As we move into the new tax year some things to think about.....
Statutory Sick Pay will increase to £89.35 from 6th April 2017. Statutory Maternity, Paternity, Adoption and Shared Maternity leave Pay will increase to £140.98 from 2nd April. The National Minimum Wage for those over 25 will increase to £7.50 from £7.20. Rates for other ages also increase.
From 6th April it is expected that members of defined contribution and hybrid pension schemes will be able to take a tax free allowance from their pension to gain financial advice. Tax and NI relief will increase to a value of £500 for employers to give to employees for pensions advice.
Salary Sacrifice Schemes are to be limited and the change is expected to take effect from 6th April. Arrangements already in place will be protected until April 2018 or April 2021 in some circumstances.
Employers using tier 2 sponsorship of skilled workers under the immigration points-based system will have to pay a levy of £1,000 per sponsorship.
The Apprentice Levy which has been widely advertised will come into effect in April. The new funding system is expected to operate from 1st May and Companies with a paybill over £3 million will need to start making payments.
Gender Pay Gap reporting came into force and for those companies with over 250 employees reporting is now compulsory and must be published by April 2018. The first snapshot should be taken on April 2017.
If you require assistance with any of these topics, please contact HR Service Solutions.
