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First payroll-deducted Lifetime ISA launched 29 November 2018
Contributions to a Lifetime ISA (Individual Savings Account) can be made via payroll deductions on a ‘net pay’ basis, attracting a 25% bonus, irrespective of tax-paying status.
Savers can contribute up to £4,000 a year into a Lifetime ISA (LISA) from the age of 18 to 50 and rather than offering tax relief, savers get a 25 per cent contribution from the Government instead.
Corporate Adviser has reported that the Smarterly Lifetime ISA is believed to be the first available through payroll deduction, where employers have the option to make contributions on behalf of employees, as an additional savings vehicle to an employer funded pension contribution.
The launch supports employers’ financial wellbeing programmes.
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Time for businesses to get their Christmas payments all wrapped up 14 December 2018
Businesses across the country are being urged by Bacs to plan ahead if they have essential payments to make over the Christmas and New Year periods.
Bacs Payment Schemes Limited (Bacs), the company behind Direct Debit and Bacs Direct Credit in the UK and now part of leading UK retail payments authority, Pay.UK, is reminding businesses to make plans to ensure staff and suppliers don’t miss out because of the non-processing days over the festive period.
For example, if payments are scheduled to reach recipients on Christmas Eve (Monday 24 December), then the last submission date to ensure money arrives on time is Thursday 20 December.
For payments due to arrive in accounts on Thursday 27 December, then the latest date that Bacs payment files can be submitted is Friday 21 December.
Similarly, if business owners are intending to pay staff or suppliers before the New Year, the payment process must begin on Thursday 27 December at the latest. If money is due to arrive on the first working day after New Year’s Day (2 January), then the last submission date is Friday 28 December.
In order to help businesses stay one-step-ahead of their payment obligations, Bacs has produced handy payment processing calendars for 2018 and 2019.
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New guidance about additional information required on payslips 17 December 2018
The Department for Business, Energy and Industrial Strategy (BEIS) has published a small guide to help provide clarification on what actions employers will need to take regarding their payslips for pay periods beginning on or after 6 April 2019.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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