Student Loans

A number of areas have been confirmed while some remain to be announced. The Plan 1 loan scheme has been increased by inflation, while plan 2 remains locked at its current rate. We await confirmation on whether there will be the first increase to Postgraduates, while the Scottish plan 4 changes should be included in any Scottish budget announcements. The key change, however, comes in the form of the new Plan 5, initially announced at the end of 2022, this Plan will be effective for all students in England commencing further/post education from September 2023. So, although now in the chart, we wouldn’t expect to see any come though in the near future.

Real Time Information

In respect of the FPS return, the usual amendments to end dates will occur. However, this year we see two further adjustments made to the process. These are the inclusion of D,E,K,N table letters for Investment Zones, and the removal of gender requirements for the Value of SMP year to date field.

There are no changes to EPS or NVR.

Get ready for more RTI data being collected from 2025/26! This will be on the back of the recent consultation which has been looking and further requirements and data HMRC want to manage not only staffing and locations but also work hours which will be fundamental in the automated review of NMW compliance.

Sickness and Parental Leave

One area which remains outstanding is confirmation on new 2024/25 rates of SSP and parental payments including Paternity and Maternity and we can expect these to be confirmed and available imminently. Although yet to be announced, the normal form of increase is considered against inflation in September which sat at 6.7%, and as such we can expect this to be the increase but cannot be confirmed until formally announced.

Other areas announced including the non-payroll stuff!

Benefits to increase from April by 6.7% (September CPI)

The State Pension will increase from April by 8.5% in line with the Triple Lock which has returned. This is the higher of 2.5%, Inflation of Average Earnings Growth, and as the later sat at 8.5%, this was used for the increase expected to be £221.20 per week. As a further possible change announced, pension savers may be given the legal right to require new employers to pay savings into an existing pension pot.

The Employment Allowance remains unchanged at £5000 for 2024/25.

It was also announced there would be a 10% over inflation increase to tobacco and commitment continues on a non-smoking generation along with a freeze on alcohol until August 2024.

£50m extra for Engineering Apprenticeships.

75% relief on rates continues for Retail, Hospitality and Leisure.

Full Expensing relief confirmed for business against corporation tax.

Further announcement on the “back to work plan” with benefits stopping after 6 months of inactivity and a further review of Sick certs/back to work notes and work assessments to get people back into work after absence.

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