2021 Bank Holiday Payroll Deadlines
Updated 5 months ago
FAQ:
Q: What Happens if my company's scheduled payroll is supposed to occur on a Holiday?
A: If your regular payroll is scheduled to take place on a bank holiday, the paydate will be moved to one business day earlier.
Example #1 If your employees are supposed to be paid on Friday, January 1st, 2021, they will receive their payment on Thursday, December 31st instead.
Example #2 If employees are supposed to receive payment on Monday, December 28th, 2020 they will receive their payment on Thursday, December 24th instead since Friday, December 25th is also a bank holiday.
Q: How do I know if my company has 2, 3 or 4-day payroll funding?
A: If Your company’s payday is on Friday and your payroll deadline is on a Monday, then your Company has 4-day funding. If Your company’s payday is on Friday and your payroll deadline is on a Tuesday, then your Company has 3-day funding. If Your company’s payday is on Friday and your payroll deadline is on a Wednesday, then your Company has 2-day funding.
December 25 & 26, 2021 - Christmas Day & Boxing Day (Bank Holidays)
In 2021, Christmas & Boxing Day fall on the weekend. The bank Holidays fall on the following Monday and Tuesday (December 27th & 28th). Knit will be able to process employee payments on December 27th & 28th but any payroll confirmed on these dates will not be submitted to the bank until December 29th.
Pay Day | Deadline to Confirm Payroll (Companies with 4-day funding) | Deadline to confirm Payroll (Companies with 3-day funding) | Deadline to Confirm Payroll (Companies with 2-day funding) |
December 27th | December 21st | December 22nd | December 23rd |
December 28th | December 22nd | December 23rd | December 24th |
December 29th | December 21st | December 22nd | December 23rd |
December 30th | December 22nd | December 23rd | December 24th |
December 31st | December 23rd | December 24th | December 29th |
January 1st 2022, New Years Day
New Years Day 2022 falls on a Saturday so the bank holiday falls on the following Monday (January 3rd). Knit will be able to pay employees on January 3rd but payroll confirmations submitted on this day will not be submitted to the bank until January 4th.
Pay Day | Deadline to Confirm Payroll (Companies with 4-day funding) | Deadline to confirm Payroll (Companies with 3-day funding) | Deadline to Confirm Payroll (Companies with 2-day funding) |
January 3rd | December 24th | December 29th | December 30th |
January 4th | December 24th | December 29th | December 30th |
January 5th | December 29th | December 30th | December 31st |
January 6th | December 30th | December 31st | January 4th |
January 7th | December 31st | January 4th | January 5th |
