An Update to Benefit and Leave Rates for 2023/24

The UK government has recently released information on rates for the 2023/24 tax year for long-awaited areas of payroll administration including sickness and parental leave changes.

The updated document provides information on multiple areas of support and benefits including Universal Credit, as well as pension rates for the new tax year. The New State Pension will see a gradual increase from the current rate of £185.15 to a new level of £203.85, in line with the recent mini-budget announcement.

Important to note for payroll professionals, the new release also confirms Statutory Sick Pay rates will be increasing from £99.35 to £109.40 and parental payments increasing from £156.66 to £172.48 – the qualifying earnings for all remaining unchanged due to the NI threshold freeze at £123.00.

Statutory Sick Pay increases will come into effect from the 6th of April 2023, while parental payments are to kick in from the 2nd of April 2023.

Let Qualitas worry about the changes in legislation

Staying up to date with constant changes to social, public, and tax policy and manual updates of internal payroll processes can be costly, resource-heavy, and time-consuming. The implications of getting changes wrong are vast.

Utilising the power of an outsourced payroll service provider can not only ease the burden of maintaining a to-the-date knowledge and understanding of current legislation but also removes the pressure internally to maintain oversight of the updates and changes that filter through from the UK Government throughout the tax year.

If you’d like to get a free no-obligation quote today, get in touch now and we’d be happy to build a bespoke package around your specific requirements and get you started on a transformational outsourced payroll service today. As tax year end approaches, now is the perfect time to streamline your payroll operations.