With Real Time Information (RTI) and Auto-enrolment being very much in the news other things happening in the Pay/Salary world have not had the same publicity? So here we have a short overview of some of the more obscure things happening!
Benefits in Kind
From 6 April the tax exemption on employer provided food or drink to staff in recognition of their having cycled to work is removed.
The limited tax relief for luncheon vouchers of 15p per working day will cease.
For 2013/14 the annual earnings threshold applying to the current student loan repayment scheme will be set at £16,365 (£314.71 a week or £1,363.75 a month) based on the March 2012 RPI figure of 3.6%.
The Enterprise and Regulatory Reform Bill is expected to become law shortly. This includes a mandatory requirement for potential employment disputes to go to Acas, to be offered pre-claim conciliation, before going forward to an employment tribunal.
From 8 March unpaid parental leave after the birth or adoption of a child will increase from 13 to 18 weeks per parent in respect of any individual child. In 2015 the child age limit on parental leave will increase from the current 5 years to 18 years. At the same time statutory flexible parental leave will be introduced alongside flexible parental pay.
January is known for being quite a depressing month and this year the most depressing day of the year known as ‘Blue Monday’ falls on the 21 January. This is due to a number of factors including the weather (lack of sunshine), debt and limited cash flow following Christmas and a failure to fulfil New Years resolutions! You have been warned!!
At Virtual Business Source we are happy to help you regardless of the time of year. If you are considering Outsourced Payroll, Bookkeeping or Software advice contact Robin Mead on 01462 687339 or email firstname.lastname@example.org