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Payroll

What is the deadline for payroll year end submissions? | Year end payroll reporting

It is not that long until the current 2023-24 tax year comes to an end on 5th April 2024 with any final payroll submissions to HMRC due by 19th of April 2024, with a number of year-end payroll chores that must be completed. This includes sending a final PAYE submission for the tax year. The last Full Payment Submission (FPS) needs to be submitted no later than the last payday for your employees of the 2023-24 tax year.
 

What is the deadline for payroll year end submissions? | Year end payroll reporting

It is not that long until the current 2023-24 tax year comes to an end on 5th April 2024 with any final payroll submissions to HMRC due by 19th of April 2024, with a number of year-end payroll chores that must be completed. This includes sending a final PAYE submission for the tax year. The last Full Payment Submission (FPS) needs to be submitted no later than the last payday for your employees of the 2023-24 tax year.
 

Pension contributions set to rise

From 6th April 2019, the total minimum amount being paid into the workplace pension both by the employer and the employee will increase from 5% to 8 % of qualifying earnings due to a change in workplace pension regulations.  (This is based on a qualifying earnings scheme.) 

Salary sacrifice under the microscope

Salary sacrifice is a term applied to benefits taken in place of salary. In many respects these benefits provide employees with higher “take home” value than if the benefits were treated the same as cash income. Mr Hammond is mindful to curb this practice as it is intended that the change will add £1bn a year to tax revenues by 2020.

Salary sacrifice under the microscope

Salary sacrifice is a term applied to benefits taken in place of salary. In many respects these benefits provide employees with higher “take home” value than if the benefits were treated the same as cash income. Mr Hammond is mindful to curb this practice as it is intended that the change will add £1bn a year to tax revenues by 2020.