2nd February 2018
The new tax year is fast approaching and change is around the corner. Preparation is of the essence, so we have put together a list of key points that will impact on your business and your employees in just a few months’ time.
- From 1st April 2018 the tax free personal allowance is increasing to £11,850
- The new emergency tax code is 1185L
- The National Living Wage is increasing to £7.83 (a 23p rise) for people aged 25 and over
- There are several changes to the National Minimum Wage coming into effect on 1st April too:
- Apprentices under the age of 19: a 20p rise to £3.70
- Employees under the age of 18: a 15p rise to £4.20
- Employees aged 18-20: a 30p rise to £5.90
- Employees aged 21-24: a 33p rise to £7.38
- Statutory Sick Pay is increasing from £89.35 per week to £92.05 per week
- Statutory Maternity, Paternity, Adoption and Shared Parental Pay will increase from £140.98 to £145.18 per week
- The repayment threshold for student loans is increasing as follows:
- Plan 1 loans will increase from £17,775 to £18,330
- Plan 2 loans will increase from £21,000 to £25,000
It’s not too late to get some assistance with preparing your company and more specifically, your payroll for these impending changes. A first rate payroll company will ensure that you are effortlessly compliant every single time new legislation comes into play. It doesn’t have to be a hassle and there needn’t be any stress or confusion.
Download our guide to outsourcing your payroll here and see how IRIS FMP can make your life and the lives of your payroll team easier.