The Chartered Institute of Payroll Professionals
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UK headed for ‘all - time high’ tax burden says IFS Published: 29 September 2023 Emailed: 4 October 2023
The Institute for Fiscal Studies (IFS) has forecast that the UK will have the highest tax burden since comparative records began.
The IFS predict that UK tax revenues will reach 37% of national income by the end of the tax year. Last general election, this stood at 33% and the increase in 4 percentage points would represent an addition £100 billion in tax revenue next year. This equates to £3,500 per household. The largest offenders when it comes to increasing taxes are the main rate of corporation tax, the energy profits levy and freezes to National Insurance and income tax thresholds. The last is something that payroll professionals know all too well and are commonly referred to as a stealth tax. While less noticeable than new taxations or tax cuts, it often has a large impact on actual household income and disproportionately affects lower income households. With the autumn statement around the corner and a looming general election, we are waiting with bated breath to see what taxation changes are coming. The CIPP will keep you updated of any changes you need to be aware of for the coming tax year, and beyond.
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Money Helper: Financial education resources for kids Published: 29 September 2023 Emailed: 4 October 2023
As payroll professionals, we know how important it is to teach people about money and their personal finances. Well, why not start even sooner?
Money Helper, provided by the Money and Pensions Service, has released a range of resources to allow adults to teach children about finance. The platform, Talk Learn Do, includes resources on:
talking to children about money
• • • • •
shopping
pocket money and saving
digital money
online scams and in-app purchases
The CIPP is on a mission to make sure people #ChoosePayroll, this starts with younger generations being interested and engaged with personal finance and money.
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The Safe Sick Pay Business Symposium Published: 3 October 2023 Emailed: 4 October 2023
The Safe Sick Pay campaign is all about making sick pay safe, creating better workplaces that ensure that hardworking people can meet living costs if they need time off. The Safe Sick Pay Business Symposium is an event where MPs, business leaders, and speakers will come together to discuss the business benefits of introducing Safe Sick Pay and the social value it creates.
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