PAYROLL news
Salary advances consultation HM REVENUE and Customs (HMRC) has published a consultation seeking views on a set of draft regulations. There are two regulation amendments proposed: one is for income tax and the other is for social security (National Insurance). This consultation is due to close on 9 October 2023. Under current rules, salary advances must be reported to HMRC via real time information (RTI) when they’re processed, and the usual contractual payment then also reported. The proposed changes will amend this requirement so that only the main, contractual payment needs to be reported in full. The reasons for this are cited as: l reducing administrative burden l lowering the number of RTI submissions required l assisting HMRC with processes such as pay as you earn (PAYE) coding and universal credit errors. The consultation can be found here: https://ow.ly/Mlah50PNKjp, and information relating to this which was included in HMRC’s February Employer Bulletin can be located here: https://ow.ly/bXQ450PNKu9. We have a fiscal statement date! CHANCELLOR OF the Exchequer, Jeremy Hunt, announced he will be presenting the autumn statement to Parliament on 22 November 2023. The Office for Budget Responsibility has been commissioned to prepare an economic and fiscal forecast to be presented to Parliament alongside the statement. This will follow the King’s speech, which will take place on 7 November 2023. The CIPP’s policy team is committed to bringing you live, up to date coverage of any fiscal statements, and will be analysing the impacts on the payroll profession. Make sure you keep an eye out! Baroness Altmann said: ‘‘This Bill reflects the strong cross-party support in both Houses and continued political consensus on auto- enrolment. In that regard, I thank the noble Baronesses, Lady Sherlock and Lady Drake, whose work on the Pensions Commission recommended automatic enrolment, and the noble Lords, Lord Davies and Lord Palmer, for their speeches supporting the Bill, which paves the way for half a million younger people and at least 2.5 million older workers to build bigger pensions, particularly for the low paid. I look forward to the promised early consultation to confirm the details and timing of the regulations, which will see the provisions of the Bill implemented by all employers.’’ Pensions Bill receives Royal Assent THE PENSIONS (Extension of Automatic Enrolment) (No. 2) Bill has become an Act of Parliament (law), by gaining Royal Assent on 18 September 2023. The Bill can be viewed here: https://ow.ly/Fg9q50PNKyG. The Bill permits two extensions to automatic enrolment – abolishing the lower earnings limit (LEL) for contributions and reducing the age for being automatically enrolled to 18 years old. It has been reported that millions of people, including low earners and younger workers, will be helped to save more into their pension and look after their financial futures.
Diary dates
The CIPP’s Annual Conference and Exhibition
4 and 5 October
5 October 6 October
Last day of tax month 6 First day of tax month 7
Last day for submitting a real time information employer payment summary to apply to tax month 5 Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by non-electronic method Deadline for payment of PAYE and NICs under a PAYE Settlement Agreement (PSA) by non-electronic method
19 October
22 October (this is a weekend date)
Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by electronic method Deadline for payment of PAYE and NICs under a PSA by electronic method
5 November 6 November
Last day of tax month 7 Last day of tax month 8
| Professional in Payroll, Pensions and Reward | October 2023 | Issue 94 8
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