Pensions and Payroll

At last the clocks have gone forward, days are becoming longer and some warmth is in the air (well, almost, although it didn’t feel like that from the side lines of the football pitches I was at over the weekend!!). It is also the start of the new tax year, which means there are a number of updates to which Read the full article…

Minimum pension contributions are set to increase from 6 April 2019:   Duration   Employer minimum   Total minimum contribution   Current contributions   2%   5%   6 April 2019 onwards   3%   8%   The Pensions Regulator has produced guidance for employers on dealing with the increase including a letter template to advise employees of the change. Read the full article…

The National Minimum Wage (NMW) and National Living Wage (NLW) are the legal minimum wage rates that must be paid to employees. Employers are liable to be penalised for not complying with the NMW and NLW rules. There are different levels of NMW and NLW, depending on age and whether the employee is an apprentice. The rates are due to Read the full article…

If you would like to take advantage of any year end tax planning opportunities before the end of the tax year on 5th April, you will need to take action now. Making the most of your tax allowances for Pensions, ISAs, CGT, IHT and Income Tax, is vital to ensuring your financial affairs are organised as efficiently as possible. To Read the full article…

The Insolvency Service has urged individuals saving for retirement to protect their pension pots from criminals and ‘negligent trustees’. Research carried out by the Service found that criminals use a range of tactics to convince savers to part with their funds, including persuading individuals to access their pension and invest in unregulated schemes. Pension scam victims lost an average of Read the full article…

The Pensions Regulator (TPR) is reminding employers that from 6 April 2019, the amount that will need to be paid into a workplace pension will increase to an overall minimum of 8%, with employers contributing at least 3% of this total amount. TPR is now starting to write to all employers to remind them of their duties. TRP website provides Read the full article…

HMRC has issued the October 2018 Employer Bulletin which contains a number of articles relevant to employers on payroll related issues. The articles cover a number of areas including: clarification of the rules regarding paying employees when the regular payday is a non-banking day dealing with PAYE Settlement Agreements and new procedures to accommodate Scottish income tax rates Construction Industry Read the full article…

The Autumn Budget 2018 announced that changes to off payroll working in the private sector would not be introduced before 2019/20 tax year, and even then would only apply to large and medium sized businesses. We have had questions from a number of our contractor clients who are concerned about what any changes in relation to IR35 legislation may mean Read the full article…

HMRC has announced that they achieved record enforcement results this year, identifying £15.6million of minimum wage underpayments. The number of workers identified as underpaid was double that in 2016/17 and the highest number since the National Minimum Wage came into force. The figures reveal: a record £15.6 million of underpayment identified for more than 200,000 workers employers fined £14 million Read the full article…

HMRC has published the latest edition of the Employer Bulletin.   This guidance for employers, and their agents, includes articles on:   Reporting your payroll information accurately and on time Irregular payments and completion of Full Payment Submissions Starter Declaration on a Full Payment Submission (FPS) PAYE Settlement Agreements and Scottish Income Tax National Living Wage and National Minimum Wage Read the full article…