Legislation changes – tax codes and pension requirements
New Tax Codes
To be implemented from 6th April 2019 – 1250L Wk1/Mth1 Emergency Tax Code.
For more information and further rates follow the link: https://www.gov.uk/guidance/rates-and-thresholds-for-employers-2019-to-2020
Pension Contribution Increase
Present rates Employee 3% – Employer 2%, as from 6th April 2019 these are increasing to Employee 5% – Employer 3% follow the link:
https://www.thepensionsregulator.gov.uk/en/employers/increase-of-automatic-enrolment-contributions
You may have agreed with your Pension Provider to calculate minimum contributions in a different way. If this is the case you may need to apply different increases. To find these go to https://www.tpr.gov.uk/certified.
Re-enrolment in your Pension Scheme.
Your legal duties as an Employer.
Every three years you are required to assess & re-enrol any eligible staff who either didn’t qualify or opted out of your workplace pension scheme.
A declaration of compliance must be submitted, even if you have no staff, to comply with your legal requirements.
For more information on your duties go to: https://www.tpr.gov.uk/info-re-enrol