Furlough has been extended until 30 September 2021, however, the level of grant available to employers under The Coronavirus Job Retention Scheme is set to reduce from 1st July, 2021. This means that employers will need to ‘top up’ wages to ensure that their employees continue to receive 80% of their salary, capped at £2,500 per month.Continue reading
It was estimated earlier this year that £4.46 billion* would be collected through income tax and National Insurance (pre-Covid, of course!). Payroll is integral to the workings of your business and the country. This week has been nominated National Payroll Week, and we’re giving a big shout out to all payroll managers, especially our own, very special, Payroll Jane. *https://obr.uk/efo/economic-and-fiscal-outlook-march-2020Continue reading
Are you worried about running payroll? With ever-changing regulations, running payroll effectively is becoming increasingly complex. At HB Accountants we’ve found that these are the issues that matter most to our business clients from Hoddesdon to Hertford and Ware to Welwyn.
It’s safe to say that payday is the time of the month that employees look forward to. But there are hidden processes and vital security measures that are necessary to make this coveted day run smoothly. Using an outsourced partner like HB Accountants for your payroll can help you to streamline your payroll and cut the risk of a cyber breach. So, what’s at stake?
There’s a good deal to think about when running payroll. But the overriding concern is that your payroll must be right, as employees need to be paid correctly and on time. As an employer you are responsible for managing payments, reporting on pay, and paying HMRC, not to mention handling workplace pension contributions, administering childcare vouchers and managing salary sacrifice schemes too. Many companies seek outside help in order to handle their payroll effectively.
It’s always interesting to get a little snapshot of other people’s lives which is why, from time to time, we like to feature some of our team in our Day in the Life Of… feature. If you’ve ever wondered what someone who works in the Payroll department gets up to on a daily basis, now’s your chance! We asked our Payroll Manager Jane Dunn to take us through her typical day at work.
6:45 Woken by alarm. Up for breakfast, calling to my daughter Bridie on the way to ensure she is awake and getting ready for 6th Form. I always ensure I have breakfast – I function better that way – then back upstairs to shower and get dressed, shouting a time check to Bridie as I pass her room!
7:45 I usher Bridie out of the door to catch her school bus – she is 17, but that’s being a mum for you!
8:00 Leave for my journey to work which can be unpredictable at times. Today the traffic is really slow locally, probably due to the high winds. Thankfully by the time, I reach the A10 the traffic has reduced and I make it to work arriving 5 minutes late. The Directors at HB are more than understandable and know that a little give and take about these things works well.
9:05 I always make a point of saying good morning to everyone and then make a quick pit stop for a cup of tea.
9:10 My first task, as always, is to start the day looking through my emails, answering any queries that I can straight away. Those that need more time to look through historical data are put to one side so that I can review the day’s schedule – in Payroll, it is imperative that the clients’/HMRC reporting deadlines take priority.
9:45 I start working on today’s payrolls – January can be a busy month for changes as many clients use this month for salary increases. Today’s clients fall into this category, but otherwise, their payrolls are relatively straightforward, with just the addition of automatic enrolment pension assessment administration to be completed.
12:10 An email query arrives asking about paternity leave and pay entitlement. I am at a good point in between payrolls to answer the email, so I make a quick check to ensure legislation hasn’t changed, and then send a response.
12:30 Back to processing payroll.
1:00 I always tend to take my lunch break between 1-2 and try to pop out to stretch my legs and get some fresh air – a proper break from the office refocuses the mind… and I do enjoy a little bit of retail therapy from time to time.
1:50 Back a bit earlier today I have a client coming to the office which is good for me as a lot of my communication with clients tends to be either by email or phone, so I do enjoy meeting face-to-face.
2:00 The meeting starts and we have a little catch-up on family and Christmas, then it is down to business and we discuss how I can meet the payroll reporting needs of the client – I offer an example of a report and the client feels it could work well. We agree to run with the change for February. Further discussions follow regarding the forthcoming automatic enrolment pension changes in April.
4:00 Payrolls from earlier in the day are sent out to clients. I do a quick check to make sure all reporting to HMRC has been completed for all clients with today as their deadline.
4:30 A last-minute call with a client about a change for an EPS submission to HMRC and it is sent.
4:40 I begin work on a historical review of PAYE liability for a client, following correspondence received from HMRC.
5:05 Switch off and start the journey back home.
Please be aware of the following changes effective as of 1 April 2016:
· National Living Wage increase to £7.20 per hour for those aged 25 and over.
Please be aware of the following changes effective as of 6 April 2016:
· Emergency tax code increase to 1100L (£11,000 Tax Free Allowance per Annum)
· Employment Allowance increase to £3,000 for eligible businesses. Businesses with a sole employee who is also a director are now not eligible for employment allowance.
· Apprentices under the age of 25 have a change in NI to category H, so employer’s no longer have to pay employer’s NI contributions on earnings up to the new Apprentice Upper Secondary Threshold (£43,000 per Annum)