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Taxman to inform employers of tax code changes
Meanwhile, HMRC has announced it will write to employers to inform them of the tax code changes due in September. The changes are a result of the Chancellor's announcement in May that the basic personal allowance will increase from £5,435 to £6,035, and the basic rate limit will reduce from £36,000 to £34,800. The new tax codes and rate bands should be used on the first pay day on or after 7 September 2008. Employers using payroll software are advised to ask their software provider for an update before 7 September. The change in basic personal allowance means that employees should benefit by an additional £60 in September and by £10 a month thereafter, until the end of the current tax year. Read more on this story at:
2008-08-15
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