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We are thrilled to invite you to an exclusive webinar recording on the topic of Pegasus CIS 5 Subcontractors, where we delved into the intricacies of the UK HMRC Subcontractors scheme and its seamless integration into our software. Louise Dickenson, industry specialist and established Pegasus CIS product trainer, shared valuable insights and best practices during the webinar. Don't miss this opportunity to enhance your knowledge and understanding of CIS 5 Subcontractors, whether or not you are a current user. Comprehensive Subcontractor Control: Explore how our Subcontractors Ledger streamlines the regulatory requirements of HMRC's Construction Industry Scheme while efficiently managing subcontractors' details, including their Unique Taxpayer Reference and verification status. HMRC Construction Industry Scheme: Discover how Pegasus CIS 5 simplifies the verification process of subcontractors' tax status with HMRC, ensuring compliance and accuracy in payment processing. Applications, Invoices, and Timesheets: Learn how our system facilitates the processing of subcontractor applications, invoices, and timesheets while adhering to HMRC regulations, enabling smooth and error-free transactions. Domestic Reverse Charge VAT: Understand the implications of Reverse Charge VAT for construction services and how Pegasus CIS 5 ensures full compliance with these regulations. Payments: Explore our streamlined payment process, from selecting approved applications for payment to generating Payment Certificates, all while maintaining full compliance with the Construction Industry Scheme. Please find below the guides available for the following: Payroll Upgrade Checklist Guide Legislative & Software Changes Rates and Bands for NI, PAYE and Stat. Payments We are excited to announce that the Annual Payroll Seminar from o-a-sys is back for another year, bringing Pegasus Payroll directly to your desk. With year-end fast approaching our complimentary Pegasus End of Year Payroll Seminar is a great way to prepare your business for the months ahead. This seminar is designed to provide you with the latest HMRC legislative and technical changes that will be introduced into your payroll software. This year we had Bruce Kidd from o-a-sys to cover everything new regarding Opera 3 Payroll 2024 and run through the year end. We will also give an update on new utilities available for Pegasus Payroll. This is a recording of the 7th March 2024 webinar. Today, 6 March 2024, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, made his Spring Budget and set out the government’s plans to bring forward a series of reforms to ensure the tax system is simple, fair, keeps pace with economic developments, and supports public finances. One of the tax measures relevant to you as an employer was on National Insurance contributions.
The government has announced a cut to the main rate of Class 1 employee NICs from 10% to 8% from 6 April 2024. Taxes for the self-employed will also be cut by a further 2 pence on top of the 1 pence cut to 8% announced at Autumn Statement. This means that from April 2024 the main rate of Class 4 NICs for the self-employed will now be reduced from 9% to 6%. We ask that you take steps now to start work with your payroll software provider, and where applicable IT delivery partners, to get ready to implement the change to Class 1 employee NICs that comes into effect from 6 April 2024. HMRC’s Basic PAYE Tools product will be updated to reflect this latest change. Another measure the government announced was on the High Income Child Benefit Charge, and an increase to the threshold to £60,000 from 6 April 2024, with a taper up to £80,000. The charge will be 1% of the Child Benefit for every £200 of income that exceeds £60,000 and will equal the payment for income that exceeds £80,000. Your employees may be interested in claiming Child Benefit or restarting Child Benefit payments if they have previously opted out. The charge is tapered, so if they, or their partner, earns between £60,000 and £80,000 it can still be worth their while financially to claim. Claims for Child Benefit can be made in the HMRC app or online and are automatically backdated for 3 months, or the date of birth of the child if later. New guidance on the charge has been published today and you may wish to share this with your employees. Further information on both the NICs and High Income Child Benefit Charge measures can be found on GOV.UK. Information on all of the measures announced can also be found on GOV.UK. For an overview of all the tax legislation and rates announced, read the Overview of tax legislation and rates (OOTLAR). HM Revenue and Customs |
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