Update National Insurance Parameters for January 2024
In the Autumn Statement on 22nd November 2023, the UK government announced that effective from 6th January 2024, they are cutting the main rate of Employee National Insurance (Class 1 NICs) by 2p from 12% to 10%.
It is important these new rates are applied to all payments due to be made on or after 6th January 2024.
A new legislative parameter import file, containing the change to the NI rates, has been sent to all organisations. You must import this file before processing any payrolls for all payments due on or after 6th January 2024. If you have not received this file, you can download it now.
If the file opens in a new web browser tab instead of downloading, copy all contents to a file called Statjan2024.txt
.
Before importing the file, you must finalise and complete the period end for all payrolls for payment due before the 6th January 2024.
Importing the New NI Parameters File
- Log in to PS People and go to Payroll > Start of Tax Year Functions > Parameter Import.
- To update all payroll templates, select >> to move them all to the right, then select Next.
- Select Update entries applicable to ALL payroll templates, then select Next.
- Alternatively, if you only want to update one payroll category at a time, select the relevant category and move it to the right (>).
- Clear the selection for Update entries applicable to ALL payroll template. Select Next.
- Select ... then find and open the downloaded
Statjan2024.txt
file. - Select Finish then Yes to start the import.
- When the update is finished, select Close.