Did you know that payslips are changing?

From 6 April 2019, there are some important changes being made to the payslips that you need to issue to all of your employees and workers.

The main changes relate to the amount of information you need to include on the payslips. The Government wants employers to be more transparent and make it easier for employees to understand exactly what they’ve been paid for, and how much they’ve been paid.

Therefore, if you employ staff, you must provide all of your workers with a payslip that clearly states the number of hours they are being paid for, and the rate they’re being paid.

This is partly so they can actually see that they are getting paid above the minimum legal limits and that you’ve paid them the right amount.

On top of that, you still must include all of the other information that you really should do already……but will now be a legal requirement. This includes:

  • earnings before tax
  • tax and national insurance deducted
  • any other deductions that might be taken off, for example, pension or expenses
  • the net wages to be paid.

All in all, if you’ve got a good payroll system……or of course are using a good accountant to run your payroll……. this shouldn’t be any problem at all. It’s just tightening up good practice that should be done already. However, from 6 April 2019, it won’t be just good practice, but a legal requirement. And, if you don’t follow it, there can be big fines.

I’m just giving you a heads up, because it’s less than six months until the new rules come in and you might need to do some preparation.

If you have any queries just let us know.

 

 

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Any questions?

If you’d like a meeting or a Skype call to discuss this, please get in touch with your favourite Liverpool accountant