Moore Thompson :: Payroll and HR Bulletin

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Welcome to the Moore Thompson Payroll and HR Bulletin

Welcome to Moore Thompson’s Payroll and HR Bulletin, our regular publication to keep you up to date with news and information on payroll and HR issues.

In this edition we take a look at the hefty fines small businesses could face if they fail to meet their auto-enrolment deadlines, new PAYE codes from HM Revenue & Customs (HMRC) which may contain a surprise on dividends and a new consultation opened into the simplification of National insurance (NI) treatment of termination payments.

We finish by looking at latest figures which reveal thousands of employers across the UK have already prepared for auto-enrolment ahead of their staging date.

If you have any feedback on our Payroll and HR Bulletin, please contact Katie Hewlett at katie@mooret.co.uk or on 01775 711333.

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Hefty fines for small firms failing to meet auto-enrolment deadlines

Small businesses could face hefty fines of up to £22million, should they fail to meet their auto-enrolment staging dates, according to reports.

The news comes after statistics The Pensions Regulator (TPR) revealed that some 52,000 small firms or ‘micro-businesses’ across the UK could face fines for non-compliance.

New PAYE codes: Does yours contain a surprise on dividends?

Some business owners and directors may be surprised when they receive their PAYE codes for 2016/17, as an estimate for dividend income may have been included to accelerate tax payable to HM Revenue & Customs (HMRC).

Dividend Tax Allowance (dividend income above £5,000) is now taxed at 7.5 per cent for basic rate taxpayers, as of 6 April 2016.

Consultation published into simplification of NI treatment of termination payments

A consultation into the draft legislation regarding changes to the future tax and National Insurance (NI) treatment of termination payments has now been published by HM Revenue & Customs (HMRC).

The changes have been amended considerably since they were first announced in the March 2016 Budget – and HMRC has now laid out the full scope of rules and exemptions for termination payments, with regards to the National Insurance contributions (NICs) consequences of post-employment payments.

200,000 UK employers have already conquered auto-enrolment duties, says TPR

More than 200,000 UK employers have now completed their auto-enrolment duties, according to figures from The Pensions Regulator (TPR).

In a recent Declaration of Compliance report, the TPR said that approximately 6.5 million workers across the UK have now been automatically enrolled on a workplace pension scheme – more than 960,000 of whom work for ‘small and micro employers’.