The minimum contributions that you must pay into your staff’s pension scheme are shown in the table below. They are currently a total contribution of 5% with at least 2% employer contribution.
Contact us if you need any help with updating and processing your workplace pension and payroll.
The rates and threshold you have been using have all been updated and you should start using them from today.
This is a link to HMRC's Rates and Threshold for 2018/2019:www.gov.uk/…/rates-and-thresholds-for-employers-2018-to-2019
Now is also a very good time to switch payroll provider. Contact us for a quote and we will give you a 25% diccount for the first three months or weeks we process and we will also set up your employees and transfer your payroll data free of charge!
Just to let you know that Paytec Online Payroll Services Ltd will be closed for Easter from Friday 30th March 2018 to Monday 2nd April 2018 and will be open ready for business on Tuesday 3rd April 2018.
Hope you have a great Easter weekend.
Its that time of year again when you should already be well prepared for the payroll year end.
At the end of each tax year, you must submit your end of year declarations to HMRC and provide a P60 to all employees still working with you.
Key dates over year end:
5th April 2018 - The 2017/2018 tax year ends.
6th April 2018 - New tax year starts.
19th April 2018 - Deadline for making Full Payment Submissions (FPS) for the 2017/2018 tax year.
20th April 2018 - From this date, you can submit an earlier year update (EYU) to HMRC to notify them of corrections to the 2017/2018 tax year.
31st May 2018 - Employees still employed with you on 5th April 2018 must have their P60s by this date.
Please contact us if you need any help with your payroll year end process.
From 6 April 2018, employers will have to contribute a minimum of 2% into their employees workplace pension, and employees will have to contribute 3% of their earnings, to make a total of 5% paid into their workplace pension scheme.
The employer can pay more than the minimum and can choose to pay the 5% meaning employees would not have to contribute.
Please contact us if you need any help with your workplace pension and payroll.