The Chartered Institute of Payroll Professionals
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£43,662
Income Tax Rates – Wales
Basic rate
20%
1 – 37,700
Higher rate
40%
37,701 – 150,000
Additional rate
45%
Over 150,000
Scottish rates have been increased, whereas the Welsh rates will remain at parity with England. Once approved by parliament these new rates will come into effect for the 2022-23 tax year.
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“Stronger Nudge to pension guidance” measures to come into force 1 June 2022. 18 January 2022 New measures came into law on 17 January 2021 in an aim to “protect savers and boost pension guidance take - up.” The rules, which come into force on 1 June 2022, will mean that all individuals aged 50 and over will be offered free impartial guidance when looking to access their Defined Contributions (DC) Pension pot. This follows trials and a consultation completed by the Department for Work and Pensions (DWP). Qualifying individuals will be offered a Pension Wise appointment unless they have opted out of receiving guidance. The DWP consultation response, released 17 January 2022, explores the changes made to their initial draft legislation and explains reasonings behind the decisions and changes made to the final legislation.
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Government ‘Help to Grow: Digital’ scheme backing small businesses with up to £5,000 off digital software 20 January 2022
Applications open today (20 January 2022) for small businesses to adopt digital technologies under the government’s Help to Grow: Digital scheme. The scheme offers a 50% discount, up to £5,000 on Digital Accounting and Customer Relations Management (CRM) software. Additional software categories may be added later. The scheme runs alongside the Help to Grow: Management scheme launched last year as part of ‘Levelling Up’ the eco nomy. To be eligible, businesses must meet all for of the following criteria: • Be a business based in the United Kingdom registered with Companies House or be a registered society on the Financial Conduct Authorities Mutuals Register • Be employing between 5 and 249 people. • Have been actively trading for over 12 months, and have an incorporation date of at least 365 days prior to application
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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