This article will outline the 2022/2023 end of year procedure and provide you with a summary of the changes which are being introduced for the 2023/2024 tax year.
Do you have a week 53?
Week 53 takes place when a company pay date falls on 5th April in 2023, which is a Wednesday. This happens because a year has 365 days, or 52 weeks and 1 day, and when that extra day aligns with your company’s payday, Week 53 is created. If all of your employees are paid monthly, there’s no need to worry, simply process the payroll as usual.
Qtac will perform this action automatically when processing week 53. The software will ignore all previous tax and pay for the year and will perform a standalone calculation in that pay period.
For further information on the week 53 process click here and navigate to the “Week 53” Payments section.
Need help with the software installation?
Continuing our mission to deliver you first-class service, we would like to offer you assistance with the installation of our 2023/2024 payroll software. If you would like any help with your installation, please contact our dedicated installation team (installs@qtac.co.uk).
In an effort to maintain the high levels of service that you have come to expect from us, we request that you contact us before the deadline of March 10th, 2023. Please note that we will not be accepting requests during the year-end period.
As a business, we also like to take the opportunity during our account calls to check that you are not experiencing any issues with the software and collect any feedback you may have about the product or service that we provide.
Preparing for the new 2023/2024 tax year
To ensure your software is always performing to its best and that the migration into the 2023/2024 software goes smoothly, you will need to make sure your software is up to date.
Critical updates are released via live updates, and you should see software messages informing you of any new versions however, it is worth checking for updates by following the guidance below.
It is essential that both 2022/2023 and 2023/2024 are up to date before migration. The Qtac update guide can be found here.
Migration to the 2023/2024 software
Qtac are dedicated to implementing valuable features to our product, to improve efficiency. On migration, you can automatically increase pay rates of employees paid the National Minimum Wage to make it even easier for clients to migrate.
Once your final pay period has been completed, and you’ve updated both years software, you can migrate the data from the 2022/2023 version into the 2023/2024 software.
For more information on how to migrate last year’s data read our migration guide.
Minimum Wage Rates for 2023
The table below shows the National Living Wage and National Minimum Wage rates which will apply from 1st April 2023. For more information on Minimum wage rates for 2023 visit the GOV.UK.
Income tax rates and thresholds for the UK and Scotland
The tax free Personal Allowance for the 2023/2024 tax year is £12,570 the same as the 2022/2023 tax year.
The table below shows the tax rates for each band if employees have a standard Personal Allowance of £12,570. Income tax bands are different if you live in Scotland.
Vehicles
From 6th April 2023, car and van fuel benefits and the van benefit charge will increase in line with inflation. For further information visit GOV.UK
Webinars and Software Training
At Qtac we’re focused on bringing value-added features to our product to ensure that our customers have the best possible tools to maximise their business efficiency and improve the accuracy of their payroll.
In 2022 we hosted several webinars to showcase our latest features, this is going to continue throughout 2023 with frequent webinars and training videos, ensuring our customers stay ahead of the curve.
Qtac Portal
Complementing our core products, Qtac’s cloud-based Payroll Portal provides role-based access to, to all payroll communications for Accountants, Employers and Employees, in real-time, from any location or device.
The Portal empowers users to maintain their own personal records, eliminating the need for third parties to facilitate general maintenance on their behalf.
For more information click here or watch our Qtac Portal webinar.
If you’re interested in finding out more about the Qtac portal please contact our sales team on 0117 9353500 or sales@qtac.co.uk.
