Statistics released by the Office for National Statistics (ONS) have revealed that inflation fell to 0.2% in the month of August 2020, having previously sat at 1% in the preceding month of July.
It is thought that the decrease in the rate of inflation has been primarily driven by the Eat Out to Help scheme, which saw massively reduced prices for consumers in various dining establishments, reduced air fares, and cuts to VAT, from 20% to 5% on accommodation, attractions and food.
Figures reveal that the largest contributors driving inflation up were toys and hobbies, games, accommodation services, and second-hand cars.
The Bank of England’s target is actually 2% and the 0.2% recorded is the lowest level that inflation has sat at since December 2015. It is hoped that, as the economy begins to return more and more to normality, the effect will be apparent on the rate of inflation, and it will start to increase.
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2021 BACS processing calendar published 24 September 2020
The BACS processing calendar for the year 2021 has been made available online. Payroll professionals may consider this a valuable tool, for use when establishing what the important dates for next year are, in terms of ensuring employees are paid on time. The calendar is extremely useful as it highlights which dates on the calendar are non-input and non-processing days. This includes any weekend dates, or any bank holidays, which do not count as working days. This is obviously important as BACS payments clear in bank accounts two working days after the date that they are submitted, so if, for example, a payment was submitted to BACS on 23 September 2020, it would clear in a bank account on 25 September 2020, so the third day of the cycle effectively. This is because on the second day, the payments are being processed by the bank.
There is also a BACS processing calendar available for the current year – 2020- to help assist payroll professionals in planning for the pay dates that are left between now and the end of the year.
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Kickstart Scheme gateways list 2 October 2020
From 1 August 2020, employers or all sizes are being encouraged to take advantage of the new cash incentives which have been designed to create more high quality apprenticeship opportunities so that more people, especially young people at risk of long term unemployment, can kick-start their career.
The Kickstart Scheme is an initiative to help young people claiming Universal Credit to move into the world of work. It forms part of a range of employment support initiatives announced in the Plan for Jobs in July.
Applications to the scheme which has been launched via an online service by the Department of Work and Pensions (DWP), must be made for a minimum of 30 job placements, but if businesses cannot offer this amount, then they can partner with other organisations to reach the minimum number. If your organisation would like to take part in the Kickstart Scheme but you have fewer than 30 placements to offer, DWP has published further advice together with a list of organisations across England, Scotland and Wales that have also expressed interest in acting as a Kickstart gateway. Kickstart gateways can apply for a Kickstart Scheme grant on behalf of a group of employers and will provide the support each young person needs to make a success of their Kickstart role, increasing their chances of securing sustainable employment in the future.
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The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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