While the additional bank holidays are extremely welcome, payroll departments need to be mindful of when they are submitting payrolls to ensure staff are paid on time this December and in January 2020. The below table was issued to assist with the task of timely payments and is a great help.
PAYMENT ARRIVAL DATE
PROCESSING DATE
LATEST SUBMISSION DATE
Tuesday 24 December
Monday 23 December
Friday 20 December
Friday 27 December*
Tuesday 24 December
Monday 23 December
Monday 30 December
Friday 27 December*
Tuesday 24 December
Tuesday 31 December
Monday 30 December
Friday 27 December*
Thursday 2 January
Tuesday 31 December
Monday 30 December
Friday 3 January
Thursday 2 January
Tuesday 31 December
Monday 6 January
Friday 3 January
Thursday 2 January
As previously reported, it is also essential that, when submitting the Full Payment Submission (FPS) over the Christmas period, payrollers include the contractual pay date and not the date that they are actually paying their staff, as many businesses opt to pay their staff early at this time of year. The importance of this lies in the fact that, inputting the earlier pay date could have repercussions for staff who receive Universal Credit payments, as it may skew the earnings reflected in the relevant assessment period. This may result in employees receiving lower benefit payments or even no payment at all in relation to Universal Credit.
The future of payments policy and regulation
Looking ahead you may be aware that there is a significant amount of development work ongoing in relation to the UK Payments infrastructure, which over the last year has seen the launch of Pay.UK which incorporates BACS, Faster Payments and Cheque and Credit Clearing company.
If these developments are of interest to you the Westminster Business Forum are holding a policy conference on Payments policy and regulation - infrastructure, innovation and end user priorities.
The agenda will look at:
• Regulation of payment systems following the market review into the supply of card-acquiring services • Access to infrastructure, and competition issues • Ensuring the stability of the UK’s payment infrastructure and priorities for the Real Time Gross Settlement renewal • The future for the UK’s ATM network • Innovation, consumer access to services, and preventing fraud • Next steps for the establishment of the New Payments Architecture.
Regulation and the PSR’s Market Review into the supply of card-acquiring services
The seminar is timed to follow the publication of the PSR’s interim findings of its market review into the supply of card- acquiring service.
Sessions will also look at the potential impact of Brexit on UK payments regulation.
It comes with concerns that the existing regulatory framework may not be prepared to take on the responsibilities previously administered by the European Commission on payments regulation.
The establishment of the New Payments Architecture and the renewal of the Real Time Gross Settlement The seminar comes with: • Pay.UK continuing the ongoing implementation of the merger of Bacs, the Faster Payment System and the Cheque and Credit Clearing Company, which is expected to be finalised by 2024 as part of the New Payments Architecture (NPA); and • the Bank of England renewing the Real Time Gross Settlement System (RTGS), aimed at increasing security, resilience, and access.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
Page 169 of 629
Made with FlippingBook - Online magazine maker