Pegasus Payroll Update

Pegasus Payroll Update Announcement

 
On the 23rd September 2022, the Chancellor in his mini budget statement announced the cancellation of the Health and Social Care Levy and in-year reductions in National Insurance contribution rates.

This announcement will in effect:

• Repeal the Health and Social Levy Act of 2021.

• Reduce the main and additional rates of Class 1 (employer and employee NICs), Class 1A, Class 1B and Class 4 (self-employed) NICs from the 6th November 2022, in effect removing the temporary 1.25 percentage increase legislated in section 5 of the Health and Social Care Levy Act 2021 for the remainder of the 2022-23 tax year.

• Require new releases of Opera 3 Payroll (all variants) and Capital Gold Payroll. These releases will accommodate the necessary updates to the National Insurance tables and include the necessary software changes in how to calculate Directors National Insurance for the remainder of the 2022/23 tax year.

A further update on the availability of these releases will follow shortly. If you are a customer of The HBP Group, then we will reach out to you as soon as updates are available and you can speak with our Customer Experience team if you have any questions or concerns.