First Trust’s Post

Contrary to popular belief, EMP501 is not the name of a new Star Wars character – it is reconciliation information that South African employers are required to submit to SARS each year. Every employer with staff on the payroll needs to present the following: • Monthly Employer declarations (EMP201) for PAYE, Unemployment Insurance Fund contributions (UIF), and the Skills Development Levy. • Information about payments made (excluding penalties and interest paid). • Employee tax certificates (IRP5/IT3[a] generated) covering the tax year from 1 March 2023 to 29 February 2024. Thankfully #PayrollSolution is on hand to cut through the tax jargon and reconcile your business’s affairs. Here’s what #T3T suggests: https://ow.ly/HIeG50TkOzQ #PayrollSolutions #BusinessSuccess #TaxSeason #Times3Technologies #TechSolutions #T3T #Sage300People #SageHR #SagePayroll

𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗨𝗽𝗱𝗮𝘁𝗲: 𝗦𝗢𝗖𝗦𝗢 & 𝗘𝗜𝗦 𝗖𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻 𝗖𝗲𝗶𝗹𝗶𝗻𝗴 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗲𝗱! From 1 October 2024, the wage ceiling for SOCSO and EIS contributions has been increased to RM6,000. This change will impact statutory contribution calculations. Employers, are you ready for this transition? Ensure your payroll is up to date to avoid compliance issues. Swipe to learn how this update might impact your workforce and budgeting. Don’t miss out on crucial information! #LegalBites #employmentlaw #malaysialawfirm

Earned Wage Access (EWA) is making waves by offering employees flexibility and financial control. Yet, misconceptions and stigmas surrounding EWA persist 🤔 In this blog we shed light on the impact and advantages of Earned Wage Access, debunking some common misconceptions and stigmas. Click below to learn more 👇 #earnedwageaccess https://lnkd.in/enMtWtZt

🚨 𝐀𝐭𝐭𝐞𝐧𝐭𝐢𝐨𝐧 𝐄𝐦𝐩𝐥𝐨𝐲𝐞𝐫𝐬! 𝐁𝐢𝐠 𝐂𝐡𝐚𝐧𝐠𝐞𝐬 𝐀𝐡𝐞𝐚𝐝 🚨 April 2024 is just around the corner, and guess what? The National Living Wage is getting a serious boost to £11.44 per hour for folks 21 and up. That's a solid 9.8% jump from the current £10.42. Oh, and here's the kicker - it now includes 21 and 22-year-olds too. 🎉💷 Now, why should you care? Well, it's not just about the numbers; it's about showing our team they're valued. Plus, let's not forget the legal stuff - failing to update your payroll could lead to fines, bad PR, and unhappy employees. Yikes! 🚫👩⚖️ 𝐒𝐨, 𝐡𝐞𝐫𝐞’𝐬 𝐲𝐨𝐮𝐫 𝐠𝐚𝐦𝐞 𝐩𝐥𝐚𝐧: 𝐑𝐞𝐯𝐢𝐞𝐰 𝐚𝐧𝐝 𝐀𝐝𝐣𝐮𝐬𝐭 𝐒𝐚𝐥𝐚𝐫𝐢𝐞𝐬: Carry out a thorough review of your payroll before April 1st, 2024. Implement increases where necessary to ensure everyone's earnings align with the new minimum wage. Don't forget to adjust wages if a staff member moves into another age bracket throughout the year. 💼💰   𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐞 𝐰𝐢𝐭𝐡 𝐘𝐨𝐮𝐫 𝐓𝐞𝐚𝐦: Keep the dialogue open! Transparency is key. Let your team know about these changes and reassure them of their value. 🗣️💬   𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜𝐚𝐥𝐥𝐲 𝐏𝐥𝐚𝐧 𝐘𝐨𝐮𝐫 𝐁𝐮𝐝𝐠𝐞𝐭: Prepare your finances to accommodate these increases. A little planning now can go a long way! 💼💡   𝐒𝐞𝐞𝐤 𝐄𝐱𝐩𝐞𝐫𝐭 𝐀𝐝𝐯𝐢𝐜𝐞: Feeling unsure? Don't hesitate to seek professional guidance. It's better to be safe than sorry! 📚🔍   Let's not view this as just another chore. It's an opportunity to invest in our team's happiness and success. Remember, happy employees mean a thriving business! Let's embrace these changes, show our team some love, and lead with enthusiasm and vision. https://lnkd.in/d8CeZfWA #NMW #NLW #Wages #HMRC #PAYE #CT #TAX #Minumumwage

