The latest edition of the Employer Bulletin has been published by HMRC.
It is advisable that as Payroll Professionals we make ourselves aware of such announcements as soon as feasibly possible to ensure we are up to date and payroll compliant – so an insight into our future responsibilities can be found within this document - the bulletin is published on a bi-monthly basis and provides essential information surrounding payroll topics. A good read to ensure that we are aware of any legislative changes that have been announced.
One of the current issues raised is the calculation of tax liabilities on Post-Employment Notice Pay (PENP) for Termination Awards, it has been agreed that employers can use an alternative calculation method that is in favour of the employee, this has previously been raised as an issue as the figures can vary depending on the year in which the notice has been given.
Employers may substitute 30.42 (365/12) as a value of P in the PENP calculation.
Are you compliant? Is your organisation checking Termination Payments to see if a PENP calculation is required or not?
The Employer Bulletin: October 2019 also covers the following material: All of which can be assessed on the HMRC website
- Changes for UK employers sending worker to the EU, the EEA or Switzerland
- PAYE Settlement Agreements and Welsh rate of Income Tax
- Making your PAYE Settlement Agreement payment
- Reporting payroll information accurately and on time
- Guidance for employers on reporting PAYE information in real time when payments are made early at Christmas
- VAT reverse charge on construction services – introduction delayed by 12 months
- Disguised Remuneration
- Termination payments: Post Employment Notice Pay for employees paid by equal monthly instalments
- PAYE: Desktop Viewer Update
- The current PAYE special arrangement under Regulation 141 for Short Term Business Visitors is changing
- Do your employees have the right tax code?
- Employment Allowance reform – eligibility rules for the Employment Allowance are changing from April 2002
- Do you claim the Apprenticeship Levy Allowance or Employment Allowance?
- Changes to company car tax regime
- Student and Postgraduate Loans
- Advisory Fuel Rates
- Your automatic enrolment duties as a new employer
- Toolkits – helping to reduce errors
- High Income Child Benefit Charge
- Childcare vouchers
- Trivial Benefits in kind
- Paying for fitness equipment
You can find the Employer Bulletin here
