Top 5 Things To Know In Payroll This Week – 05/03/2021

Take a look at some of the things you should know about in payroll this week!

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1.     Furlough extented to 30 September 2021

Rishi Sunak has extended the government’s coronavirus job retention scheme to the end of September with employers sharing some of the burden from July.

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2.     Budget 2021: key points for UK payroll

Chancellor Rishi Sunak has delivered his 2021 Budget this week in Parliament setting out the tax and spending plans along with measures to support businesses and jobs through the current pandemic.

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3.     Millions more set to pay income tax by 2026

More than one million people are set to start paying income tax in the next five years, official forecasts say, due to a move announced in the Budget.

Chancellor Rishi Sunak said that the threshold at which the tax starts being paid will be frozen until 2026 after a rise this April.

It means getting a pay rise could pull people into a higher rate of tax.

Commentators have called it an increase in an individual’s tax burden “by stealth”.

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4.    The Employment Rights (Increase of Limits) Order 2021 published

The statutory redundancy pay will increase from £538 to £544 from 6 April 2021 in Great Britain.  This may become more important as employers review their plans for the future.

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5. Payroll Forum: Budget Update

Today was the Payroll Forum Budget update with an overview of how the budget affects those in payroll followed up by a panel discussion about the budget, mental health, wellbeing and the year ahead. A recording will be available for you to watch

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Next Payroll Forum – May 2021

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