TT207: Payroll Changes and Information – October 2014

October 2014 is an important month for payroll and payroll related matters.

National Minimum Wages

All employees should be paid the National Minimum Wage. From 1 October 2014 the National Minimum Wage is increasing. The old and new rates from 1 October 2014 are set out in the table below:

Year

21 and over

18 to 20

Under 18

Apprentice (*)

2014 (from 1 October)

£6.50

£5.13

£3.79

£2.73

2013

£6.31

£5.03

£3.72

£2.68

*This rate is for apprentices aged 16 to 18 and those aged 19 or over who are in their first year. All other apprentices are entitled to the National Minimum Wage for their age.

Deferment of Real Time Information penalties for small businesses

HMRC have announced that automated penalties for late and non-filing of Real Time Information submissions will be delayed until March 2015 for employers who have less than 50 employees.

However, employers with 50 or more employees will be liable to penalties from October 2014.

This is welcome announcement for small and micro businesses.

Payment of Class 1B NIC

Employers that have a PAYE Settlement Agreement (PSA) in place for the 2013-14 tax year are required to make electronic payment of the Class 1B NIC on or before 22 October 2014. Cheque payments are due by 19 October 2014 but as this falls on a weekend cheque payments are therefore due on or before 17 October 2014.

Late payments will incur an interest charge.

If you require any further information on any of these issues, please speak to your Barnes Roffe contact.

Talk to Barnes Roffe today
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