as an old tax year ends and a new one begins. This is because most legislation changes are timed to take place at the start of the new tax year, which means a lot of work for payroll teams between now … Read more
The new tax year is fast approaching, and there are significant changes to the National Minimum Wage and National Living Wage which come into force on 1st April 2024. Here at Payroll Junction we have you covered with a summary of all the important information you need to know! National Living Wage Having previously only … Read more
Christmas is a busy time of year for everyone, but for those processing payroll it is a particularly hectic time, with lots of potential changes to be aware of. Payroll Junction is here to help with our guide to everything you need to know about processing payroll at Christmas. How Christmas shutdown periods affect … Read more
Think you know payroll and pensions? Test your knowledge with our fiendish Halloween quiz! Trick or Treat: Employers only have to keep payroll records for the current tax year. TRICK! Employers must keep records of payment and deductions for a minimum of three years from the end of the tax year they relate to. … Read more
Receiving a payslip is great, because it means money is on its way into your bank account! However, beyond looking at the total amount they’ve received, many people don’t know what the other terms and figures on their payslip mean. Payroll Junction is here to help with our guide to understanding your payslip! Words … Read more
Tax codes are used by HMRC to tell an employer how much income tax to withhold through the “Pay as you earn” (PAYE) system. A person’s tax code can change from time to time, based on their personal circumstances. If it does, HMRC will inform the taxpayers of their new tax code by post or … Read more
With all of the changes to personal pensions in the Spring Budget, maximising the State Pension entitlement through National Insurance should not be overlooked. The full rate of new State Pension increased to £203.85 per week (£10,600 pa) from 6 April 2023; a 10.1% increase over the 2022/23 rate, as a result of the “triple … Read more
In this blog, we give you a run-down of all the changes you need to know about for preparing payroll in 2023-24. Tax Rates & Allowances There has been no change to UK-wide personal allowances or basic rate tax for 2023-24. In England and Wales there have however been changes to the higher (40%) and … Read more
If your business operates in the construction industry, it’s important to understand the Construction Industry Scheme (CIS). This scheme was introduced by HMRC to regulate the way payments are made to subcontractors, with the aim of ensuring that all workers are paid fairly and that taxes are collected efficiently. What is the Construction Industry Scheme … Read more
Pensions auto-enrolment was introduced in the UK in 2012 as a government initiative to increase the number of people saving for retirement. As an employer, it’s important to understand how pensions auto-enrolment works and what your responsibilities are under the scheme. Who is eligible for auto-enrolment? Almost all UK workers aged between 22 and State … Read more