If you are an employer, it is essential to keep up to date with the changes in National Minimum Wage and National Living Wage rates. This helps you to manage your finances more effectively and help with future forecasting.
Below are the current rates and the increased rates from April 2020. If your employees are school leaving age, then they would be entitled to the National Minimum Wage. For all employees that are aged 25 or above, they should be getting the National Living Wage.
The increase in National Living wage for over 25s will increase by 6.2% from £8.21 to £8.72
(Source: HM Treasury)
This level of increase in the National Living Wage equates to an increase in gross annual earnings of around £930 for a full-time worker on the current minimum rate. This extra boost is good for employees. However, employers must be prepared for this level of increase if they have staff that are aged 25 or above.
If you would like any advice on how these changes will affect your business, please do contact us.
You can call 01623 490 120 or email This email address is being protected from spambots. You need JavaScript enabled to view it..
Haidee is our Personal Tax Director and is a fully qualified tax adviser, having achieved the ATT qualification in 2006. Tax efficiency being her main concern. Specialising in taxation, Haidee provides clients with advice on personal tax, PAYE services, VAT and social security. She also provides guidance to new start-up businesses.
Call us today on01623 490120
or email info@watsonk.co.uk
When you first start a business, your focus is usually on attracting customers, generating sales and building a successful company. Few business owners spend much time thinking about how or when they will eventually leave the business.
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