The 2020 budget will not take place until 11th March, therefore not all thresholds have been announced.
The employee will benefit from the primary class 1 with the new threshold increasing to £9,500 per annum, but the employer will start to pay NIC in the threshold of £8,632 per annum. Please see the table below detailing the new thresholds:
Pay Frequency | LEL | PT | ST | UEL | AUST |
Weekly | £120 | £183 | £169 | £962 | £962 |
Fortnightly | £240 | £366 | £338 | £1,924 | £1,924 |
Four-weekly | £480 | £731 | £676 | £3,847 | £3,847 |
Monthly | £520 | £792 | £732 | £4,167 | £4,167 |
Yearly | £6,240 | £9,500 | £8,788 | £50,000 | £50,000 |
The new rates for the Statutory Payments take effect from 06/04/2020 are as follows:
SSP £95.85 per week
SMP, SAP, SPP, ShPP, SPBP £151.20 per week
Wales have already published their draft budget with no changes from 2019/20
We will continue to update you on important news and provide links to websites for more information.