REWARD
T here are many types of support we all need to work smart and One way employers can provide that support is by providing relevant and useful training to employees. We all benefit from continuous learning in both our work and our personal lives. Training in the payroll arena covers a diverse number of subjects which need to be dealt with properly if reputational and costly mistakes are to be avoided. The processing of payroll and the checks achieve well-being in the workplace. before the final submission are the last opportunity to ensure everything is right. With the right training, payroll professionals can have the knowledge and confidence to deal with the complexities of employment law and the tax / National Insurance contribution (NIC) rules that make for the smooth running of an organisation’s payroll. Payroll professionals can benefit from training in several key areas, which we will cover in the following article. Termination payments Important changes were made to the tax and NICs treatment of certain termination payments which came into effect on 6 April 2018 and again on 6 April 2020. Of particular importance were the changes to the rules concerning payments in lieu of notice (PILONs), which now require such payments to be subject to tax / NICs in full, regardless of whether they arise from a contractual entitlement or not. While the concept behind the rules appears to be straightforward, the details of how the new rules should be applied in practice certainly appear to be anything but that. This is an area which continues to challenge our clients. Training in this area should include an in-depth look at all aspects of navigating the complexities of the tax and NIC rules regarding the different types of termination payment, including: l redundancy l compensation for loss of office
How can training support your career as a payroll professional?
Beverley Gibbs, employment taxes consultant, PSTAX explains why it’s so important for those working in the payroll industry to ensure they undertake training on key topics
| Professional in Payroll, Pensions and Reward | February 2024 | Issue 97 44
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