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HMRC recently released its August 2024 edition of the HMRC Employer Bulletin. The bulletin provides essential updates and guidance for employers and payroll managers. Below is a summary of the update.

PAYE employer liabilities and payments viewer

The term “Earlier Year Update” (EYU) has been replaced with “end of tax year adjustment” for tax years from 2020-2021 onwards. Employers should now make adjustments for these years via Full Payment Submission (FPS) only. This change aims to streamline the process and reduce confusion.

Student and postgraduate loans

Employers must ensure that they use the correct start notices (SL1 for student loans and PGL1 for postgraduate loans) when deducting loan repayments from employees’ salaries. This helps in accurate and timely repayment of loans.

Tax calculation repayments for PAYE customers

PAYE customers who have overpaid tax can claim repayments. The bulletin outlines the process for claiming these repayments, ensuring that customers receive refunds promptly.

High Income Child Benefit Charge

Updates have been provided to support employees affected by the High-Income Child Benefit Charge. Employers should be aware of these changes to assist employees in managing their tax liabilities effectively.

Pensions for seasonal temporary staff

Guidance has been provided on how to manage pension contributions for seasonal and temporary staff. Employers must ensure that these employees are enrolled in a pension scheme and that contributions are made appropriately.

New employees’ pay

Tips have been provided to ensure new employees are paid correctly from day one of employment. This includes verifying their tax codes and ensuring all necessary payroll information is accurate and up to date.

The full bulletin provides further topics and more detailed information to support employers in ensuring they remain compliant.

If you have any questions or concerns about the topics covered in HMRC’s bulletin, please contact Simon Balaam.