Summary of Statutory changes for Payroll in 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)

 

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