`The Chartered Institute of Payroll Professionals
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The bank of England set the base rate with the aim of keeping inflation to a targeted 2%. The base rate was recently increased to 1.25% on 16 June 2022. There has been a rapid succession of increases to the base rate since 16 December 2021, where it previously sat at 0.10%. The bank of England expects UK inflation to rise to around 11% this year and take 2 years to return to 2%.
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New tax demand scam in circulation Published: 23 June 2022 Emailed: 29 June 2022
The Office of Tax Simplification (OTS) has advised that it has been alerted to a potential scam. The scam uses the OTS logo and asks for a payment of tax, however, the OTS doesn’t collect tax, therefore this correspondence isn’ t genuine.
Anyone who receives communications purporting to be from the OTS which requests payment should ensure they report it to the National Cyber Security Centre. This can be done by forwarding the email to report@phishing.gov.uk.
This serves as a further reminder to be vigilant to scams and phishing, and further information can be found online here.
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End of the Internet Explorer Era Published: 28 June 2022 Emailed: 29 June 2022
Payroll professionals using Bacs could be impacted by Microsoft’s retirement of its last Internet Explorer browser this summer.
Pay.UK, responsible for Direct Debit and Bacs Direct Credit in the UK, has urged those who rely on its Bacs payment system to act now to avoid disruption to access as the month end payments peak approaches.
Dougie Belmore, Pay.UK’s Chief Payments Officer, warned: “If you use our Bacs payments system and you haven’t yet adopted the changes we have previously advised, you could face difficulties when you do try to log on to Bacstel-IP or our Payment Services Website. Many of you will make or collect payments and deal with reports at either the very end or very beginning of the month; that means you may not have tried to use our systems or access our Payment Services Website since Microsoft withdrew support for IE11.”
Pay.UK advises Bacstel-IP users to speak to their Bacs approved software supplier for information on what, if anything, they need to do.
Those who use the Payment Services Website should set up IE11 compatibility mode in Edge; Windows 10 or 11 is needed for this to work. Pay.UK has also developed a guide [link] to help users through the process but internal IT teams are best-placed to advise. It’s important to act now as when the browser will be removed isn’t clear; while Microsoft has confirmed it will take a phased approach, there isn’t any information on who will be affected and when. In other words, you could be impacted tomorrow or it might be next month or later.
There is plenty of information here and Pay.UK has set up a dedicated IE11 team to help Bacs service users through the changes. You can call them on 0808 1000 423.
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