Everything you need for year end

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The end of the tax year isn’t far away and we really need you to be on top of things. Luckily, we’ll be with you all the way, helping you stay updated and in the know with all of the key dates.

Here’s all the information that matters

1) Locks will be lifted on 4th April 2019

This will be done to make sure that all pay and expenses can be paid in the current tax year. You can also lift your locks yourself on MyParasol if you want this sooner. They will not be automatically reapplied so make sure you reapply them from 6th April. Find out more about locks here.

2) Payments made from 6th April will be classed as part of the new tax year

The last day for making payments in the current tax year will be 5th April. Any payments made after this date will be classed as part of the new tax year. Make sure you enter your timesheets before Friday 29th March to ensure that all payments are paid to you during this tax year.

3) Your P60 will be shared with you by Friday 31st May

If you do have any queries around this, please contact our Employee Support Team.

4) Check your National Insurance number is correct before 1st April

This will allow us to share your P60 on time and avoid any delays.

5) Minimum workplace pension contributions will soon be increasing

The minimum amount paid into your workplace pension, both by you and by us, is going to increase. The table below shows what the base contributions are and the dates they will rise.

Effective Date Employer Contribution Employee Contribution Total Contribution
Until 5th April 2019 3% 3% 6%
From 6th April 2019 4% 5% 9%

6) Week 53 – What is it?

Tax week 53 is the term used to refer to the period between the old tax week and the new tax week at the end/start of the financial year.  Currently, each tax week runs from a Friday – Thursday, however, 6th April this year is on a Saturday so the new tax week for 2019/2020 will run from Saturday – Friday.  As the previous tax week finishes on Thursday 4th April and the new tax week starts on Saturday 6th April any payments made on Friday 5th April will be paid in tax week 53.

What impact does this have on you?

If you are paid in tax week 53 you will be paid on a non-cumulative version of your tax code irrespective of whether we hold a cumulative tax code or not.  This is a legislative requirement.

View a summary of the changes to tax rates, tax thresholds and tax allowances for tax year commencing 6th April 2019

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