The new financial year starts on April 6 and we have looked at the 2019-20 tax year payroll changes which will affect you if you are an employer.
- The STANDARD PERSONAL TAX ALLOWANCE for employees will increase from £11,850 to £12,500;
- NATIONAL INSURANCE THRESHOLDS will also increase slightly, check out the values here.
- AUTO-ENROLMENT PENSION CONTRIBUTIONS will increase as follows:
|Date effective||Employer minimum contribution||Staff contribution||Total minimum contribution|
|Current to 5 April 2019||2%||3%||5%|
|6 April 2019 onwards||3%||5%||8%|
For more details on workplace pensions see here.
- NATIONAL LIVING WAGE & NATIONAL MINIMUM WAGE will increase as detailed:
The National Living Wage for those aged 25 and over will increase from £7.83 per hour to £8.21 per hour from April 2019. For a full-time worker receiving the current National Living Wage, it represents a pay rise of almost £700 a year, based on 35 hours worked per week.
The National Minimum Wage will also increase as follows:
|Year||25 and over||21 to 24||18 to 20||Under 18||Apprentice|
|April 2018 (current rate)||£7.83||£7.38||£5.90||£4.20||£3.70|
Parental Choice’s payroll services, PC Payroll can help you with all your payroll, pension enrolment and legal employment needs. If you are new to employing staff; are unhappy with your current payroll provider; or finding running payroll for your business time consuming we can help.
Call us on 020 8979 6453 | email email@example.com