`The Chartered Institute of Payroll Professionals
News On Line
• Make sure you’ve downloaded our handy processing calendar and share with colleagues who may benefit from a quick reference guide
• Plan ahead and submit your payment files in advance
• Double check that you have submitted the files with the correct processing dates, and ensure your software reflects Bacs non-processing days
• Ask a colleague to review the submission dates – just in case
• With fewer staff available over Christmas, make sure you have a back-up plan to cover any planned or unforeseen absences
• As many workplaces are still operating with staff based remotely, now might be a good time to review if all those who may need to submit payment files have the equipment and access they require
• Remember that Direct Debits due on bank holidays should be collected on the next working day
• You can get more information from bacs.co.uk and www.wearepay.uk.
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Inflation slows to 10.7%
Published: 14 December 2022 Emailed: 21 December 2022 The November data from the Office for National Statistics (ONS) have been released and they show that Consumer Price Index (CPI) inflation is down to 10.7%. October’s figures were at 11.1%, a drop of 0.4 percentage points. This shows that prices are still rising, but at a slower rate than previously. The largest contributors this month where transport fuels and rising prices in cafes and restaurants.
As the Bank of England control the bank interest rate as a tool to control inflation, we will await their decision on 15 December 2022 on the latest bank rate.
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Bank of England raises bank rate to 3.5%
Published: 15 December 2022 Emailed: 21 December 2022
The Bank of England has announced that the bank rate has been uplifted by 0.5%, now set at 3.5%.
The Monetary Policy Committee (MPC) voted six to three in favour of raising to 3.5%, with one member of the three voting to raise the bank rate to 3.75% instead.
The MPC’s remit is to utilise the bank rate to maintain inflation at a target of 2% per year. HM Revenue and Customs (HMRC) will uplift and revise the late payment and repayment interest rates in accordance with their guidance. One more reason to ensure you pay your tax bill on time.
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