The new tax year is just around the corner and of course, the busiest time of year for payroll teams. It's not the best time of year to be taking queries from employees about their tax or pay.
Each year, PayDashboard releases a set of free New Tax Year employee guides that help employees to understand their payslips, make the most of their pay, and to be aware of the tax schemes available to them.
The Marriage Allowance is a great example. Married couples or those in a civil partnership could be eligible for a £1,250 tax break, but it is estimated that millions of couples aren't taking advantage of this scheme.
Tax Codes are another unknown for employees (and very often payroll providers who aren't aware of a change in an employee's status). Many workers could be paying too much (or too little) tax and not even know it. The change in net pay could lead to confusion and inevitable questions for their payroll team. Check out this article by Martin Lewis on the importance of understanding tax codes.
Empower employees to understand their payslips
Financially empowered employees are happier, more productive, and more likely to remain in their jobs. In fact, 77% of employees who receive financial support from their employers are more likely to stay in their roles because of it. *
And at a time when employee finances are being stretched and pay increases are on ice, educating and financially empowering employees to understand their payslips is the first step in ensuring they have a positive financial future.
These guides are a perfect way for employers to engage with and support their employees, and for payroll providers to enhance their relationships with their payroll clients.
PayDashboard is an interactive cloud payslip that integrates with your payroll software to deliver an all-encompassing employee payday experience. PayDashboard’s simple data sharing capabilities creates efficiencies for you, while supporting employees’ financial wellbeing and access to fairer finance.