Statutory redundancy pay

by tiemadmin | Jul 4, 2024 | Payroll

If you have been in the same job for two years or more and are made redundant you will usually be entitled to redundancy money. The legal minimum that you are entitled to receive is known as ‘statutory redundancy pay’. There are exceptions where you are...

Employing staff for the first time?

by tiemadmin | May 16, 2024 | Payroll

There are a number of rules and regulations that you must be aware of when you employ staff for the first time. HMRC’s guidance sets out some important issues to be aware of when becoming an employer. Decide how much to pay someone – you must pay...

Termination payment clearance process

by tiemadmin | Apr 11, 2024 | Payroll

The tax treatment of termination payments has changed significantly over recent years. The changes have aligned the rules for tax and secondary National Insurance contributions (employer (NICs)) by making an employer liable to pay NICs on termination payments they...

More about emergency tax codes

by tiemadmin | Apr 4, 2024 | Payroll

The letters in an employee’s tax code signify their entitlement (or not) to the annual tax free personal allowance. The tax codes are updated annually and help employer’s work out how much tax to deduct from an employee’s pay packet.  The basic...

A reminder that NLW and NMW rates are increasing

by tiemadmin | Feb 15, 2024 | Payroll

A reminder for our readers that the National Living Wage (NLW) and the National Minimum Wage (NMW) rates will increase with effect from 1 April 2024. The increase will see the NLW rate increased to £11.44 per hour, an increase of over £1 over the current...

Correcting payroll mistakes

by tiemadmin | Jan 25, 2024 | Payroll

Employers generally use payroll software or other payroll services to record employees pay, deductions and National Insurance contributions on or before each payday. They also need to consider other deductions such as pension contributions and student loan...