MY CIPP
PAYROLL news
Spring forecast set for March CHANCELLOR OF the Exchequer, Rachel Reeves, has announced that the Office for Budget Responsibility (OBR) has been asked to produce a fiscal forecast to be published on 26 March 2025. The OBR is required to produce two such forecasts per year; however, Reeves has also confirmed that only one major fiscal event will occur each year to allow individuals and businesses certainty over tax and spending changes. For more, see: https://ow.ly/NIL750UEoqH.
Welsh rates of income tax to remain the same for 2025/26 THE WELSH draft budget, delivered on 10 December 2024, was another statement highlighting the importance of growth. Aiming to support small businesses and public services, it promised record capital spending. For payroll professionals in the UK, the key item will be the Welsh rates of income tax (WRIT), which have been confirmed to remain unchanged for the 2025/26 tax year. This means that Welsh taxpayers will remain at parity with the rest of the UK (aside from Scotland). The budget document explains how WRIT is structured. See https:// ow.ly/jv7W50UEoxV.
Living Wage Foundation releases report on the capital’s night-time economy A NEW report has been launched by the Living Wage Foundation which specifically looks at the night-time economy in London. The key findings of the report are: l one in four people who worked in London in 2024 usually worked in the evening or at night l people who work at night are more likely than those who work in the day to experience low pay and insecure work l nearly everyone working nights experienced variable hours or shift work. The majority received less than a week’s notice of their hours or shifts l four in ten workers has had shifts unexpectedly cancelled in the past 12 months l many people who work at night lack certainty and control about when they will work l nearly one in five workers who are paid less than the London living wage say they’re dissatisfied with working at night l higher hourly pay would improve the experience of working at night. To read the full report, see: //ow.ly/4A7W50UEoEe.
Diary dates
Last day of tax month 10
5 February 6 February
First day of tax month 11
National Apprenticeship Week
10 - 16 February
Last day for submitting a real time information employer payment summary to apply to tax month 10 Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by non-electronic method
19 February
22 February (This is a weekend date)
Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by electronic method
Last day of tax month 11 First day of tax month 12
5 March 6 March
11
| Professional in Payroll, Pensions and Reward |
Issue 107 | February 2025
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