Important Updates for the New Payroll Year
Please see below significant changes to Payroll processing and reporting for the new 2023/24 year.
If you have any queries regarding this article please contact our Payroll Department for further advice.
Health and Social Care Levy
From 6 November 2022 HMRC reversed the increase of 1.25 percentage points increase in National Insurance contributions.
From 6 April 2023 the introduction of a separate Health and Social Care Levy tax has been cancelled.
National Minimum Wage
From 1 April 2023 the National Minimum Wage is to increase. The new rates are as follows:
For workers aged 23 and over the national living wage is £10.42
Main rate for workers aged 21 to 22 inclusive is £10.18
For workers aged 18 - 20, inclusive, increases to £7.49 per hour.
For workers aged under 18 (but above compulsory school leaving age) increases to £5.28 per hour.
For apprentices aged under 19 £5.28 per hour.
For apprentices aged 19 and over, but in their first 12 months of apprenticeship: £5.28 per hour.
Making Tax Digital VAT Penalties and Charges
The Government announced pre-pandemic that it intended to change the way interest and penalties are applied for VAT purposes.
After a number of delays, the new rules are to be implemented for VAT periods starting on or after 1 January 2023. The default surcharge will be replaced by new penalties if a VAT return is submitted late or VAT is paid late. There will also be changes to how VAT interest is calculated.
Please click on this link to our article
If you have any further queries, please do not hesitate to contact us for advice and guidance.
Chancellor's Spring Budget 2023
Please find attached our digital summary of the Chancellor's Spring Budget from the 15th March 2023 and the Government’s plans for growth.
Our Spring Budget Summary provides an overview of the key announcements arising from Jeremy Hunt’s speech.
Additionally, throughout the Summary you will find informative comments to help you assess the effect that the proposed changes may have on you personally.
We hope you find this Spring Budget summary useful but if you have any further queries, please do not hesitate to contact us for advice.
Ali and Lee vs 20,000 Push Ups!
In the month where we crown King Charles III our thoughts turn to community and those less fortunate than ourselves.
Here at Richard Edwards Group two of our staff have embarked on an impressive Push-Up challenge for Cancer Research UK. Lee Fullgrabe and Ali Hill will each attempt to complete 10,000 push ups’ throughout May and hopefully raise some sponsorship along the way.
Their message:
“We are here to raise money for a cause that is close to the both of us and close to many of those around us. Cancer has affected both of our lives through the people we love and we now have a great opportunity to help fight back.
We both love to push ourselves to the limit during our time at the gym, so we have now decided to face our toughest challenge yet by completing 10,000 press-ups EACH in the month of May.
Any donations would be greatly appreciated to help reach our goal and help us push through these hard times ahead.
Thank you!
Ali and Lee”
Please find a link below to show your support for these two as they embark on this enormous feat… personally, I struggle to do 5!!