The latest employee finance news

Sharing two of the latest employee finance updates, alongside some extra tips…

1) Employee finance: the ignored payslip!

Our first article reveals that almost 1/3 of UK employees are failing to check their payslip on a regular basis. Yet 15% of people are concerned that their payslips aren’t accurate.

Perhaps most amusingly, finance and accounting professionals are some of the least likely to review the accuracy of their monthly income (41%)! ‘Media, marketing and sales’ employees, however, top this list (47%), followed by those working in education (42%).

Employees may want to rethink their approach, as the feature also cites a number of high-level payouts as a result of payroll errors.

TIP: as the article suggests, one of the main reasons that people fail to read their payslip is because it doesn’t make too much sense to them in the first place (finance professionals aside, hopefully)! Make sure you know what’s on your slip and how much tax you should be paying with the help of this post

2) Employee finance: avoiding festive debt

The second employee finance feature raises the topic of how to avoid debt this Christmas. An important topic to consider…even though we weren’t planning to discuss the festive season just yet!

Most people are said to be spending around £567 this Christmas, with 46% covering these costs through the use of ‘credit cards, store cards and overdrafts’.

We’ll leave you to read the advice in full. Many of the tips are somewhat straightforward, yet may serve as good as reminders. Also, there are some excellent nuggets within – including where to find a 2019 Christmas budget planner and who to speak to for further advice if you’ve already taken out a high-interest loan (AKA ‘payday’ loan).

TIP: if you have some time to spare this festive season, why not submit your CV for some temporary work? Many offices are looking for people to provide extra support and/or cover for annual leave or Christmas parties. You’ll find a list of current temporary openings on our site. Please note: due to the nature of temporary work, many vacancies are swiftly filled. Even if you can’t see relevant openings listed, it’s worth submitting your CV alongside an overview of your availability

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What the Spring Statement means for your payslip

How will last month’s Spring Statement affect your personal income?

For anyone less familiar, the Spring Statement is one of two annual ‘mini-budgets’ which the HM Treasury presents to Parliament. The second of which is the Autumn Budget. The latter is due to have a greater focus on tax this year. However, there are a number of points for you to be aware of now.

Please note: while we usually try to avoid sources that ask you to sign in, today’s article contains several of these – specifically selected for their handy insights. If you’d rather not access the links, you may prefer to look at these ‘proposed changes at a glance‘.

Introducing the Spring Statement 2019:

The statement covers an array of topics, from the public purse to technological changes, economic growth plans, education and investment. It also comprises aspects of (potentially more) personal interest, including those pertaining to house prices, loan charges, tax and more.

Your payslip:

Of course, there’s little more personally relevant than your payslip. The below podcast reference features greater detail regarding this. Yet, if you want to cut straight to the chase, The Telegraph has an online calculator which will help you ascertain how much your payslip will differ as of this month (April 2019).

As noted on the site, it’s a prediction tool which “does not take your pension contributions, child tax credits or student loan payments into account”. You’ll need to sign in to use it. They offer a free registration which entitles you to a limited number of articles.

Please note: if you struggle to interpret your payslip and tax code, we have an article that should really help!

A handy podcast…

We were interested to catch the recent Money Box podcast, which invited experts to comment on the impact the statement will have on your household finances. The whole episode is only 28:44 minutes long. We’ve also tracked down some key timeslots that may be of particular interest to you…

  • 12:32: introducing the main income tax changes, the fact that we will all pay less tax in England, and how personal allowance and higher rate thresholds are increasing.
  • 13:38: an extra note for Basic Rate taxpayers, also regarding personal allowance.
  • 14:30: discussing how higher rate taxpayers will additionally pay less tax, yet more National Insurance.
  • 15:22: mentioning the loss of child benefits for higher rate taxpayers.
  • 16:00: the fact benefits are frozen for those that don’t pay tax, with no change in universal credit. Also discussing nil rate bands.
  • 16:29: a reminder for everyone to register for child benefits even if they earn over £50,000, as the credits contribute towards the state pension.
  • 18:36: stating ‘big changes’ for the 10 million people in auto enrolment pensions, with a ‘big rise in contributions’.
  • 20:05: questioning whether more people will opt out in light of the above. Also, whether people will actually notice the change, as there are so many changes happening at once (20:24).
  • 20:42: a point of interest for everyone on minimum wage.
  • 22:00: are people making sufficient pension contributions? How some may not be able to retire due to inadequate pensions arrangements. With a special message at 22:33.

You can scroll straight to the above timeslots, or listen to the episode in its entirety, via the BBC Sounds website. You’ll need to sign in (or register for free) to do so.

Don’t forget to read our article on understanding your payslip and tax code if you need any assistance with this.



Money worries at work

Are money worries affecting your work? You might not associate financial concerns with recruitment discussions, however, this very topic has become an increasing news theme over recent months…

Most employees experience money worries.

But what does this all have to do with recruitment?

Working towards solutions…

  • This issue presents both a challenge and an opportunity. The more that these discussions take place, the more likely employers are to find ways of supporting their team. While the most innovative companies can make this another staff attraction and retention differentiator.
  • Professionals will also feel less alone in their money worries. Anyone who has concerns that they are unable to discuss with their employer would be wise to contact the Money Advice Service. This is a free, impartial service.
  • On a separate note, if you’ve never really got to grips with your payslip and tax code, this post should help.
  • If you’re wondering whether you could earn more for your career experience and skill-set, speak with your Recruitment Consultant. Regularly researching jobs in your industry can also improve your knowledge of the going market rates.


FAQ: understanding your payslip & tax code!

Wish you understood your payslip and tax code? You’re far from alone! Here’s a helpful guide complete with links to make sure you’re earning what you should be…

If you’re an Appoint temp, you’ll receive your payslips directly from us. Payslips are issued on a weekly basis (and are sent the week after you last worked).

Essentially, each payslip details…

  1. Your earnings prior to all legal deductions. This is your ‘gross pay’.
  2. A breakdown of all deductions made. This includes your tax and National Insurance contributions, alongside any Student Loan repayments and similar. See a deduction that you don’t recognise on your slip? The Gov.uk website details the deductions that may be processed by your employer.
  3. Your total earnings after deductions. This is your ‘net pay’.

How much tax should you be paying?

Money Saving Expert has a handy calculator to help you estimate how much tax you should be paying…

  • Don’t forget to check the ‘Use Advanced Options’ box to obtain a more accurate result. This will enable you to enter your Tax Code and state whether you have any student loan repayments to make, etc.
  • The results are then detailed in a summary box, which rounds up your annual income, plus tax and National Insurance totals.
  • Rather more helpfully, you’ll also receive a more detailed breakdown. This includes your gross (pre-tax) wage, how much of your wage is taxable, how much tax should be paid, your tax-free allowance, and National Insurance contributions, and similar. You will see results listed by year, month and week.

Please note: Money Saving Expert advises you to check your Tax Code to ensure your results are more accurate. So, let’s take a look at this next…

Are you on the right tax code?

Your tax code will vary by your personal circumstances.

Other useful tools!

Looked at the above and still have questions? You may find the following links handy…

  • The Income Tax calculator from gov.uk. This is the most accurate way to calculate your Income Tax for the current tax year. However, unlike the Money Saving Expert link above, you’ll have to sign in to access the service.
  • All contact details for gov.uk Income Tax general enquiries. You can use these contact details to check your tax code, seek information on the details HMRC holds regarding your employment, and to obtain an estimation of the tax you owe. Such a great help if you’re struggling with either of the online calculators!

We hope these links help and you feel much more confident the next time you look at your payslip! If you’re temping for Appoint and have any additional questions, please get in touch