The government delivered over 35 proposed bill as part of the Kings Speech 2024. "My Government is committed to making work pay and will legislate to introduce a new deal for working people to ban exploitative practices and enhance employment rights" [Employment Rights Bill] Make work pay So what does the Kings speech mean … Continue reading Kings Speech – New employment rights proposed
Category: 2024 Legislation Update
Introduction The following information is to help you ensure that your payroll is kept up to date each month in readiness for finishing the Tax Year. It also gives useful advice on what may cause issues and how to avoid them. Tax Reference Reconciliation Summary It is best practice to reconcile your payroll reconciliation summary … Continue reading Preparing to Finish the 23/24 Tax Year
Holiday pay is an employer responsibility. Is your company compliant with holiday pay regulations? Introducing the Holiday Pay Compliance Checker. Stay ahead of the curve and avoid any potential compliance issues with this change. The law changed on the 1st January 2024, prompting The Department for Business and Trade to publish new guidance. The main … Continue reading Holiday Pay Compliance Checker
Welsh Rates of Income Tax (WRIT) The process for Wales involves the UK Government reducing each of the three income tax rates for Welsh taxpayers by 10p. The Welsh Government then decides whether to set the Welsh rates at 10p, thereby retaining parity between Welsh and English taxpayers or to set different rates . According … Continue reading Welsh Income Tax 2024-2025
On Tuesday 19th December 2023, the Scottish Budget for 2024-2025 was presented to the Scottish Parliament. The Finance Minister Shona Robison announced that a new tax band of 45% will be created for higher earners, which will apply to earnings between £75,000 and £125,140. She also stated that the top rate for those earning over … Continue reading Scottish Tax Bands 2024-2025
According to the HMRC Software Developers Support Team (SDST), the student Plan Type 4 (Scotland) threshold will increase to £31,395 starting from 6th April 2024. The Postgraduate Threshold is yet to be confirmed, but it is expected to remain unchanged. Loan Type2023/20242024/2025 (tbc)Annual ThresholdRateAnnual ThresholdRatePlan 1£22,015.009%£24,990.009%Plan 2£27,295.009%£27,295.009%Postgraduate£21,000.006%£21,000.006%Plan 4 (Scotland)£27,660.009%£31,395.009%Plan 5 (England) (from April 2026)£25,000.000%£25,000.000%
Many employers offer benefits to their employees, either as part of standard reward packages or through flexible reward choice programmes using Salary Sacrifice or other Optional Remuneration Arrangements (OpRA). These benefits may have Tax, Class 1 NICs and Class 1A implications and require P11D and P11Db reporting. These arrangements have evolved over time and some … Continue reading Want to payroll benefits – plan and register soon for 2024/2025
rUK England and Northern Ireland Rates of Income Tax No changes from 2023 UK Income Tax and SD Worx Pay The application of income tax calculations within the SD Worx pay solutions are centrally controlled and any update to calculation thresholds, rates and formulas forms part of annual maintenance.
Following the Autumn Statement announcement on 22nd November 2023 of a 2 percentage point drop in the standard rates of National Insurance, SD Worx has begun readying its payroll calculation engines for the change. So there are two change points as a result of the announcement: Payments from 6th January 2024 Payments from 6th April … Continue reading January 2024 National Insurance Change
The hourly rate for the minimum wage depends on your age and whether you’re an apprentice. You must be at least: school leaving age to get the National Minimum Wage aged 21 to get the National Living Wage - the minimum wage will still apply for workers aged 20 and under NMW rate from 1 April 2024Increase … Continue reading National Minimum Wage and National Living Wage rates from April 2024
For holiday years starting on or after 1st April 2024, Employers will be permitted to calculate annual leave entitlement as 12.07% of the hours worked in a pay period for irregular hours workers and part-year workers in the first year of employment and beyond. This does not apply to workers with regular hours who continue … Continue reading New Rolled Up Holiday Pay Options
10% increase in the real Living Wage as cost of living continues to hit low paid workers the hardest Over 460,000 Living Wage workers are set for a pay boost as 14,000 Living Wage employers are signed up to pay the new rates The new real Living Wage rates are now worth over £3,000 more per … Continue reading Real Living Wage increases to £12 in UK and £13.15 in London