Anna’s Accountancy Alerts

Anna's Accountancy Alerts
Anna's Accountancy Alerts

Anna’s Accountancy Alerts – Week 5 (29th –April – 5th May 2024)

On 16 January 2024 the government announced that it will mandate employers to report and collect Income Tax and Class 1A National Insurance contributions on employment benefits through payroll software from 6 April 2026. This means that the 2025 to 2026 tax year will be the last year that employers will be able to file P11Ds and P11D(b)s with HMRC in most cases. From this date, tax on employment benefits will be collected in real time and not through tax codes in arrears. Class 1A National Insurance contributions will also be collected in real time for each pay period rather than at the end of the year.

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Anna’s Accountancy Alerts - Week 3 (15th – 21st April 2024)
Anna's Accountancy Alerts

Anna’s Accountancy Alerts – Week 3 (15th – 21st April 2024)

iSpeech Reducing the risk of your employees paying too much student loans It is important that you check and use the correct:  Start date shown on the notice  Loan or plan type on the notice    This helps your employee pay the right amount at the right time.  You should continue to take deductions until HMRC tells you to stop.  If your employee’s earnings are below the respective student loan and postgraduate loan thresholds, you should:  Update your employee’s payroll record to show they have a student loan or  Postgraduate loan File the start notice   More

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