Unfortunately, because of the complexities of the new calculation to set the Employee Basic Contribution rate, there are 2 scenarios where KashFlow Payroll cannot guarantee the correct Employee Basic Contribution Rate. The following scenarios will require a payroll user to double check the figures, and manually amend the Employee Basic…
Read moreA new report has been introduced to KashFlow Payroll which will show the contribution rate changes. The report is called Pension Rate Summary, and can be printed from: Reports | GP Pension Reports | Pension Rate Summary Users will also be prompted to print the report when finalising the last…
Read moreIf an employee has received a salary increase in the new tax year 2022\23, the Employee Basic Contribution rate that the system has set will need to be checked and amended if necessary. Example: The pensionable Earnings for an employee for the year ending 21/22 were £16,700 This means the…
Read moreWe have recently updated the pension tiers for the NHS Pension Scheme for England/Wales for 2023/2024 following the changes announced recently; the changes to the pension tiers apply from 1st April 2023. In addition to this, the AfC Pay Awards have also been announced, also with the instruction to backdate…
Read moreNew Pension Rate to be used from 1st October 2023 are as follows: Scotland (TABLE 1) Used in respect of members in pensionable employment on the last day of the previous scheme years and the first day of the current scheme year. Tier Pensionable Pay used to determine contribution rate…
Read moreFor Employees who have been in the NHS Pension scheme prior to April 6th 2023: 1. The system will check the annual rate of pensionable pay for the tax year ending 2022/23 2. For full time employees, this will be obtained from the following: Full Time…
Read moreIt is the employee who must contact the pension provider to inform them they wish to opt-out and get an “opt-out notice“. This opt-out notice will then be passed to the company for action in payroll, either via the employee or directly from the provider. The following contains more detailed information from…
Read moreWeek 53 If you run a weekly payroll you might find you need to complete an additional period after week 52 to finish your PAYE tax year. If your normal repeating pay date falls on the 5th April you have to complete the additional period for your tax year to be…
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