An impressive 333 responses were collected in relation to the question, ‘Has the delayed Budget had an impact on your payroll department?’ over the two-week period that the survey ran for. The breakdown of those were as follows:
Yes – significantly: 86 (26%) Yes – moderately: 141 (42%) No: 106 (32%)
The majority of responses highlight the fact that the delayed Budget had an impact on payroll departments across the country- 26% of respondents reported that the extent of this was significant, and a staggering 42% confirmed that the delay had an impact, albeit a moderate one. Only 32% of participants reported no effect whatsoever on their payroll department due to the delayed Budget date.
With the cancellation of this Autumn budget, we await in anticipation of how this will affect payroll professionals as they prepare to action any outcomes of the Chancellor’s Winter Economy Plan.
Back to Contents
Winter Economy Statement - webcast 28 September 2020
The policy and research team has produced a short webcast covering the main announcements given in the Winter Economy Statement by the Chancellor, Rishi Sunak.
The webcast covers the initial guidance given on the Job Support Scheme (JSS), the extended support given under the Self-Employed income Support Scheme (SEISS) and the additional measures to help support the economy during this difficult time caused by the COVID-19 pandemic.
Access to the webcast can be found here.
In addition, HMRC has published factsheets on the JSS and SEISS schemes. Further guidance will be published by HMRC which we will detail first on News then cascade through our social media channels.
Back to Contents
Budget to be held in March 2021 16 November 2020
Speaking at the Public Accounts Committee, Tim Scholar, the Permanent Secretary at HM Treasury, confirmed that a Budget would be delivered in March 2021.
He stated that, by March, things will have changed significantly, and along with the Budget will come a new economic forecast, with the Chancellor setting out the economic strategy to support the country as it moves out of the pandemic.
Details laid out in the Budget ordinarily include the National Minimum Wage (NMW) and National Living Wage (NLW) rates, alongside the thresholds for the following tax year in relation to tax and National Insurance (NI) thresholds. Holding the Budget in March 2021, when the new tax year commences on 6 April 2021, leaves payroll professionals and software developers with very limited time to prepare for, and implement any of the changes that could potentially be announced. The rates and thresholds could potentially be disclosed outside of the Budget announcement to allow for the amendments to be implemented successfully, but nothing official in terms of those timelines has been released.
Back to Contents
Budget date confirmed
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
Page 342 of 590
Made with FlippingBook - Online magazine maker