The Chartered Institute of Payroll Professionals
News On Line
HMRC are estimating that updated guidance will be available in line with the changes to legislation by 8 March 2024, to accommodate 28 days’ notice of of paternity pay/leave.
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Plan 2, plan 5 and postgraduate student loan interest rates Published: 11 August 2023 Emailed: 16 August 2023
The Department for Education (DfE) has confirmed that the maximum plan 2, plan 5 and the postgraduate loan (PGL) interest rate will be 7.3% between 1 September 2023 and 30 November 2023.
Since September 2022 maximum student loan interest rates have been capped in line with the latest prevailing market rate available at the time of setting the cap.
From 1 September 2023 to 30 November 2023, the maximum plan 2, plan 5 and the PGL interest rate will be 7.3%, to take into account the most recent increase in the prevailing market rates.
From 1 December 2023 the maximum plan 2 and the PGL interest rate is scheduled to revert to Retail Price Index (RPI)+3%, and the plan 5 interest rate to RPI. It has been reported that further caps will be implemented, if required, to reduce student loan interest rates to align with the prevailing market, and will be confirmed closer to the time.
Read the full news story here and current student and postgraduate loan thresholds here.
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So, who needs to complete a self-assessment tax return? Published: 16 August 2023 Emailed: 23 August 2023
There are many reasons that someone may need to complete a self-assessment tax return, but are you aware of them all? To make things a little bit easier, HM Revenue and Customs (HMRC) has released a tool to assist taxpayers in identifying if they need to register and complete one.
The tool can also be used to check if you no longer need to complete one.
HMRC state that you may need to complete a return if you:
• are newly self-employed and have earned more than £1,000 • have multiple sources of income • have received any untaxed income, for example earning money for creating online content • earn more than £100,000 a year • earn income from property that they own and rent out • are a new partner in a business partnership • are claiming Child Benefit and they or their partner have an income above £50,000 • receive interest from banks and building societies (more than £10,000) • receive dividends in excess of £10,000 • need to pay Capital Gains Tax • are self-employed and earn less than £1,000 but wish to pay Class 2 NICs voluntarily to protect their entitlement to State Pension and certain benefits.
It is important to remember that self-assessment is not just for the self-employed and this tool can be a great resource to signpost to employees who may fall into the above criteria.
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