We've seen the volume of employees paid by Faster Payments rise rapidly through the first months of 2021. Since November last year, we’ve almost doubled the number of monthly transactions. And in the same period, the monetary value of transactions has increased by almost 120%. What’s more, the overall number of Faster Payment transactions in the UK increased by 22% in March 2021, compared with March 2020. I’m keen to explain what Faster Payments are and the main benefits payroll teams see when using them.…
Everyone deserves to be paid fairly for the work they do, and minimum wage is in place to protect employees from exploitation. However, it wasn’t that long ago when huge names in retail, hospitality and entertainment failed to pay their employees basic minimum wage. So, what was their downfalls? And how can you as a business avoid the same mistakes? In 2017, the government named and shamed more than 350 big name employers who failed to pay some of their employees the national minimum and…
With the new tax year comes new allowances, taxes, benefits and legislation that we payrollers need to be aware of. Something to keep in mind this year is the personal tax allowance – but how is this applied to your payroll? Changes to personal tax allowance fixed until 2026 For the tax year 21/22, the personal Income Tax in the UK was increased to £12,570, while the threshold for paying the Higher Rate of Income Tax (40%) was increased to £50,270. As you might be…
As a payroll professional you may at times be required to manually calculate Statutory Sick Pay, or SSP. Here's how to do the maths. How is SSP Calculated? To make sense of SSP the calculation is simple. You’ll want to take the weekly rate (£96.35 April 2021 onwards) and divide it by the number of qualifying days in a week. Then multiply this by the number of days for which an employee is entitled to. Remember, the first three days the worker is ill are…
Please note, legislation has been updated in regards to holiday calculations since this article was written, effective for holiday years starting on or after 1 April 2024. If you’re a Moorepay client, please contact us if you need guidance. Otherwise, please see this article on the changes for more information. Is calculating worker holiday pay driving you round the bend? Feel like you’re owed a holiday just for getting your head around it? Check out our employers’ guide to holiday pay calculations to make some sense…
IR35: a thorn in the side of many in 2020/21. And with costly fines looming, it pays to get it right. If the thought of IR35 miscalculations and contracting is keeping you up at night, then we have some simple ways to sense check if you’re on the right track. Check who falls inside & outside of IR35 If you’re still worried about whether the new legislation will affect your contractor, you can use the GOV.UK checker. This allows your contractor to check their employment status. Remember, as the employer it is your responsibility to…
Outsourcing your payroll, just like outsourcing anything in your business, does come with an element of risk. And not necessarily a fun kind of risk, like karaoke, blind dates, or opening a packet of ham that’s been in your fridge for a while. That being said, a small amount of risk can lead to great rewards - whether that’s a streamlined payroll experience or a delicious sandwich. We’ll walk you through the 7 most common perils of moving your payroll function from in-house to managed.…
Timely, accurate payroll delivery is arguably one of the most fundamental parts of your business. Payroll has a key role to play in maintaining morale, productivity and trust. Issues small businesses may face with their payroll Unfortunately, in-house payroll functions are as reliable as the people doing the work. There's always a risk you may lose one of your key members of staff that do your payroll and they take all that knowledge with them. If this happens you could find it extremely difficult to…
Payroll and HR, Bonnie and Clyde, Beyoncé and Jay-Z. You simply can’t have one without the other! Whether your payroll sits within the HR team, finance, or you have a separate dedicated team altogether, the two are always intricately linked. And having data accurately pull from one to the other is essential for accurate payroll processing and HR processes. How to transfer data? There are a few ways you can get data from your payroll and HR - namely carrier pigeon, letter and smoke signals.…
How to keep employees engaged has always been a hot topic among HR professionals. But what if we were to tell you that a lot of businesses are doing it all wrong? Everyone knows by now that creating a happy workforce leads to more successful recruitment, retention, and productivity levels, which saves your business money. You hear of more and more of extravagant initiatives that employers are implementing to get their employees excited about working for them. From the humble Christmas party, to (paid) designated…
