As the end of the 2023/24 tax year approaches, please be aware of the following key points before the new tax year begins.
1. Holiday year change effective 1st April 2024
Effective from 1st April 2024, your holiday year will change from the current 1st January – 31st December each year, to 1st April – 31st March each year. This is an administrative change only and will not affect your holiday entitlement or your holiday pay. As you receive advanced holiday pay you will not notice any change.
2. Locks will be lifted on 29th March 2024
This will be done to make sure that all pay and expenses can be paid in the current tax year. You can lift your locks yourself on MyParasol if you want to be paid earlier. They will not be automatically reapplied so if you need to, you can reapply them on or after the 6th April.
3. Check your National Insurance number is correct before 29th March 2024
This can be done on MyParasol and will ensure we can share your P60 without any delay.
4. Payments from 6th April 2024 will be classed as part of the new tax year
Enter your timesheets as soon as possible to ensure payments are paid to you during this tax year (subject to receipt of payment confirmation from the agency/end client).
5. Your P60 will be shared with you by 31st May 2024
Simply navigate to View Your P60 under the When Will I Get Paid tab on MyParasol.
6. Tax thresholds
For a full summary of the changes to tax rates, thresholds, and allowances for the 2024/25 tax year, please view our Tax Thresholds Summary. If you have any questions, please get in touch.
7. National Living Wage Increase
Effective from 1st April 2024 the national living wage is increasing from £10.42 per hour to £11.44 per hour. This means that the basic pay element on your payslip will now be calculated at £11.44 per hour instead of the current £10.42 per hour.
