COMPLIANCE
Carer’s leave A week of unpaid leave per year will be granted to eligible carers to provide or arrange care for a dependant with a long- term care need. This is coming into force from April 2024. The leave can be taken in half or full-day increments and is a day one right with no evidence requirements. New year, new deadlines to meet After you’ve got your first pay period out of the way in April, and you’ve enjoyed the delights of spring, we’re back to routine and the tax year end feels like a distant memory. But there are a few things we still need to do to ensure the process can be fully signed off: l P60s must be provided to all employees who were working for you on the last day of the previous tax year (5 April 2024) by 31 May l P11D forms must be submitted to HMRC and given to employees by 6 July, with the associated class 1A payment due by 22 July (if paying by electronic method). If you have attended one of our BeConnected events this year, all the information above will have been covered. If you didn’t attend, then why not come along next year? We deliver tax year updates throughout the months of February and March, ensuring our members are up to date and ready to tackle tax year end head on! I hope this article has solidified your understanding of both the tax year end and new tax year processes, focussing on the main changes to consider for 2024/25. n *This article was correct at the time of writing, which was prior to the spring budget 2024.
However, we do know the thresholds and rates for the other student loan plan types, which are shown below for 2024/25. National minimum wage (NMW) The rates of NMW to be applied from pay periods beginning on or after 1 April 2024 were announced in the autumn statement 2023. An in-depth article from HMRC was published in the February issue of Professional and there’s a piece from the Department for Business and Trade within this issue, but a quick reminder of the rates is in the table below. Legislative changes (outside of the above) Apart from the typical changes we expect
at the start of each tax year, there are some more changes to pay particular attention to. Statutory paternity leave There will be the option of taking this leave in two non-consecutive periods of one week or in a two-week block. The leave must be taken within 52 weeks of the birth / placement. The employee must provide notice of entitlement 15 weeks prior to birth / placement of adoption, but this is only notifying the employer that they will, at some point, be taking paternity leave. Specific dates for leave must be given four weeks’ prior to taking paternity leave. This change applies to Great Britain.
Plan type
Annual threshold
Rate
£24,990
9%
Plan 1
£27,295 (unchanged from 2023/24)
9%
Plan 2
£31,395
9%
Plan 4
Apprentice
Under 18
18-20
21 and over
£6.40
£6.40
£8.60
£11.44
Earnings Banding from
Earnings Banding to
Tax payable
£1
£2,306
19%
Starter
£2,307
£13,991
20%
Basic
£13,992
£31,092
21%
Intermediate
£31,093
£62,430
42%
Higher
£62,431
£125,140
45%
Advanced
Above £125,140
Unlimited
48%
Top
Employee (EE) (lower earnings limit (LEL) to primary threshold (PT))
Employer (ER) (LEL to secondary threshold (ST))
ER (ST to
EE (PT to upper earnings limit (UEL))
ER (IZUST to UEL)
EE (Above UEL)
investment zone upper secondary threshold (IZUST))
ER (Above UEL)
Category
When to use
Standard category letter Married women and widows entitled to pay reduced NI Reached state pension age
N
0%
10%
2%
0%
0%
13.8% 13.8%
E
0%
3.85%
2%
0%
0%
13.8% 13.8%
K
Nil
Nil
Nil
0%
0%
13.8% 13.8%
D
Deferred NI
0%
2%
2%
0%
0%
13.8% 13.8%
27
| Professional in Payroll, Pensions and Reward |
Issue 98 | March 2024
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