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As your accounting partner, we’re focused on providing you with the best support possible whenever you need it. As the end of the 2019/20 tax year is almost upon us, we understand that this can be a busy time.
That’s why we’ve pulled together the key points you need to be aware of to make sure you’re prepared for year end.
If you’ve been paying a salary at the Secondary NI threshold in 2018/19 (£8,424 per annum) then we will keep your salary in line with this. For 2019/20, your salary will then be increased to £8,632 per annum (£719 per month).
Lower Earnings Limit
If your salary has been set at the Lower Earnings Limit in 2018/19 (£6,032 per annum), this will be revised to £6,136 per annum to ensure that you still earn a qualifying year towards your state pension.
National Minimum Wage
This increases on 01/04/2019. If you have already instructed us to set your salary in line with the NMW/NLW, we will automatically update this unless we hear otherwise.
If you’ve been paying salary at any other rate, including nil and you do not instruct us otherwise, no adjustment will be made to your rate of salary for 2019/20.
To use a different salary figure, please let us know as soon as possible.
Your working hours
As you know, details of your salary payments are sent to HMRC on a monthly basis under the RTI (Real Time Information) system.
If there has been a change in your working hours, please let us know as soon as possible.
If you’ve employees (including spouses), no changes will be made towards their salaries unless you inform us otherwise.
Once the 5th April has passed, we will be accepting 19/20 tax return applications. Please complete the application via our website.
That’s the main points in a nutshell. If you do have any questions then please contact your accountant today who will be happy to help.