Latest Payroll

From 1 April 2025 changes to the National Living Wage (NLW) and National Minimum Wage (NMW) rate will come into effect.   These changes reflect a notable increase particularly for younger works, this is part of the government’s aim to extend the NLW to 18-year-olds in the future.   The NMW is the minimum pay…

Why Outsource Your Payroll? As employers approach the new tax year, those who do not have the administrative capabilities or expertise to run a payroll function may wish to consider outsourcing. Payroll outsourcing involves the hiring of an external individual, or company, usually in the form of an accountant/bookkeeper, or via a specialist bureau to…

They say that time passes quicker as you get older. Speaking from experience I can wholly endorse this saying.   In March 2024, HMRC confirmed that it will be compulsory for all benefits to be payrolled from April 2026. At the time of the announcement there was still an issue concerning preferential loans and accommodation.…

We discuss the last 80 years of PAYE, including what happened before, its introduction and what has happened since.   In April 1944 HMRC, formally known as the Inland Revenue sought to simplify the way workers would pay their taxes with the introduction of Pay As You Earn or PAYE.   What Happened Before PAYE?…

Do you have a plan to deal with the April National Insurance Contribution (NIC) increases?   Since Rachel Reeve’s first Budget last October, businesses that employ staff have been worrying over what they should do about the NIC increases being introduced WEF 6 April 2025: Employer’s NIC rate increasing from 13.8% to 15%. The secondary…

Businesses and their staff will be looking forward to their annual company Christmas parties in the upcoming festive months. Providing all of the following criteria are met, the annual event is free of PAYE tax and National Insurance contributions (NIC) for the employee, and is treated as a non-taxable benefit in kind:   The party…

We recently visited the offices of Taylor Rose Solicitors to co-host a Post-Budget Forum at their Peterborough office on 18 November 2024, overlooking the fabulous Ferry Meadows country park.   At the event Nicholas Johnson, Partner at Taylor Rose and I lead the discussions with those in attendance from the local business community, professional advisors…

Pre-budget the government has announced more significant rises in the minimum wage from April 2025. Known officially as the National Living Wage an increase of 6.7% will see the rate increase from £11.44 to £12.21 for employees over the age of 21.   An even larger increase for workers aged 18-20 of 16% sees the…

The Autumn 2024 Budget has been a tough Budget for businesses, but it perhaps hasn’t provided too many surprises given the recent press announcements. Below we share our key takeaways for businesses…   Corporation Tax For those Limited Companies, there is confirmation of the main rate of Corporation Tax remaining at 25% for the duration…

The government’s Employment Rights Bill received it’s first reading in the House of Commons on October 10th. Part of the bill proposes sweeping reforms to the current rules regarding Statutory Sick Pay (SSP).   Under current rules, the first three days of SSP are known as the Period in Waiting (PIW) or waiting days. SSP…