| Welcome to the Moore Thompson Payroll and HR Bulletin
Welcome to Payroll, the quarterly publication from Moore Thompson Chartered Accountants keeping you up to date with news and developments in the world of payroll & HR.
In this edition: New payslip laws affect employers ✧ The P11D deadline is drawing nearer – what you need to report ✧ Getting to grips with major changes to employment costs And more…
Keep track of your legal obligations by visiting www.moorethompson.co.uk. For more information on any of the articles discussed in Payroll, contact one of our payroll & HR experts here.
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New payslip laws affect employers
As part of the Good Work Plan, a new Order amending the Employment Rights Act 1996 enables ‘increased transparency’. This allows the worker/employee to have better understanding of their pay, as well as better access to an Employment Tribunal - making a claim against their employer if their rights have been breached.
Under the Good Work Plan the maximum penalty for this has quadrupled from £5,000 - £20,000.
 Read more...
The P11D deadline is drawing nearer – what you need to report
If you run a business, you might provide benefits, or non-exempt expenses, to some or all of your employees. If you do, it is important to be aware of the annual P11D form that needs to be completed and sent to HM Revenue & Customs (HMRC) by the deadline of 6 July 2019.
Before doing so, you will need to know what you need to report and if you need to pay tax and National Insurance (NI) on the benefits or expenses.
Read more...
Employers get to grips with major changes to employment costs
Many employers had to amend their payroll in April to reflect important changes to pay and pensions rules that saw seen employment costs increase.
The National Minimum Wage (NMW) and the National Living Wage (NLW) both increased, with the NLW rising from £7.83 to £8.21 – the largest ever increase.
Read more...
HRMC issues their latest employer bulletin
The latest version of the Employer Bulletin has now been released by HMRC.
This edition has articles including:
- Cash Allowances, Flexible Benefit Packages and Salary Sacrifice – a reminder
- Apprenticeship levy funds transfer limit to increase in April 2019
- Toolkits – helping to reduce errors
Read more...
Dates for your Payroll Diary…
19th of every month
Deadline date for payment of PAYE and NICs etc to HMRC’s Accounts Office by non-electronic method. Last day for submitting a real time information employer payment summary to apply to tax month.
22nd of every month
Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by electronic method.
Read more...
Revenue tests new trigger to increase the accuracy of PAYE codes
HM Revenue & Customs (HMRC) is trialling a new trigger, which is intended to improve the accuracy of employees’ PAYE tax codes.
According to HMRC, as many as half a million tax codes being used by employers across the UK could be incorrect, leading to employees either overpaying or underpaying tax.
Read more...
More of our blogs
1. Payroll changes open up the ‘contractor vs employee’ debate
Critics complain that IR35 is forcing businesses to get ready for changes that will take effect next year in the private sector even though the changes might not apply to…
Read more here…
2. Calls for change to PAYE
The Office for Tax Simplification (OTS) is calling for a review of the Pay As You Earn (PAYE) system because it says the current system is overly complex and it…
Read more here…
3. Labour market outlook buoyant but salaries remain stagnant
A recent report suggests that despite ‘challenges’ in recruitment and retention, the jobs market is continuing to boom, although a significant number of salaries remain stagnant.
Read more here…
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