The start of the new 2023/24 tax year

Regularly review HRMC regulations

At the start of the new 2023/24 tax year in the UK, there are updates to payroll legislation which employers should be aware of.??

Some common updates include changes to tax codes, national insurance rates, minimum wage rate and?statutory payments.??

Employers should regularly review any payroll legislation changes to ensure they are complying with the latest regulations from HMRC. This can involve updating payroll systems.?

Here are some examples* of payroll legislation updates that?will happen in the 2023/24 tax year and must be applied to your payroll software before the first payroll of the new tax year is run.?

The National Minimum Wage

Rates increase for different age groups and categories of workers.??For 2023/24 these are:

21 - 22 Year Old: ￡10.18

18 - 20 Year Old: ￡7.49

16 - 17 Year Old: ￡5.28

Apprentice: ￡5.28

The National Living Wage

This increases to ￡10.42 for employee aged 23 or over?

Income tax personal allowance and NIC rates

This remains at ￡12,570 and the basic rate threshold remains at ￡37,700.

The National Insurance Contribution (NIC) rates also remain the same. The employee primary threshold remains at?￡12,570 per year.

SQEPpay, our SaaS payroll solution, makes this easy as year-end updates happen behind the scenes?with no impact to payroll or processing schedules.??

To find out more or request your free demo, contact one of payroll experts at [email protected]?

*NB – Different rates and thresholds may apply for Scottish and Welsh employees?