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Welcome to 2017!  Happy New Year to you all, we hope you enjoyed the holidays.

In this newsletter, we have outlined some information that you may find helpful for the remainder of the tax year. We recommend you read this newsletter carefully and get in touch as needed.  

National Minimum Wage

The National Living Wage will increase to £7.50 every hour from April 2017. This rate ought to be paid to all workers 25 and over. The National Minimum Wage rates stay unaltered until October 2017.

Payroll Online Portal

We have now rolled this service out to some clients and have received positive feedback from both client and their employees.

The online portal gives your employees access to their payslips, P60s etc, and allows them to request address changes, and time off if you want to use it for that.  The employer can also see all the payroll reports in one place.

We do offer our premium plus payroll clients this service in their package so there is not an additional fee. If you are a Premium or Standard payroll client and would like to have this service, it costs £49 + VAT per year, which will be invoiced once when you sign up, and then every 6 April. Please contact us if you would like this service.

Childcare Vouchers/Tax Free Childcare

Childcare costs are rising rapidly, the Government has recognised this and is introducing a new way to assist parents to look after children. This is a new scheme that will be available from early 2017 and will gradually be introduced with parents of younger children being the first who can apply. Rather than continuing the existing set up where deductions for childcare vouchers are treated as a salary sacrifice through the payroll, the new scheme is more like a savings account.

 

This new approach will also be available to the self-employed, therefore increasing the number of people that can benefit. It works a bit like some pensions; whatever you contribute the Government will add 20% up to a maximum of £2,000, (£4,000 if your child is disabled). The scheme is available for children up to the age of 12 whose parents each earn around £115 per week but under £100,000 per annum. It does not have to be the parents that pay in: grandparents, other family members or even employers can contribute.

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