There have been some important changes recently in payroll-related subjects that you need to know about.
Auto Enrolment Pension
You are probably aware that Auto Enrolment applies to all employers however large or small. If you haven’t started the process of setting up a workplace pension yet, remember that Lewis Smith & Co. can help. We are able to give any information you need and get you up and running really quickly.
Check the Pensions Regulator website (http://www.thepensionsregulator.gov.uk/en/employers) for more details on what Auto Enrolment means for you.
National Minimum Wage
This has risen from the 1st October 2016 (notification previously sent) with a headline rate of £7.20 for over 25s.
Check the government National Minimum Wage rates page (https://www.gov.uk/national-minimum-wage-rates) for the rates for all wage groups.
Construction Industry Scheme (CIS)
If you are a contractor you must follow a number of CIS rules. These include checking with HMRC that your sub-contractors are registered with the scheme and providing them with a deduction of tax certificate.
If you aren’t sure of your obligations visit the government’s CIS webpages (https://www.gov.uk/what-you-must-do-as-a-cis-contractor/overview).
Lewis Smith & Co. can now offer online payslips to its payroll customers. It’s another step forward in the digitisation of your business.
Find out more in our Online Payslips news item.
Holiday Pay and Annual Leave
The rules on the amount of leave and how much pay employees should receive are complicated and frequently change.
Find out more about what you need to do in our Holiday Pay and Annual Leave news item.
Lewis Smith & Co. – Management accountants for Midlands business