Payroll for 2019/20
Moving forward into the new Tax Year you will need to establish the amount of payroll for the Director(s) of your company: –
- Option 1: Full Allowance £1041.66 per month to utilise full personal allowance (Dependant on standard tax code of 1250L) however there will be approximately £464.16 employees NI and £533.78 Employers NI to pay at the end of the year from tax month 10.
- Option 2: £719.00 – no NI payable but the stamp id franked for pensions only.
- Option 3: £511.33 – no NI no franking of stamp (nobody ever chooses this now)
Our recommendation (depending on your personal circumstances) is option 1 – to ensure you utilise the full personal tax allowance available.
We suggest you contact your payroll provider and provide relevant details they require.
For clients of the Avanti Payroll Bureau, this will have been emailed to you with your payroll during March