18 May PAYE Updates for 2021
PAYE Update 2021
Have you missed submitting your Final Payroll Submission (FPS)?
The rules have changed slightly on making amendments to the tax year ending 5th April 2021. You will no longer be able to submit the Earlier Year Update (EYU) to make amendments.
If you’re late sending your final report
From 20 April you can send an FPS to correct your 2020 to 2021 tax year payroll data by giving the year-to-date figures.
Late reporting reason H should be used on all FPS submissions which correct earlier payroll data. You can find out more here.
Minimum Wage
Don’t forget the national minimum wage went up in April 2021. You can find the new rates here.
You can also find out more about calculating the minimum wage here.
Student Loans
Student and Postgraduate Loans thresholds and rates from 6 April 2021 for England and Wales
The thresholds for Plan 1, Plan 2 and Plan 4 student loans from 6th April 2021 are:
- Plan 1 – £19,895
- Plan 2 – £27,295
- Plan 4 – £25,000
Student Loan deductions will continue to be calculated at 9% on earnings above Plan 1, Plan 2 or Plan 4 thresholds.
The Postgraduate Loan threshold will remain at £21,000. Earnings above £21,000 will continue to be calculated at 6%.
These are just some of the changes affecting payroll from April 2021 to view the full bulleting please visit here.
EA Assist
We know all about FPS and EYU’s, its what we do. If you find all the technical terms and constant updates confusing then please get in touch.
Find out how we can help you free up you time to focus on your business. We can manage your payroll function by ensuring we file and report on time and accurately. We can offer digital pay slips or printed – depending on what you would like. Find out more about our payroll services here.
To find our more about how EA Assist can help you please visit our website here or give us a call now on 01379 646943 or email info@ea-assist.co.uk.