AKC Payroll Year End Newsletter

AKC Payroll Year End Newsletter

Posted on Tue, 27/03/2018 - 10:58
Parnella house image

The tax year 2018/19 sees the first rise in minimum contributions for Automatic Enrolment since it started.

 

There is also a rise in the minimum wage and the living wage. We have listed the changes below.

 

If you have any questions about any of the subjects in this newsletter please contact us either on the telephone number or email address at the end of the newsletter.

 

 

 

E-slips

We offer a new simple, reliable and useful way of receiving and more importantly storing your payslips. Each individual employee has their own portal to access every payslip and P60 from the day they sign up. All we need is an email address.

-       No more searching for paper payslips

-       No need for potentially costly copy payslips

-       No more running around the office handing out payslips

-       Peace of mind that the payslips get delivered securely

-       A small step to reducing your carbon footprint

You do not need to have all of your employees using this system we can email some and print the others.

 

Re-enrolment

Every three years you must put certain staff back into a pension scheme.

Your re-enrolment duties must be carried out approximately three years after your automatic enrolment staging date. Your duties will vary depending on whether you identify that you have staff to re-enrol, or whether you have no staff to re-enrol. Either way, you will need to complete a re-declaration of compliance to tell the pension regulator how you have met your duties.

You may have already received a letter from the Pension Regulator about re-enrolment - if you are already using AKC for your auto- enrolment we will ensure that you are compliant for no additional charge.

Remember, re-enrolment and re-declaration is your legal duty and if you don't act you could be fined.

 

 

You may have already received a letter from the Pension Regulator about re-enrolment  if you are already using AKC for your auto- enrolment we will ensure that you are compliant for no additional charge.

 

New Tax Allowances

PAYE tax rates and thresholds 2018 to 2019

Employee personal allowance

£228 per week
£988 per month
£11,850 per year

UK basic tax rate

20% on annual earnings above the PAYE tax threshold and up to £34,500

UK higher tax rate

40% on annual earnings from £34,501 to £150,000

UK additional tax rate

45% on annual earnings above £150,000

UK additional tax rate

45% on annual earnings above £150,000

 

We would like to welcome our newest member of the team – Fiona Skevington. Fiona has a background in Payroll & Bookkeeping in the Marketing sector, she joined us in November. Fiona will be assisting Lorraine and Helen in our payroll department and working alongside our bookkeeping team.

 

                                               lorraine.pearce@akcpayroll.co.uk    helen.wright@akcpayroll.co.uk    fiona.skevington@akcpayroll.co.uk

                                                                                              

                                                                                                       Payroll Telephone : 01380 723486

 

 

 

 

 

Latest Blog Posts