Payroll news
Employer Bulletin – February 2022 HER MAJESTY’S Revenue and Customs (HMRC) has released the latest issue of the Employer Bulletin . The CIPP advises all payroll professionals to read the bimonthly publication in full as it provides a comprehensive round-up of recent announcements that will impact the work payroll teams carry out. The issue includes articles on: ● the health and social care National Insurance (NI) increase for 2022/23 ● new national minimum wage (NMW) and national living wage rates ● P9 notices of coding ● updated student and postgraduate loan thresholds and rates from 6 April 2022 ● NI relief for freeport employers ● NI relief for employers of veterans ● coronavirus updates and information ● parental bereavement leave and pay in Northern Ireland from April 2022 ● the impact of NMW on statutory maternity pay ● and much, much more. Access the full February Employer Bulletin here: http:// ow.ly/29BP30scL42.
Updated redundancy rates for 2022/23 REDUNDANCY RATES are quite often the figures that payroll professionals are left waiting for with minimal time left before the new tax year. This year was no different, and they were published towards the end of February 2022. The rates apply to England, Scotland and Wales, as Northern Ireland sets its own redundancy rates. The new maximum amount that can be used as a ‘week’s pay’ for the purpose of calculating a redundancy payment will be set at £571 per week. In tax year 2021/22, this was set at £544 per week. The Employment Rights (Increase of Limits) Order 2022 can be located here: http://ow.ly/2eR030scL5v. Fuel advisory rates from 1 March 2022 THE ADVISORY fuel rates changed effective 1March 2022, and apply, until further notice, to all journeys made on or after this date. For one month from the date of change, employers can choose to use either the previous or revised rates. Employers may therefore make or require supplementary payments if they so wish but are under no obligation to do either.
Engine size
Petrol
Diesel
LPG
Up to 1400cc
13p
8p
11p
1400cc to 1600cc
15p
10p
1601cc to 2000cc
13p
Over 2000cc
22p
16p
15p
Employer NI relief in freeport tax sites
The future of student loans A PRESS release was released on 24 February 2022 which discussed the future of student loans. New borrowers, starting courses from the 2023/24 academic year, will have their repayment threshold set at £25,000
HMRC HAS published guidance for employers to help them establish if they can claim relief from employer class 1NI contributions when they employ someone in a freeport tax site. Information on the following is provided: ● who can claim ● how much relief they can claim ● how long they can claim the relief for ● how to claim relief ● associated examples. Employers intending to use this relief should read the guidance in full here: http://ow.ly/H8t630scLob.
until tax year 2026/27. In addition to this, they will have their repayment term extended from 30 to 40 years, to ensure more student loans are repaid in full. The associated press release can be read in its entirety here: http://ow.ly/JmQU30scLn4.
Diary dates
5 May
Last day of tax month 1
6 May
First day of tax month 2
Last day for submitting a real time information employer payment summary to apply to tax month 1 Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by non-electronic method
19 April
22 April
Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by electronic method
5 June
Last day of tax month 2
6 June
First day of tax month 3
| Professional in Payroll, Pensions and Reward | April 2022 | Issue 79 34
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