Payroll Skills Preceptor

Payroll is where the Magic Happens :) #Payroll #Payrollworld

1 year ago | [YT] | 3

Payroll Skills Preceptor

Thank you for 101 Followers .. I shall bring up learning content for every one :)

1 year ago | [YT] | 0

Payroll Skills Preceptor

#iNDIA PAYROLL
Finance Minister Nirmala Sitharaman has announced a hike in standard deduction from the current Rs 50,000 to Rs 75,000 under the new income tax regime.

Income Tax Slabs for FY 2024-25 for the new income tax regime have been revised. The new income tax regime tax slabs are:

Up to Rs 3 lakh the tax is NIL
From Rs 3 lakh to Rs 7 lakh the tax rate is 5%
From Rs 7 lakh to Rs 10 lakh the tax rate is 10%
From Rs 10 lakh to Rs 12 lakh the tax rate is 15%
From Rs 12 lakh to Rs 15 lakh the tax rate is 20%
Above Rs 15 lakh income the tax rate is 30%

hashtag#IndiaPayroll hashtag#India hashtag#NewTaxRegime hashtag#InterimBudget hashtag#Budget

1 year ago (edited) | [YT] | 0

Payroll Skills Preceptor

https://www.youtube.com/watch?v=7tSXv...

1 year ago | [YT] | 0

Payroll Skills Preceptor

Here it is again, the start of a New Tax Year 2024 - 2025 #UnitedKingdom

#NewTaxYear #UK #UnitedKingdom #Payroll #2024-2025 #Cipp #Iab #Payrollworld

2 years ago | [YT] | 1

Payroll Skills Preceptor

Hey Guys !! Welcome back to my Payroll Wisdom Series :)



Payroll Reconciliation Wisdom:



Whenever we do a reconciliation , Example : The Payroll HR System Report ( Oracle people , Workday any HR system report ) and the payroll report ( The payroll system Oracle , SAP ).



We Should Always do a Vice A Verse Vlookup so that we can get the difference from both the files .

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#Payroll #Reconciliations

2 years ago | [YT] | 1

Payroll Skills Preceptor

Happy New Financial Year 2024-25 #Indiapayroll #India #Payroll #Budget

2 years ago | [YT] | 1

Payroll Skills Preceptor

#Ukpayroll #Budget2024 #Ukbudget #budget

The budget 2024, Wednesday 6th March 2024, announced a number of changes , some of which impact payroll software, service and professionals in the payment to employees. Speculation in the days leading up to the budget hinted at cuts to Income Tax Rates and alternated cuts to National Insurance contribution rates of up to 2p.

The chancellor announced permanent cuts in taxes to aid economic growth. No solid growth without solid finances.

Within the budget we’re announced:

National Insurance

The double taxation of Cut to National Insurance contributions from 6th April 2024 by 2 percentage point from 10% to 8%. This is predicted to add over 200,000 extra people in work.

The lowest effective tax rate since 1978. Making work pay.

The intention is to end this unfair double tax on employment.

Income Tax

The tax rates are partially devolved lived with the personal allowance being uniform across the UK. The rate applicable for England and Northern Ireland are set by the Westminster government. Wales can vary the tax rate but so far have chosen to match the England and Northern Ireland rates. Scotland has the powers to set its own tax bands and tax rates applicable for those who are considered Scotland tax resident.

No changes were announced.

Non-Doms

For resident in the U.K. but not domiciled in the UK. Introduce a new statement, abolishing the current non-dom tax system and replace with a modern residency based system from April 2025. After 4 years there will be a requirement to pay UK taxes. There will be a 2 year transition.

Cost of living measures

For those taking advances loans for those on UC, the Repayment period is to increase from 12 months to 24 months.

Debt relief charge is removed.

Child benefit changes

Plans to end the unfairness of the high benefit charge by making it a household application from April 2026.

From April 2024 the threshold will rise to £60,000 with the higher taper to £80,000.

And what else of interest

Alcohol duty – extension of freeze until February 2025. Backing through great British pub.

Fuel duty – maintain the 5p cut and freeze fuel duty.

VAT registration level increased to £95,000 (from £85,000).

Introduce a brand new British ISA allowing an addition £5,000 allowance in addition to the other ISA allowances.

Vaping duty to be introduced from October 2024 along with increases to Tabasco duties.

2 years ago | [YT] | 0

Payroll Skills Preceptor

Question for UK Payrollers :

Bonus Pension - AVC Salary Sacrifice Scheme in the UK Payroll is only a Tax Saving Scheme or does it save both Tax and NI?

#UKPAYROLL #HMRC #CIPP #IAB #Payroll #PensionAVC #AVC

2 years ago | [YT] | 0

Payroll Skills Preceptor

The Scottish Government has (19 December 2023) announced the measures and changes being brought in the Scottish Budget. Within are some shocking changes to the Scottish rates of income tax and associated bands.
The starter, intermediate and higher rates will remain the same as last year. The top rate will be increased by 1p to 48% to those earning over £125,140 per year.
The band are where we have some major changes. We will see a new band, the advanced rate, applying to those earning from £62,430 (£75,000 when factoring the personal allowance) up to 125,140 in taxable income per year.
Additionally, the starter rate and intermediate rate will be increased by inflationary figures to apply from £14,876 and £26,561 respectively. The starting point of the higher and top bands will remain the same.

#ScottishBudget #ScottishIncomeTax #IncomeTax #CIPP #ChoosePayroll

2 years ago | [YT] | 0