The end of the tax year isn’t far away, there’s nothing to worry about as we’ll be with you all the way, helping you stay updated and in the know with all of the key dates and information you will need.
Here’s all the information that matters
Locks will be lifted on 29th March 2022
This will be done to make sure that all pay and expenses can be paid in the current tax year. You can also lift your locks yourself on MyParasol if you want this sooner. They will not be automatically reapplied so make sure you reapply them from 6th April.
Check your National Insurance number is correct before 29th March 2022
This can be done on MyParasol and will allow us to share your P60 on time and avoid any delays.
Payments made from 6th April will be classed as part of the new tax year
Any payments made from this date will be classed as part of the new tax year. Make sure you enter your timesheets before Friday 1st April to ensure that all payments are paid to you during this tax year.
Your P60 will be shared with you by Tuesday 31st May 2022
Simply navigate to View Your P60 under the When Will I Get Paid tab on MyParasol.
Health and Social Care Levy
As you may be aware the government has introduced a new health and social care levy which will be introduced as an increase in the rate of national insurance. This means both employer and employee National Insurance contributions will increase by 1.25%.
This will mean an increase in employment costs and employee’s NI deductions from the 6th April 2022.
From July, the threshold at which employees NI is payable will increase from £9,880 annually to £12,570 – this will mean a decrease in the employees NI payable from July onwards.
Tax Week 53
Tax week 53 is the term used to refer to the period between the end of tax week 52 and the start of the new tax year. Currently, each tax week runs from Tuesday to Monday. However, 6th April 2022 falls on a Wednesday, meaning the tax week for 2022/23 will run from Wednesday to Tuesday.
As the previous tax week finishes on Monday 4th April and the new tax week starts on Wednesday 6th April, any payments made on Tuesday 5th April will be paid in tax week 53. Where this is the case, you will be paid on a non-cumulative version of your tax code, irrespective of whether we hold a cumulative tax code or not. This means that your tax will only be calculated on the payment being processed and not the tax that you’ve already pad in the tax year to date. This is a legislative requirement.
