In this article, we’re going to outline and explain the elements of the budget that relate to payroll in a broad or specific way.
The introduction of the Apprenticeship Levy has the primary purpose of funding new apprenticeships. The levy will apply to all employers in the UK that have a yearly pay bill of £3 million or more.
The 2016 Employee Outlook Research paper from the CIPD has found that 36% of the UK employees surveyed are dissatisfied with their current pay level and more worryingly that 25% of employees plan to leave their current company in the near future.
For those that are unaware, as is succinctly explained by Gov.uk “a salary sacrifice arrangement is an agreement between an employer and an employee to change the terms of the employment contract in order to reduce the employees entitlement to cash pay”.
The government has recently cut back their initial, quite radical, proposed changes to the way termination payments are taxed. They have instead, more recently, issued new draft legislation, which represents comparatively milder proposed changes.
The Pensions Regulator’s fourth annual analysis clearly shows that Auto Enrolment is successfully helping to revert a long standing decline in pension provision that many assumed could never be changed.
The current National Minimum Wage rate was set in place on the 1st of October 2015 and will be updated again on the 1st of October 2016.
Employers can not only receive hefty fines for hiring illegal employees but can also face criminal prosecution. The maximum fine for hiring illegal employees has increased over time from £10,000 to £20,000 in May 2014
The weeks leading up to the Brexit vote saw the news and media cycle jolt into hyper-drive, with both sides pumping out an endless stream of the most striking headlines.
While the effects are unlikely to happen overnight, issues surrounding data protection, labour regulation and immigration – as well as the wider effects on the economy and workers’ rights.