What’s new in payroll?

24th February 2016 Nicky Cole
What’s new in payroll?

Well, the biggest change for small employers has to be the roll-out of pension auto enrolment.  Many large employers have already passed their staging dates with smaller employers following suit over the next couple of years.

The rules are varied depending on age & salary but workers that are :

– aged between 22 and state pension age

– earn more than 10,000 per year

– work in the UK

will automatically enrol.

Have a look at this Auto Enrolment Essential Guide to see how it works.

Personal Allowance
From 6 April 2016 the personal allowance increases to £11,000 per annum.

National Living Wage
A compulsory National Living Wage is to be introduced on 1st April 2016 for all working people aged 25 and over and will be set at £7.20 per hour.

The current National Minimum Wage for those under the age of 25 will continue to apply. These hourly rates are:

Ages 21-24    £6.70
Ages 18-20    £5.30
Under 18        £3.87

Marriage Allowance
Marriage Allowance is a new way for couples to transfer a proportion of their personal allowance to their husband, wife or civil partner – a potential tax saving of up to £212 per tax year.

To benefit as a couple, the lower earner needs to have an annual income of £10,600 or less, and the partners income must be between £10,601 and £42,385.

Stay up-to-date with all the bookkeeping and accounting information relevant to your UK business

×

Just before you go...

If you’ve not found what you’re looking for please don’t hesitate to give us a call on 01420 768 286.

Great advice for your business sent straight to your inbox
Newsletter Signup
Stay informed via social media?
×