Excel Payroll Solutions Ltd 0800 566 8239
Excel Payroll Solutions Ltd0800 566 8239

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


11 Redcliffe Street

Swindon

Wiltshire

SN2 2DA

 

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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