From 6th April, Employers no longer have to pay Secondary Class 1 NIC’s on earnings paid to under 21’s who earn less than £813 per week (Upper Earnings Limit (UEL) estimated for 2015/16). The policy discriminates in favour of those aged under 21 in order to improve their prospects on the employment market.
Archive for March, 2015
Remember to file a Full Payment Summary (FPS) on, or before, the date you pay your employees. Or submit an Employer Payment Summary (EPS) by the 19th if you don’t pay any employees.
Any money paid by an employer to an employee must be reported via the payroll or a P11D, or P9. A Dispensation is a notice from HMRC that removes the requirement for an employer to report certain expenses and benefits at the end of the tax year on a P11D or P9. It also removes the requirement for employees to submit claims for deductions against expenses reported on forms P11D or P9D. A Dispensation can take effect from the start of the tax year in which the application is made, so for 2014/15 you need to make yours before no…
Class 1 Secondary Nic’s (employer nic’s), upto the Upper Earnings Limit (UEL) (£813 per week), no longer payable for under 21’s to encourage employers to employ under 21’s.
This means an extra £600 can be earnt tax free, putting an extra £120 in your pocket for lower rate tax payers (20%), and £240 for higher rate tax payers (40%)
Women are entitled to 10 ‘Keeping in Touch’ (KIT) Days during maternity leave, to allow them to go into work, without ending their maternity leave or pay. In addition, parents are entitled upto 20 Shared Parental Leave in Touch (SPLIT) days each, under the new Shared Parental Pay & Leave rules, to allow them to go into work without ending their parental pay and leave.
Allows working mothers the option to end their maternity pay and leave early (after 2 weeks of birth (or placement for adoption)) and to share untaken leave and pay with their partner, to enable partners to take a greater role in caring for the child. Shared Parental Leave can be stopped and started, and parents can be off at the same time. Parents must give their employers 8 weeks notice of their SPL plans. And all ShPP and SPL must be taken before the childs 1st birthday.