FastTrack UK 2022 Mid Year Tax Update

In the Spring Statement 2022 issued by the Chancellor, it was announced that further relief will be given to employees on their National Insurance contributions from 6 July 2022 by increasing the Primary Threshold to £12750 which aligns to the income tax personal allowance.

FastTrack has completed this mid year tax update so that when you make a payment to a payee from 6 July, it will use the revised National Insurance Thresholds. The revised values can be found here.

It is necessary for you to apply the latest parameters. The 3 easy steps are:

Step	Description

Step	Description
1	Go to Payroll > Maintenance > Statutory Parameters
2	If there is no row for tax year 06/04/2022 - 05/04/2023 showing, click the import icon on the top right of the screen, else skip this step. Open
3	Click on the download icon next to the tax year 06/04/2022 - 05/04/2023 Open

This must be applied after your system has been upgraded by FastTrack for version 12.10.03.008 or above and before you run tax period 14 of the tax year. You can check the version of software in the login page or via the About FastTrack360 in the help options.