Week 53: What To Look Out For
18th September 2024
For some companies, not all, another week 53 or even week 54 will be in operation again this year.
HMRC instructs payroll software writers to operate a week one basis for week 53 so as not to penalise employees with a higher tax liability in their final payment for the tax year. However, as we have seen in the current tax year, this can lead to weekly paid employees being undertaxed. HMRC will then issue the worker with a tax demand for the shortfall or issue a decreased tax code notification. It is recommended that all employers who have a week 53/54 pay run, that they advise their workers with regards to this potential shortfall in tax.
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Disclaimer - All information in this post was correct at time of writing.