Every April, the government updates employment- related financial limits. This Passle sets out the new rates that apply to the NMW, statutory family-related leave and SSP as well as increases to compensation limits. #employment #employmentlaw #statutoryrates #NMW #nationalminimumwage #SSP #statutorysickpay #SMP #statutorymaternitypay #SHPL #sharedparentalleave #SAP #statutoryadoptionpay #unfairdismissal #basicaward #maxaward

📢 Attention, folks! The January jobs report has left economists scratching their heads and cancelling those March rate cut parties. With 353,000 new workers added to the payroll, the plot twist was unexpected. Join the discussion: What are your thoughts on this surprising twist in the job market? #JobsReport #Economy #RateCuts #blog https://lnkd.in/g_Qc7_xf

EWA is experiencing huge growth but not all providers are the same. Employer based, Accuracy of the data, payroll deduction, low, capped fees and delivery to the employees account of choice are key characteristics defining compliant EWA at federal and state levels.

Read this interesting report on why the yesterday's US payroll's downward revisions might be overstating the weakness in employment nos. They mention that yesterday NFP downward revisions of 818k show that the employment data in FY24 was solid, if not strong. The revisions were backward-looking and the size of revisions was not surprisingly big relative to expectations. The QCEW source which is used for this annual benchmarking exercise to revise NFPs do not include undocumented workers because it comes from unemployment insurance tax records & by definition undocumented workers don’t file. Also, the QCEW has tended to be revised upwards in recent years. They believe that the actual reduction was to the tune of 250-300k, app 25k per month. This implies that actual NFP monthly average was app 220k rather than the initially reported 242k but definitely higher than the 174k implied by the revisions. Hence it doesn’t look recessionary. They expect Fed to cut rates by 25 bps each at it’s next 3 meetings as it tries to dial down the restrictive nature of the current monetary policy. But beyond the first 100-125 bps cut in next 6 months, the report mentions they don’t have much confidence in the current market pricing of 220 bps of cuts by end CY25.

2024 is set to be a year of change, and at PBT, we are committed to keeping our clients prepared for whatever it holds in store! 🤝 A big change this year will be to National Living Wage (NLW) and Minimum Wage (NMW). After listening to recommendations made by the Low Pay Commission last year, these rates have been increased and NLW has been expanded to include 21 and 22-year-olds, coming into effect from 1 April 2024. 📈 While these changes will benefit a lot of workers and employees across the nation, businesses will need to review their finances carefully to ensure they can keep up with these increased rates. Our team of accountants has the experience and expertise to help you and your business navigate through these changes and others ahead. Book a meeting with us to start your journey! #pbtaccountancy #growyourmoneytree #change #minimumwage #livingwage #payroll #moneyhelp #finance #payday #employer #accountantsnearme #cheltenhamaccounting #accounting

📢 Exciting news! 🎉 As of April 2024, the National Minimum Wage and National Living Wage rates have been updated. 💼 Whether you're an employer or an employee, staying informed is key. Here's a quick breakdown: 💰 National Minimum Wage: Ages 16-17: £4.62 per hour Ages 18-20: £6.56 per hour Ages 21-22: £8.36 per hour 💼 National Living Wage: Ages 23 and over: £9.50 per hour At Pertax Accountancy, we understand the impact these adjustments can have on your business operations and financial planning. Whether you're an employer seeking compliance guidance or an employee navigating wage negotiations, we're here to provide clarity and support. Let's ensure your financial strategies align with these changes for a prosperous future! 💼 #MinimumWageUpdates #financialadvisors #NLW #NMW