As of 2nd July 2017 HMRC launched the new system of dynamic coding. This means that under the new system potential underpayments are replaced with in year adjustments (IYAs) Tax codes are adjusted in-year to reflect changes in an employee’s circumstances as soon as HMRC becomes aware of the change.
The table shows the tax rates you pay in each band if you have a standard Personal Allowance of £11,000.
||Up to £11,000
||£11,000 to £43,000
||£43,001 to £150,000
If you have provided any employees with any sort of benefit, don’t forget the deadline for submitting P11d’s. All the forms must be submitted to HM Revenue & Customs by 6 July.
The new rates for NMW from 1 October 2011 are as follows:
- 21 and over will increase to £6.08
- 18-20 rate will increase to £4.98
- 16-17 rate for workers above school leaving age but under 18 will increase to £3.68
- For apprentices under 19 or 19 or over and in the first year of their apprenticeship will increase to £2.60
Please remember the deadline to submit the following forms P9d and P11d’s must reach HMRC by 6th July. And if tthere is any class 1A NICs declared on form P11D must reach HMRC by 19th July.