There can be little dispute that the 2017 General Election was a political event of vast significance. Indeed, a key reason cited for the Conservatives’ loss of their parliamentary majority was a failure to connect with young voters.
In the wake of this, we have, this Autumn, seen the Government announce a change of policy on student loan repayments, which has a direct impact on payroll.
The substance of this change in policy is that, effective from the start of the 2018/19 financial year, the wage threshold – from which the repayment of student loans becomes applicable – will increase from £17,775 to £18,330 for Plan 1 borrowers; for those on Plan 2, meanwhile, it will rise from £21,000 to £25,000. This has effect for all current and future student loan borrowers.
For a graduate like myself, this is, of course, very positive news – however, for those running payroll, it constitutes a further, forthcoming legislative development, which must be prepared for.
As with all statutory changes – however big or small – Dataplan Payroll will be ready, ensuring total compliance for our 1400+ customers. We know that employers want to focus on their core business aims – and keeping a track of legislative change can be a major distraction from doing so. This is especially true at a time when factors such as Brexit mean the policy landscape is in a state of major flux.
So, if you’re an employer running your own payroll – and could do without the hassle of adapting to policy shifts on student loans and other areas – there really never has been a better time to outsource to Dataplan.
To discuss a quote, chat to a payroll superhero today on 03331123456.