For employees earning £107.00 or more per week in 2012-13, the above rate of Statutory Maternity, Paternity and Adoption Pay will apply for complete pay weeks commencing on or after 1 April 2012 (the first Sunday in April), for Statutory Sick Pay this will apply from 6 April 2012.
Small Employers Compensation Rate and Percentage Threshold Scheme
Small employers i.e. employers with a total annual Class 1 National Insurance contributions (NICs) liability of £45,000 or less (same threshold as last year) get back all of the Statutory Maternity, Paternity and Adoption Pay they pay out plus an additional amount in compensation for the employer's NICs due to be paid on those payments.
From 6 April 2012 the rate of the additional amount payable to small employers (generally referred to as the Compensation Rate) will remain at 3%.
From 6 April 2012 employers who do not qualify for full reimbursement plus the additional payment can recover 92% of the Statutory Payment paid to their employees. This is the same as the rate last year.
The threshold for recovery of Statutory Sick Pay under the Percentage Threshold Scheme remains unchanged from last year at 13 per cent.
The above rates are still subject to Parliamentary approval. Should Parliamentary approval not be obtained we will tell you of any further changes on our website before Sunday 1 April 2012.
For full details of all Social Security Benefit rates follow the link below.
The Department for Work and Pensions - Social Security Benefit Up-rating
DRAFT SOCIAL SECURITY (CONTRIBUTIONS) (LIMITS AND THRESHOLDS) (AMENDMENT) REGULATIONS 2012
5 February 2012
HMRC has published draft regulations and an order setting out the National Insurance contributions rates, thresholds and limits for the 2012-13 tax year.
Social Security (Contributions) (Limits and Thresholds) (Amendment) Regulations 2012 and the Social Security (Contributions) (Re-rating) Order 2012 .
The draft regulations and order are subject to approval by both Houses of Parliament. As well as the draft regulations an Explanatory Memorandum for each has been published with a Tax Information and Impact Note .
Explanatory Memorandum to The Social Security (Contributions) (Limits and thresholds) (Amendment) Regulations 2012
Explanatory Memorandum to The Social Security (Contributions) (re-rating) Order 2012
NEW RATES FOR REDUNDANCY PAY FROM 1ST FEBRUARY 2013
10 December 2012
CIPP Policy News Journal
12/04/2013, Page 178 of 362
Made with FlippingBook - Online magazine maker