Posted on by Jessica Peaty

5 Payroll Facts #NPW15

As the theme for this years National Payroll Week is ‘It pays to learn’ here are some fun payroll related facts you may or may not know!

  • Did you know that the word ‘tax’ is from the Latin taxo, meaning “I estimate”
  • The current system of National Insurance has its roots in the National Insurance Act 1911. The act was the first to introduce the concept of benefits based on contributions paid by employees and their employer.
  • The initial NI scheme was actually two schemes running alongside each other, one for health and pension insurance benefits (administered by “approved societies” including some trade unions) and the other was unemployment benefit which was administered directly by Government.
  • Losing your job can often be referred to as ‘being given your cards’. Employers used to buy stamps from a Post Office and affix them to contribution cards to show employee NI contributions. The cards formed proof of entitlement to benefits and were given to the employee when the employment ended – leading to the phrase that is still used today.
  • 96.2% of total net income tax receipts in 2014-15 were PAYE receipts, the amount totalled to £139.5 Billion.

Source
http://www.cipp.org.uk/en/cipp-events/national-payroll-week/

Request More Information Request More Information