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Changes for 2010
Here at Payroll Genies, we are getting ready for the year end process. The new Tax year is approaching fast . . . Where has the year gone?
Changes Affecting Tax Year 2010/2011:
National Insurance changes
Lower Earnings Limit Threshold increases by £2 a week to £97 to reflect the increase in state pensions. This means to qualify for statutory payments (SSP, SMP etc) employees need to earn an average of £97 per week.
Payable NI rates remain unchanged.
Income tax changes
Income tax allowances remain the same as 2009/2010, so no increased free pay. This means that your tax codes remain the same.
This year sees 3 Tax bands:
- 20% up to taxable earnings £37,400
- 40% from £37,401 to £150,000
- 50% from £15000
A new tax coding will be issued D1 for secondary incomes for people earning over £150,000 from the Inland Revenue at present this hasn’t been finalised and isn’t expected to come into force until 6th April 2011 – more news will follow.
SSP
Remains at £79.15 per week.
SMP, SAP & SPP
Increase to £124.88 per week.
Client News
Our Services
- Reliable accurate service
- Free set up of Payrolls includes mid year set ups
- Inland Revenue Registration
- Statutory Payments and Deductions
- Processing starters and leavers
- Input of both permanent and temporary payroll changes
- Clear concise reports & security sealed payslips
- Monthly returns
- Bacs payments
- Year end filed online
- External Agency information completed
- Invoicing at point of payroll run