The Chartered Institute of Payroll Professionals
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2024/25 taxable pay tables released Published: 20 February 2024 Emailed: 21 February 2024
The new tax year draws closer, only kept at bay by the knowledge of a Spring Budget that could throw the profession into chaos (hopefully not).
But for the time being, we can only prepare with the information we have to hand. The tax rates and thresholds as we know them have been formalised and the new tax tables are now available for you to look at and use.
These tables include the new Scottish rates and thresholds to change from April and can be used to test the accuracy of your payroll software prior to the first payroll of the new tax year.
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Week 53: what you need to do Published: 22 March 2024 Emailed: 27 March 2024
This year’s leap year has meant that for many, there will be a week 53 in your payroll processes. This can cause some panic as to what processes need to be followed. But worry not, here are some useful tips and links for you to follow and get your final payroll process of the year right!
For weekly, fortnightly and 4- weekly payments you may need to check the correct ‘Tax week number” is indicated on the FPS. These will be:
‘53’ if you pay your employees weekly
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‘54’ if you pay them fortnightly
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‘56’ if you pay them every 4 weeks.
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When processing a week 53, you must change all employee tax codes to a non-cumulative basis. This will, depending on their tax code, result in an extra week’s pay adjustment. Unfortunately, those employees who have then not paid enough tax in the year will be written to by HMRC and notified of the underpaid amount.
For these workers, using the following tables in tax tables A to calculate the tax due:
week 1 if the employee is weekly paid
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week 2 if the employee is fortnightly paid week 4 if the employee is 4-weekly paid
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Useful links: Payroll: annual reporting and tasks: Send your final payroll report
2023 to 2024: Employer further guide to PAYE and National Insurance contributions Tax overpayments and underpayments: If you’ve not paid the right amount of tax
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