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The Plan 1 student loan interest rate reduced to 6% (from 6.25%) from 30 August. This rate change applies across the UK with the Department for Education (DfE), the Welsh Government and the Department for the Economy in Northern Ireland (DfE NI) all confirming the change.
The reduction follows the Bank of England Base Rate changing to 5% earlier in August.
Those running payrolls and payroll bureaus should notice a reduction in student loan deductions for relevant employees in their September payrolls. If not, you may need to confirm that your payroll software has correctly updated.
See: https://www.gov.uk/government/news/change-to-plan-1-student-loan-interest-rate-announcement
Last week marked a 4.8% rise in both the basic and new State Pensions. This could mean an additional £575 annually for many pensioners.
HM Revenue & Customs (HMRC) recently released a research paper on how small and medium-sized businesses (SMEs) view electronic invoicing, also called e-invoicing.
