As the tax year 2023-2024 approaches, UK-based payroll professionals must be aware of the changes and new legislation that will impact their payroll processing. From changes to National Minimum Wage to updates in Income Tax and National Insurance Contributions, there's a lot to keep track of. By understanding these changes and their impact on payroll processing, payroll managers can ensure compliance with the latest laws and avoid potential fines and penalties from HMRC.
By staying up-to-date and proactive in their payroll processing, UK-based payroll professionals can ensure the smooth and efficient operation of their payroll department. It's essential to keep track of key dates and deadlines, stay informed of changes to legislation and regulations, and ensure accurate reporting of expenses and benefits.
Payroll is a critical function of any business, and it's important to get it right. By staying on top of these changes and working closely with HMRC, payroll managers can ensure that their business remains compliant and successful in the years to come.