The deadline – 6 July – for reporting expenses and benefits to HM Revenue & Customs (HMRC) is rapidly approaching. It’s important for all employers to understand their responsibilities regarding this crucial tax form, so we’re here to guide you through the essentials. What is a Benefit in Kind? A benefit in kind (BIK) refers … Read more
In this blog, we give you a run-down of all the changes you need to know about for preparing payroll in 2024-25. Tax Rates & Allowances There has been no change to personal allowances or tax bands in England and Wales for 2024-25. In Scotland all bands have altered slightly with starter rate (19%) tax … Read more
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. Last month we brought you a blog all about what you need to do to finish the old tax year, and now this month we identify the actions you need … 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
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