Happy New Year!
A few links to help you with the start of the 2018/2019 tax year …
New Income Tax, National Insurance, SSP, SMP etc rates
P9X (tax code changes 6 April 2018)
National Minimum Wage and National Living Wage
Changes to Pension Contribution rates
HM Revenue and Customs has issued a timely reminder about the potential for emails pretending to have been issued by HMRC.
HMRC will never notify a tax rebate by email or text. HMRC do not ask for personal or payment information by email or text.
If you have the slightest doubt that a HMRC email or text is fake, the advice is:
– do not open attachments, they could contain a virus
– do not click on links, they could take you to a fake HMRC site
– do not disclose personal/confidential information
– forward suspicious HMRC text messages to 60599 (charged at your network rate)
– forward suspicious emails to the HMRC phishing team at: email@example.com
Further information at https://taxagents.blog.gov.uk/2018/04/05/spoof-hmrc-communications-tax-agent-blog and https://www.gov.uk/topic/dealing-with-hmrc/phishing-scams
Have you seen the 2018-2019 rates for income tax and National Insurance yet?
You can read them all at: https://www.gov.uk/guidance/rates-and-thresholds-for-employers-2018-to-2019
The April 2018 P9X is not being sent direct to employers by HMRC, instead you can download it here.
Do any of your employees have a tax code that starts with a ‘S’? If so, this means that HM Revenue and Customs think the individual lives in Scotland. As the Scottish Parliament is able to set income tax rates and bands different from the rest of the UK, those with a ‘S’ tax code prefix may be taxed incorrectly if they do not reside in Scotland.
If employees have any query regarding their tax code they can call HM Revenue and Customs on 0300 200 3300 – lines open Monday to Friday 8am to 8pm, Saturday 8am to 4pm and Sunday 9am to 5pm.
From 6 April 2018 (the start of the 2018/2019 tax year) employers are required to increase the amount of their minimum employer contributions into their staff’s Automatic Enrolment pension to at least of 2% of qualifying earnings. Members of staff will have to pay the shortfall needed to make the total minimum contribution up to 5%, including the employer contribution.
Please ensure that you provide your payroll bureau with information on increases in employee and employer pension contributions for your employees so that the new rates can be operated in the April payroll run.
The Pensions Regulator has provided advice for employers on the April 2018 increase in contributions at www.thepensionsregulator.gov.uk/en/employers/phasing-increase-of-automatic-enrolment-contribution which includes a draft letter to employees to advise them of the increase. Further information available from The Pensions Regulator on 0345 600 1011 or