Starting on 1 July 2019 all variable monthly payments for contract work will be paid to the penny instead of rounded to the nearest pound.
Why is this happening now?
Recent IT changes mean we can now make these payments to the penny. This change will take effect for all contract payments issued after 1 July 2019.
Are there any other changes?
There are no other changes to the current arrangements. You should continue to make your monthly submissions in the usual way.
First payment under new arrangements
The first contract payment issued after 1 July 2019 will require an adjustment and may appear a few pence away from the expected figure.
This is because of the transition from rounding the payment to the nearest pound to paying to the penny. So, we will need to add or subtract a few pence from the first payment.
- June 24, 2019 at 3:05 pm by Editor (displayed above)
- June 24, 2019 at 3:05 pm by Editor