Statutory Information for Her Majesty’s Revenue & Customs (HMRC) 2013 - 2014 Effective from 6 th April 2013 If you have any questions relating to this

Statutory Information for Her Majesty’s Revenue & Customs (HMRC)

2013 - 2014

Effective from 6th April 2013

If you have any questions relating to this document, please email us or visit the website: email: [email protected] - web www.inertiaderiter.com

Statutory Information for HMRC (2013/14)

CONTENTS

Page 3 - Changes for April 2013 – March 2014Page 4 - Tax Rates & AllowancesPage 5 - National Insurance Rates for Employees/EmployersPage 6 - National Insurance Categories & Rates Page 7 - Student Loan / National Minimum Wage Page 8 - Working & Family Tax Credit Allowances Page 9 - Child Tax Credit & Thresholds/Rates Page 10 - Child Benefit/Guardians Allowance, Childcare Salary Sacrifice & Child Maintenance Page 11 - Statutory Sick Pay (SSP) & Statutory Maternity Pay (SMP) Page 12 - Auto Enrolment (AE)

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Information taken from the Inertia Deriter website. If you have any questions relating to this document, please email us or visit the website: email: [email protected] - web: www.inertiaderiter.com

Statutory Information for HMRC (2013/14)- Changes for 2013/14 -

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TAX TABLES• Band 2 Earnings value changed• Band 3 Rate values changed• Annual Allowance value changed• Emergency Tax Code value changed

TAX TABLES – CHILDCARE SALARY SACRIFICE VALUES• Band 3 All limit values changed

NATIONAL INSURANCE• Earning’s Amounts: LEL for Week, Mth and Year• Earning’s Amounts: PT for Week, Mth and Year• Earning’s Amounts: UEL for Week, Mth and Year• Earning’s Amounts: ST for Week, Mth and Year• Introduction of Employer Rates for Mariners

STUDENT LOAN PARAMETERS• Change to Annual Threshold

SSP PARAMETERS• Rate changes to Lower Earnings Limit and Weekly Rate

SMP PARAMETERS• Effective from 7th April• Rate change to Remuneration Low Rate• Rate change to Lower Earnings Limit

AUTO-ENROLMENT SCHEME PARAMETERS• Changes to Lower Threshold amounts for all frequencies• Changes to Upper Threshold amounts for all frequencies• Changes to Auto Enrolment amounts for all frequencies


Statutory Information for HMRC (2013/14)- Tax Rates/Allowances -

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Headlines:

• 20% Basic Rate threshold lowered to £32010.00 per year• Emergency Tax Code changes to 944L

• Annual Allowance value now £9445.00 before tax is deducted• Annual Allowance value now £787.08 before tax is deducted

Statutory Information for HMRC (2013/14)- National Insurance Rates -

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Headlines:

• All the above thresholds are per week• Employee Rate remains at 12%

• Employer Rate remains at 13.8%• A new Mariner rate is introduced for Employers at a rate of 13.3%

Statutory Information for HMRC (2013/14)- National Insurance Categories & Rates -

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Statutory Information for HMRC (2013/14)- Student Loan / National Minimum Wage -

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Headlines:

• Student Loan – Earnings threshold has increased to £16365.00 per annum• % deduction above the threshold remains at 9%

NMW – Apprentice Rates are lifted by 5p per hour and the wage for over 21s raises to 6.19 per hour

Statutory Information for HMRC (2013/14)- Working & Family Tax Credit Allowances -

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Headlines:

• Working Element figures are per annum• Basic Element remains the same while Couple/Lone Parent rises along with rises for

Disabled Worker and Severely Disabled worker• No changes to the Childcare element of Tax Credits

Statutory Information for HMRC (2013/14)- Child Tax Credit & Thresholds/Rates -

9


Headlines:

• The Child Element of Tax Credits has risen to £2720.00 per annum along with rises for Disabled/Severely Disabled child

Statutory Information for HMRC (2013/14)- Child Benefit/Guardians Allowance –

- Childcare Salary Sacrifice – - Child Maintenance -

10


Headlines:

• No changes to Child benefit apart from Guardians allowance increases to £15.90 per week• No changes to Childcare Salary Sacrifice

Statutory Information for HMRC (2013/14)- Statutory Sick Pay (SSP) & Statutory Maternity Pay (SMP) -

11


Headlines:

• SSP Weekly payment rises to £86.70 whilst the LEL rises to £109.00 (Per Week)• SMP Weekly payment rises to £136.76 (lower rate) whilst the LEL rises to £109.00 (Per Week)

For information relating to Paternity and Adoption Pay please visit our contact page and leave a query or email us!!

Statutory Information for HMRC (2013/14)New Initiative for 2013

- Auto Enrolment (AE) -

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Headlines:

For any questions relating to Auto Enrolment, please email us at [email protected]

Documents

Statutory Information for Her Majesty’s Revenue & Customs (HMRC) 2013 - 2014 Effective from 6 th April 2013 If you have any questions relating to this