MY CIPP
PAYROLL news
New government sets budget date RACHEL REEVES has revealed that this year’s next budget announcement will take place on 30 October 2024.
“Genuine living wage” expected as LPC’s remit overhauled The remit of the Low Pay Commission (LPC) has been updated in a move towards the government’s aim to “make work pay”. In a statement to Parliament, business secretary Jonathan Reynolds explained the revised remit had been set out in writing to LPC chair Baroness Stroud. The aim of the overhaul is to ensure the independent body considers the true cost of living when making minimum wage recommendations in the future. The government’s “commitment to a genuine living wage” includes: l taking the first step to deliver on the promise of a genuine living wage for working people l overhauling the LPC’s remit to factor in the cost of living when recommending minimum wage rates l removing discriminatory age bands so that all adults can benefit as work gets underway on the plan to make work pay. The LPC has been asked to report its recommendation for the next rate change by the The new chancellor confirmed the date in an address to the House of Commons on 29 July, during which she also set out plans aimed at plugging the gap in public finances. Back in February 2024, the Labour party implied that, if elected, it would hold one single budget annually at the end of November each year. However, it also noted that an autumn budget may not be practical this year, depending on the timing of the general election. Prior to the announcement, the Labour Party’s 2024 budget was widely predicted to take place in mid-late September when considering all relevant factors, such as the involvement of the Office of Budget Responsibility and Parliament’s summer recess.
end of October 2024 for the April 2025 increase. This may be to coincide with the budget we now know will take place at the end of October. View the full statement on the LPC remit made by Jonathan Reynolds to Parliament on 30 July 2024 here: https://ow.ly/JPpj50SOU1s.
Diary dates
2-6 September
National Payroll Week
5 September
Last day of tax month 5
First day of tax month 6
6 September
Last day for submitting a real time information employer payment summary to apply to tax month 5 Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by non-electronic method
19 September
22 September (this is a weekend date)
Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by electronic method
5 October 6 October
Last day of tax month 6 Last day of tax month 7
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| Professional in Payroll, Pensions and Reward |
Issue 103 | September 2024
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