Episode 171

full
Published on:

3rd Nov 2024

UK Budget 2024: Impacts on Payroll, Employment Rights, and Tax Compliance

Hosted by Nick Day, CEO of JGA Recruitment and host of The Payroll Podcast, this special Halloween edition of Payroll Question Time, brought to you by SD Worx, delves into the major payroll challenges triggered by the UK’s 2024 budget. 

Join our expert panel as we dissect the impact of new tax policies, national insurance increases, and minimum wage adjustments that are set to reshape payroll compliance and business strategies for 2024.


In this episode, we explore the Employment Rights Bill 2024, analyzing the push for guaranteed hours, enhanced statutory sick pay (SSP) provisions, and the implications of shifting wage law enforcement from civil to criminal liability. From small business struggles to larger employer concerns, our panel unpacks what these changes mean for payroll operations and the heightened compliance risks they introduce.


We also discuss how the introduction of the Fair Work Agency (FWA) and its powers to investigate and audit businesses for payroll compliance could transform how employers approach holiday pay, minimum wage, and zero-hour contracts. With insightful perspectives on how these developments could affect recruitment, wage growth, and salary sacrifice schemes, this episode provides critical guidance for businesses navigating a challenging regulatory landscape.


This episode is packed with essential information to help you stay informed and prepared for 2024's payroll shifts.



Find your ideal candidate with our job vacancy system: https://jgarecruitment.ck.page/691ee4537e


Nick Day’s LinkedIn: https://www.linkedin.com/in/nickday/




(00:00) Intro to October Payroll Question Time

(00:10) The 2024 UK Budget Overview: Key Impacts

(05:26) Minimum Wage Increases and Workforce Impact

(10:34) Employer National Insurance: Expected Changes

(14:17) Bureau Payroll Challenges for Small Employers

(19:51) The Cost of New Payroll Compliance Requirements

(25:20) Inheritance Tax Changes for Pensions

(29:58) Potential Pay Freeze Due to Budget Pressures

(32:55) Undecided: Pay Rises vs. Budget Impact

(35:14) NI Exemption for Public Sector

(39:31) Employment Rights Bill and Guaranteed Hours

(45:21) Zero-Hour Contracts and Employee Flexibility

(50:11) Holiday Pay Compliance and Fair Work Agency

(56:43) Will New Wage Laws Change Payroll Compliance?

(01:00:31) Enforcement Shifts: Civil to Criminal for Wage Laws

(01:03:31) Cross-Functional Collaboration in Payroll Compliance

(01:07:07) Mandatory Worked Hours Reporting in 2026

(01:10:11) Preparing Payroll for 2024 Changes



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About the Podcast

The Payroll Podcast
🚀 Elevate your payroll game with The Payroll Podcast! 🎧
🚀 Elevate your payroll game with The Payroll Podcast! 🎧 As the first podcast exclusively for the UK and global payroll community, join host Nick Day for cutting-edge discussions with experts. Dive into complex topics like international legislation, technology, systems, leadership, compliance, payroll recruitment, career advancement and more!

🌐 Stay ahead of the global payroll curve with insights on AI, strategy, earned wage access, wellbeing, DEI and more. Perfect for payroll professionals and global payroll leaders looking to embrace the future and enhance their strategies.

👉 Subscribe now and help raise the profile and drive the future evolution of payroll!
👉 Need Payroll Staff? Contact Payroll Recruitment Agency, JGA Recruitment - www.jgarecruitment.com / info@jgarecruitment.com
👉 Want to be a guest on the show? Email Nick@jgarecruitment.com

About your host

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Nick Day