Jersey Mini Budget – Changes to Jersey Payroll
An extensive package of measures to address the cost-of-living crisis, which formed part of the Chief Minister’s 100 day plan has been passed.
The aim of this package is to put almost £15 million back into Islanders’ pockets this year and almost £42 million in 2023.
The Minister for Treasury and Resources, Deputy Ian Gorst, said: “This mini budget will help individuals and families with their budgets in this cost of living crisis. I am pleased with the work we have done to help people with these broad measures at this time of need in the community.”
Some of the changes passed as part of the Mini budget will directly impact payroll in Jersey. A reduction from 6% to 4% for employee Social Security contributions, came into effect on the 1st of October 2022 for 3 months (ending on the 31st of December 2022).
Our clients won’t need to do anything, as the update to social security will go through to our databases automatically.
Also approved as part of the Mini budget was an above inflation increase of 12% in Income Tax thresholds and allowances, including Child Allowances, Additional Allowance and Child Care Tax Relief. From 1 January 2023 Income tax threshold for a single person will be raised from £16,550 to £18,550.
We will also be updating Jersey databases to reflect the increase in income tax thresholds from the 1st of January 2023 onward and will let our clients know if any action is required.
You can find more information about the Mini budget through the Government of Jersey website: https://www.gov.je/News/2022/Pages/MiniBudgetQandA.aspx
Source: Government of Jersey News Release.
September 18, 2024
Related articles
Meet our Team – Adam Smith
Adam brings over 20 years of diverse experience in digital and technology fields, expertly managing and building business locations worldwide. From revamping networking and server infrastructure to leveraging cloud solutions, Adam’s expertise spans across multiple industries and organisational sectors. He has a proven track record of collaborating seamlessly with colleagues, suppliers, and partners, regardless of their technical background.
As a former IT Manager in a financial services firm, Adam led major projects, headed a service desk, and guided a team of technical engineers. His core focus has always been aligning organisational needs with technical solutions that truly deliver, all while keeping client experience at the forefront.
Local Consortium Acquire Offshore Payroll Limited
A group of local companies have jointly purchased Offshore Payroll Limited (OP). OP is payroll service and software business that specialises in processing for jurisdictions that have unique tax and social rules.
The new owners include; recruitment specialists Rowlands, financial strategists Purpose and technology experts Vertix. Together, the group plans to invest in OP’s team and technology to innovate and develop the existing services.
Managing Director of Rowlands, Jeralie Pallot, commented:
‘We believe that this business is an excellent fit for Rowlands and will enable us to provide new, innovative solutions for our clients as OP evolves. I am particularly excited about the potential that OP has to offer deeper insights for employers and efficiencies gained through integration with accounting systems. We believe that with some investment, this is an incredibly useful tool that we will be able to provide to you..’
Managing Director of Purpose, Luke Smith added:
‘My focus when supporting the growth of OP will be to consider innovative ways to use the technology to understand the value of human resources. I believe that we can develop OP’s existing platform to create new ways to understand profitability, which in turn will help businesses to be more intelligent in their decision-making.’
Director of Vertix, Ross Huelin concluded:
‘I am excited to be part of a team that is committed to building on OP’s existing technology in creative and original ways. We are passionate about making complex processes simple, and where possible, automatic, to increase business efficiency and agility. I believe that the development work we undertake will add huge value to existing OP clients, but also open up the technology to have widely useful benefits for global organisations.’
Over the coming months, OP will begin growing its team and rolling out improvements for existing clients, before embarking on a programme of development.
Offshore Payroll strengthens team with new appointment
Offshore Payroll is delighted to welcome Jackie Helks, who joins the team as a Client Experience Officer.
Jackie together with Offshore Payroll’s Relationship Manager, will have responsibility for further developing effective relationships with clients. This appointment is part of Offshore Payroll’s expansion to satisfy our growing client base. She brings a wealth of customer service experience, having spent over ten years in the luxury hospitality sector, which included responsibility for employee rotas and payroll.
Her passion for client relations makes her ideally suited to support Offshore Payroll clients. Jackie’s expertise will further strengthen Offshore Payroll’s focus on making payroll as simple and efficient as possible for their clients in Jersey, Guernsey and Isle of Man.
Jackie expressed how much she is looking forward to applying her experience in her new role: “Joining the team at Offshore Payroll feels like a natural step after my previous experience in client-facing roles.
I’m delighted to have the responsibility to help create a seamless customer journey and I’m looking forward to working with the Offshore Payroll team, and establishing meaningful connections with our clients.”
Commenting on the appointment, Jeralie Pallot Director, Offshore Payroll, said: “We are delighted that Jackie is joining us as a new member of the Offshore Payroll team. Her enthusiasm and commitment to creating a seamless, enjoyable journey for clients along with her passion for the digital sector, make Jackie the ideal fit for our business. At a time when we are seeing significant growth and change within the payroll market, we know our clients will all benefit from working with her.”
“There’s no other decent cloud solution currently on the market locally”
The response time for any queries during onboarding has been fantastic; we have never had to wait for an answer to our often-daft questions.
Tim Chilestone – Managing Director
