With a new tax year fast approaching there are some key changes to be aware of:
- the tax free personal allowance will increase to £11,850 and the new emergency tax code will be 1185L.
- the National Living Wage NLW (for those aged 25 & over) will increase from £7.50 to £7.83.
- the National Minimum Wage NMW will increase as follows:
- the minimum contribution rates for workplace pension schemes will increase to 5%, with a minimum of 2% employer contribution. (eg. employer 2%, employee 3% contribution)
- Statutory Sick Pay will increase from £89.35 per week to £92.05 per week.
- Statutory Maternity, Paternity, Adoption and Shared Parental Pay will increase from £140.98 per week to £145.18 per week.
the repayment threshold for student loans will increase as follows:Plan type 1 loans from £17,775 to £18,330Plan type 2 loans from £21,000 to £25,000
Please do not hesitate to contact us if we can help you meet your payroll and workplace pension duties.