PAYROLL

Payrolls - are you up to speed? 

Below are some of the changes in Payroll from April 2017 for the tax year 2017/2018.

 

National Living Wage

The National Living Wage applies to workers in the UK that are aged 25 and over, the national minimum wage will stay the same for any worker in the UK younger than 25.

 

From April 2017, all workers aged 25 and over are legally entitled to at least £7.50 per hour, this is an increase of 30pence an hour.

 

Tax Code

The standard PAYE tax code for your main job in 2017-18 is 1150L (2016/2017L). It represents £11,500 of tax-free income.

 

Employment Allowance 17/18

Employment Allowance (EA) will remain at £3,000 per annum from April 2017. The intention is that those in receipt of the EA continue to meet the objective of supporting employment. Therefore, the EA is not available where the sole employee of a company is also the director.

 

Student Loan Deductions 17/18

Plan 1 is for:

English and Welsh students who started before 1 September 2012.

 

You start repaying when you earn over £17,775. This amount changes on 6 April every year.


Plan 2 is for:

English and Welsh students who started on or after 1 September 2012.

You start repaying when you earn over £21,000. This has been frozen until at least April 2021.

 

Plan type 1 deductions are the default option where it is not clear which type of deductions to operate.

 

If you would like us to take over your payroll, call us on 01932 22 55 33 or email us at info@jisaccounts.co.uk

Contact us today to find out how JIS Systems can help your business.

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