Summary of Statutory changes for Payroll in 2015

January 15th, 2015

The Opera 3 and Opera II Payroll Upgrade releases due this February will cover the legislative changes required to complete the 2014/2015 year-end and to start the 2015/2016 tax year.   Summary of statutory changes for 2015 • Additional Statutory Paternity Leave and Pay will be replaced by Shared Parental Leave and Pay • Statutory Adoption Pay (SAP) will be paid at 90% of average weekly earnings for the first six weeks • New NI category letters M, Z, I and K for people aged under 21 • New M and N tax code suffixes for employees who transfer a portion of a tax allowance to their partner, or receive a portion of a tax allowance • Tax deductions will be restricted to 50% of taxable pay for all tax code types • Changes to PAYE, NI and Statutory Payments as set out in the Autumn Statement. • Changes in Tax Codes, the Student Loan Threshold and the Auto Enrolment Threshold • Changes to the Full Payment Submission (FPS) and Employer Payment Summary (EPS)   If you have any questions do let us know, email: sales@ama-it.com with any enquiries