`The Chartered Institute of Payroll Professionals
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The CIPP is part of the Accessible Payroll Giving project, which is a cross-sector and cross-stakeholder initiative, to build a business case that could be taken to the Government to make having a Payroll Giving scheme mandatory for companies over a certain size. Organisations involved in the project group are listed here. We also want to know how employers / payroll service providers who currently operate a payroll giving scheme find it. Therefore, we would really appreciate your time in completing this short survey, which should take less than five minutes: https://www.surveymonkey.co.uk/r/CXLXMHT .
You can find out more about this by visiting GOV.UK .
Together we can make a difference this Payroll Giving Month. Love payroll giving.
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Bank of England raises bank rate to 4% Published: 2 February 2023 Emailed: 2 February 2023
The Bank of England (BoE) has announced that the bank rate has been uplifted by 0.5%, now set at 4%. The bank rate has been at its highest level since the 2008 financial crisis.
The bank rate is aligned at which the BoE lends to commercial banks. The Bank of England’s Monetary Policy Committee (MPC) agreed the rise to assist in driving down inflation. The MPC voted seven to two in favour of raising to 4%, with two members of the seven voting to maintain the bank rate at 3.5%.
Payroll professionals should bear in mind that due to this change, HM Revenue and Customs (HMRC) will uplift and revise the late payment and repayment interest rates in accordance with their guidance.
However, many uncertainties remain around the outlook of inflation reaching the 2% target. Keep a look out for the next update due on the 23 March 2023.
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It’s National Apprenticeship Week Published: 6 February 2023 Emailed: 8 February 2023
National Apprenticeship Week (NAW) kick-starts today and is an opportunity for us to celebrate the achievements of apprentices.
The week-long celebration promotes apprenticeships within workplaces of all sizes and sectors and a chance to highlight the benefits of work-based training.
Apprenticeships aid in training workers today, for candidates required by employers for the future. The scheme allows new skills and growing talent within the workplace. This is also a great way to help younger people ‘earn -while-you- learn’ and puts them in the driving seat. You can find out more on apprenticeships or hiring an apprentice, here. Apprenticeships are a national effort and the Apprenticeship Levy puts employers at the heart of paying for, choosing training and placing the funding of apprenticeships on a workable foundation. If you are an employer, find out if you should be paying the Apprenticeship Levy and how to work out and report your payments, by clicking here.
The CIPP also want to know if you have any payroll apprentices in your organisation? Take part in the Quick Poll that takes less than a minute to respond to, and we would like to thank you in advance for your participation.
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HMRC update: pension scheme administration
cipp.org.uk
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