From 6 April 2009, changes have been made to how employers will have to record National Insurance Contributions (NICs) due to changes to the State Second Pension. Employers will have to record NICs in the following four earnings bands, with the introduction of the Upper Accrual Point: earnings up to and including the Lower Earnings [...]
Thursday, March 12, 2009
The new Statutory Payment Rates for 2009/10 have been announced (subject to Parliamentary approval). The new rates are as follows: Statutory Sick Pay (SSP) weekly rate – £79.15 for payment weeks beginning on or after 6 April 2009 Statutory Maternity Pay (SMP) – standard rate £123.06 for payment weeks beginning on or after 5 April [...]
Tuesday, March 10, 2009
Salary sacrifice is a change to an employee’s contractual pay entitlement. It often involves the giving up of some entitlement to pay in return for some other form of benefit, such as employer pension contributions or childcare vouchers. Depending on the sort of benefit involved, tax and/or National Insurance savings can often result for both [...]
Sunday, March 8, 2009
During 2009, HMRC will be changing the bank accounts into which businesses and individuals make payments. These changes will be phased in throughout the year but HMRC will keep businesses and taxpayers informed of any changes. The first account change will be on the Pay As You Earn (PAYE) payment booklets issued from February 2009, [...]
Thursday, March 5, 2009
HMRC have issued a reminder to employers with 50 or more employees that they must send their employee starter and leaver information – P45s, P46s and P46(Pen) for pensions – online from 6 April 2009. As always, failure to comply with these new rules could result in a penalty. HMRC’s Simon Lidster said: “If you’re [...]
Monday, March 2, 2009
According to Bacs Payments Schemes Limited (Bacs) small and medium size enterprises (SMEs) are now owed £25.9 billion. This is apparently due to a 40% increase in overdue payments over the last year. According to their research the national average of outstanding payments was in £38,000 (£30,000 in 2007) overdue invoices in the Midlands were [...]
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Tuesday, March 17, 2009
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