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Payroll Service - Emergency Budget Update

Payroll Services, Payroll Taxes and the Budget


Payroll processing and tax for individuals and businesses alike will be affected by the Chancellors emergency budget.

We have analysed the budget and forwarded our payrolls tax tip and advice newsletter to all those who are clients or have registered to recive the news letter.

Those that provide payroll processing solutions, payroll advice or tax advice will be busy in the next few months readying themselves for the changes.

 

Here are some of the changes in brief

  • Personal allowances up £1k to 7475 for 2011/12 but only for 20% taxpayers
  • NI up 1% from April 2011 but changes in the thresholds mean lower earners may not be affected
  • NI holidays for new businesses set up after 22nd June, effective September 2010 for 1st 10 employees (conditions apply)
  • Pension contributions capped at £35k per person per year from April 2011
  • Retirement age of 65 to be looked at sooner

 

These are just some of the changes.

 

Contact us info@perfectpayrolls.co.uk for more detail, if you need help or a newsletter.www.park-lane-accountants.co.uk