Payroll
Budget 2024 – National Living wage to rise by 6.7%
Budget 2024 – National Living wage to rise by 6.7% The Chancellor has confirmed in the budget the 2025 national living wage will rise which will ensure a pay rise for up to three million minimum wage workers as the hourly rate is increased in line with inflation giving a 6.7% increase. This significant rise…
Read MoreStudent Loans and PAYE Payroll
Student Loans and PAYE Payroll HMRC has issued an update to employers which clarifies how to deal with student loan or postgraduate loan start notices, called SL1 or PGL1. It is important to check and use the ‘correct loan or plan type’ on the start notice, and the start date shown on the notice to…
Read MoreNational Minimum Wage – avoiding the pitfalls
National Minimum Wage – avoiding the pitfalls It is often assumed that following national minimum wage (NMW) law is as simple as paying your workers the correct amount. But there is far more to consider to make sure you are compliant. With the UK now into the 2024 national living wage increase to £11.44 (for…
Read MoreAuto Enrolment thresholds remain at £10,000
Auto Enrolment thresholds remain at £10,000 The auto enrolment pension thresholds for 2024-25 will remain at its current levels, with the initial earnings figure of £10,000 unchanged. The lower earnings limit for qualifying earnings will remain at £6,240, and the upper earnings limit will remain at £50,270, in line with the higher rate tax band…
Read MoreScottish taxpayers need to check they have an ‘S’ code
Scottish taxpayers need to check they have an ‘S’ code Anyone living in Scotland needs to make sure they are on an ‘S’ tax code to ensure they are paying the correct tax. Scottish rates are significantly higher for anyone earning over £43,663 with a 42% higher rate of tax, while those with incomes which…
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