The New Financial Year 2018/19

On 6th April 2018, the new pay rates, tax codes and pension contributions come into being.

Some payroll packages update automatically, others require you to update the figures, so it’s vital to check the pay rise, codes and pension rates are correct before running the first payroll after 6th April 2018.

The following changes will come in for the new financial year with regards to the minimum wage, tax codes, workplace pensions and income tax bands.

Minimum Wage increases on 6th April 2018.

For over 25 years old, £7.83 per hour
For 21 to 24 year olds, £7.38 per hour;
For 18 to 20 year olds, £5.90 an hour;
For 16 to 17 year olds, £4.20 an hour
Apprenticeship rate, £3.70 an hour

2018/2019 tax code is 1185L for all employees unless you receive a notification from HMRC with a different code.

Workplace Pension contributions are going up to the following rates:

 

Income tax: taxable bands and rates 2018/2019

If you have any queries relating to your payroll or any of the other changes regarding the new financial year, contact Rachel at rachelreed@fcgagric.com or your local FCG office.

 

Posted in Business Management, Sherborne.