WHAT WE KNOW ABOUT TAX YEAR 2020/21
The 2020 budget will not take place until 11th March, therefore not all thresholds have been announced.
NEW NATIONAL INSURANCE CONTRIBUTION (NIC) THRESHOLDS
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 |
statutory payments
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
WELSH RATES
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.
Address
Excel Payroll Solutions Ltd
37 Wildern Square
Swindon
Wiltshire
SN3 4RG
Little Owl Barn
Kilgwrrwg
Devauden
Chepstow
Monmouthshire NP16 6PN
Making an appointment
If you have any queries or wish to make an appointment please contact us:
Tel: 0800 5668239
Email: info@excelpayrollsolutions.co.uk
Alternatively, please use our contact form.
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