The Government is shaking up personal income tax thresholds starting 31 July, 2024. These changes could impact your business if you have employees.
Using payroll software?
If your software provider updates everything by 31 July, you shouldn’t need to do anything. They’ll let you know if there’s anything else you need to handle. If you’re not sure whether the updates have been made, just reach out to your provider and ask when they’ll be rolling out the changes.
Not using payroll software?
If you’re not on payroll software, make sure to start using the new tax tables when calculating PAYE. You can find these on the Inland Revenue website.