Real Time Information (RTI): Pay details and any change in employee PAYE deductions have to be reported at the time staff are paid, rather than at the end of the year and the information needs to be sent electronically to HM Revenue and Customs

Redundancy consultation: The consultation period for redundancies of 100 or more people will be halved from 90 to 45 days.

Statutory pay: The weekly rate of statutory sick pay rises from £85.85 to £86.70.  Maternity, paternity and adoption pay also increases from £135.45 to £136.78 per week.

Income tax: The personal allowance – the amount an individual can earn before tax is applied –rises to £9,440 in the 2013/14 tax year.  The rate of income tax for the country’s top earners – those taking home £150,000 or more per year –drops from 50p to 45p. 

For more information visit: www.hmrc.gov.uk.