Payroll! Are You ready for the New Tax Year 2021/22?
PLEASE NOTE THAT THIS INFORMATION IS ONLY RELEVANT IF YOU PROCESS A PAYROLL.
IF WE PROCESS YOUR PAYROLL, THE BELOW WILL BE TAKEN CARE OF SO THERE IS NOTHING FOR YOU TO DO.
As the 2020/21 Tax Year draws to a close, there are important points that need to be taken on board.
You must complete the old tax year 2020/21 and submit the final ‘Full Payment Submission’ to HMRC to indicate this is the final submission for the tax year. Produce P60s for all employees and ensure they are distributed by no later than 31st May 2021.
Starting the new tax year 2021/22:
Ensure your payroll software is updated so you are using the latest version. This will then ensure the correct legislation is being used for the current tax year. Update employees tax codes for 2021/22. The standard/emergency tax code will be 1257L.
The minimum wage rates increase as from 1st April 2021:
| 23 and over | 21 to 22 | 18 to 20 | Under 18 | Apprentice | |
| April 2021 (new rate) | £8.91 | £8.36 | £6.56 | £4.62 | £4.30 |
The Employer Bulletin April 2021 will soon be published and this contains the latest information on topics and issues affecting employers along with articles to help you run your payroll. Please visit www.gov.uk/government/collections/hm-revenue-and-customs-employer-bulletin.
If you require any assistance with your payroll please do not hesitate to contact us on 01384 376964, or if you wish to pass the burden on we offer a full payroll bureau service.
Folkes Worton – Accounting for the Future
KEY CONTACT
Damian Tromans
Call 01384 376964