Keytime Payroll Year End 2018/19
Year End Instructions
You can download the Payroll year end instructions from the following link: Download the instructions
Download link
You can download the Payroll year end update from the following link: Download now
General Software Changes
Personal allowances have been uplifted this year so you will need to update the personal allowances for codes L, M and N before processing the first pay period of 2019/20.
You can find instructions on making these changes for each payroll company you process the payroll year end guidance notes above.
Welsh rate of income tax
From 6th April 2019, the Welsh Assembly will be able to vary the rates of income tax payable by Welsh taxpayers. For the 2019/20 tax year, the Welsh Government has set the Welsh rates at the same level as in England and Northern Ireland. Welsh tax payers will receive a new tax code with a ‘C’ prefix.
Postgraduate loan repayments
From April 2019, employees with post graduate student loans and earnings above £21,000 pa will start to repay the loan at a rate of 6%. Postgraduate loans can run in conjunction with a student loan and loan deductions are allocated first to a postgraduate loan as this carries a higher rate of interest.
Automatic enrolment
Under automatic enrolment, pension contributions are due to increase over time. From April 2019 the minimum total contribution is 8%, with a minimum of 3% coming from the employer.
Tax code changes
For EVERY PAYE scheme which is being process please refer to the following:
- Open the company in Keytime Payroll (for year 2019-20)
- Go to payroll > End of year
- Select change tax code
- Type L to change the L code
- Enter 65 for the amount to change
- Type M to change the M code
- Enter 71 for the amount to change
- Type N to change the N code
- Enter 59 for the amount to change
Emergency tax code is 1250L
NB these changes are the same for Scottish tax codes.
For further details regarding Tax and tax credit rates and thresholds for 2019/20 please refer to the following:
https://www.gov.uk/guidance/rates-and-thresholds-for-employers-2019-to-2020
Student Loan thresholds
If you have ticked the box for a Student loan the annual earnings above which collection will start are as follows:
Threshold for Plan 1 £18,935
Threshold for Plan 2 £25,725
Threshold for postgraduate loans £21,000