Payroll Latest HMRC Updates 2024

1. National minimum wage increases

As of April 2024, the National Minimum Wage and National Living Wage rates have been increased. Employers must ensure compliance with the new rates to avoid penalties.

2. Changes to Statutory Sick Pay (SSP)

The eligibility criteria for Statutory Sick Pay have been updated. Employers should review their policies to ensure they align with the latest requirements.

3. Update on PAYE reporting

HMRC has introduced new guidelines for Real Time Information (RTI) submissions. Employers are required to submit their PAYE data more frequently to ensure accurate tax and National Insurance contributions.

4. New Tax Codes implementation

New tax codes will be issued starting from the 2024/2025 tax year. Employers should be aware of these changes and update their payroll systems accordingly.

5. Changes to Employment Allowance

The eligibility criteria for the Employment Allowance have been revised. Employers should check if they qualify for this relief to reduce their National Insurance contributions.

6. Updates on P60 and P11D requirements

There are new requirements regarding the issuance of P60 and P11D forms. Employers must ensure they are providing these forms correctly and on time to their employees.

7. Changes in reporting for Benefits in Kind

HMRC has updated the reporting requirements for Benefits in Kind. Employers should familiarize themselves with these changes to ensure compliance.

8. Digital tax accounts

HMRC is encouraging the use of digital tax accounts for easier management of payroll and tax obligations. Employers should consider adopting these digital solutions.

9. Training and resources

HMRC is offering additional training and resources for employers to help them navigate the latest payroll regulations. Employers are encouraged to take advantage of these offerings.

10. Future changes on the horizon

Employers should stay informed about potential future changes in payroll legislation and tax policies that may affect their operations.

For more detailed information, employers should refer to the official HMRC website or consult with a payroll specialist.