If there’s one thing guaranteed to happen each year, it’s that there’ll be changes to payroll legislation that you need to be aware of if your business has employees!
This year, not only do tax codes change in April, there are also some major updates to the way payroll is processed and reported to HMRC which you must adhere to or risk a possible fine (not to mention the headache of having to redo everything further down the line).
Big changes for the year ahead include:
|Automatic Enrolment of Workplace Pensions||Employers who employ 30 employees or less will start ‘Staging’ from 1st June 2015 all the way through until 2017/18|
|RTI Penalties||From 6th March 2015, businesses employing 30 or fewer employees will start to be fined £100 or more for late or non-filing of PAYE information after each pay run|
|Continuation of Employers NIC Allowance||Employers will be able to claim back up to £2,000 off their NIC bill during 2015/16. This is already in place but will be extended to also cover off support and care workers|
|Shared Parental Leave||From 6th April 2015, parents can choose to share parental leave and pay|
|Shared PAYE Personal Allowance||Married couples and civil partnerships can transfer up to 10% of their personal allowance to their partner. (There will be two new tax code suffixes ‘M’ and ‘N’)|
|Abolition of Employers NIC for employees||Introduction of new NI categories for employees who are under 21 years of age where employer will pay no employer’s NIC, encouraging employers to employ younger people|
|Removal of 26wk rule for Statutory Adoption Pay||Employees no longer have to work for an employer for 26 weeks to receive adoption pay|
Make payroll easier for yourself!
All the above may seem daunting but it isn’t if you have the right support behind you. No-one knows payroll legislation better than Sage and with our cloud-based Sage One Payroll service, your software is automatically updated with the latest legislation at no extra cost.
Important updates are typically made overnight so that the next time you login, everything is there for you. We also let you know this has been done via in-app notifications, emails and our blog and provide free 24hr telephone and email support to help with any query, no matter how big or small.
Sage One Payroll costs just £5, £10 or £15 + VAT per month for the 5, 10 or 15 employee version. So, if you’re looking for low-cost, easy-to-use payroll software, sign up for a free 30 day trial now at http://uk.sageone.com/payroll/.