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New Tax Year, New Standard
On other items, the standard could have been considered short:
With extremely capable and feature rich payroll/pension, services and Bureaus in effect excluded from achieving the former Payroll Standard, and following extensive industry and employer representative consultation, HM Revenue and Customs have revised and enhanced the Payroll Standard to enable it to be more relevant, applicable, and robust for the needs of the Payroll Industry as a whole. The new all-singing, all-dancing HMRC Payroll Standard has been launched for the 2008/2009 tax year. New logos and options are now featured to enable employers to identify relevance for their needs and purposes. We now have the:
No longer are pension payrolls required to calculate NICs or Directors’ NICs, or deal with payroll frequencies that are irrelevant, yet the providers of such services may now be recognised and listed as meeting this new standard. This must be a positive move for the Pension Payment industry as many of the prior standard accredited list would fall short of the Pensioner Payroll requirements (they would not do the job). Equally, the Payroll Standard has been split into elements with a Core standard applying to all listed products and 'optional features' of:
No longer does extremely capable and specialised software have to meet elements that just don’t apply. Local authority payrolls are no longer required to calculate Directors’ NICs for them to now receive accreditation. Small employer products no longer need to calculate frequencies that do not really apply to their particular market niche or offer contracted-out pension scheme deduction calculations where the employer has never had one. Equally, a relaxation of some of the prior elements of the standard (some which were strictly policed and others which were not) have been applied – although software needs to provide information to employers for the completion of the P35 annual declaration. These can be completed via the free HMRC service as a single record submission and the compulsory requirement of the actual software making this submission has been removed from the requirements of meeting the payroll standard. This is also the case with regards to the practice with payments to the collector of taxes; the stated requirement has been revised to match what was actually happening with many accreditation list products. However, the preparation of electronic P14 files (Internet or EDI) remains compulsory. Some additional requirements also form part of the new standard requirements at specific future points:
So with the exception of the in-year filing anomaly (check your supplier carefully), this newly launched HMRC Payroll Standard is more accurate, relevant, applicable and especially inclusive to the payroll and pensioner payroll industry and market place as a whole - at last!
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Article Tags: Payroll, Ceridian, Centrefile, Centerfile, Payroll Services, Hr Services, Hr Consultancy, Hr Outsourcing, Hr Article Source: http://www.articlesbase.com/human-resources-articles/new-tax-year-new-standard-332284.html About the Author:
Ceridian provides HR, payroll, EAP and HR consultancy services to over 50% of the Financial Times Global 500 and more than 75% of the Fortune 500. In the UK, Ceridian serves 9,600 customers with a headcount of over 1.7m and processes 24m payslips a year. It is the largest payroll provider overall, and the second largest outsourced payroll processor in terms of revenue, with over 70 years' experience in payroll in the USA and 40 years in the UK.
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