Give us your details and we’ll be in touch asap

Insights

All Articles

Business Services

Business Tax

Personal tax

Probate and Inheritance Tax

VAT

Accountancy  •  Bookkeeping  •  Business Services  •  Small Business

Update on new statutory pay rates

By RJP LLP on 12 April 2018

Statutory pay increases have come into effect from 1 April 2018 for the National Minimum Wage and National Living Wage.

Workers aged over 25 on the National Living Wage will benefit from an increase of 4.4%, with hourly payments rising from £7.50 an hour to £7.83 an hour.

Younger workers and apprentices will also benefit from increases, with new rates as follows:

  • 21-24 years old – £7.38 per hour
  • 18-20 years old – £5.90 per hour
  • Over compulsory school age – £4.20 per hour
  • Apprentice – £3.70 per hour

The government recently published a ‘naming and shaming’ list of all the employers who failed to pay their staff the minimum wage. Enforcement is increasing in this area and substantial financial penalties can be issued for all organisations that do not meet the new legal requirements.

A new set of ‘family friendly’ pay rates for workers with families have also been introduced.

  • Weekly rates of statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP) and statutory shared parental pay (ShPP) have risen from £140.98 per week to £145.18 per week.
  • Statutory sick pay (SSP) has also risen from £89.35 a week to £92.05 a week.

If you haven’t already, it is important to review your workplace policies regularly to ensure you are compliant with the latest legislation.

For more information on the range of payroll services offered by RJP, please email us at partners@rjp.co.uk.

 

 

Read more articles like this

Accounting changes: Tax year basis from April 2024

EORI – The one thing your business might need before Brexit

What are the tax free rules for a Covid Christmas?

How to apply the new Job Support Scheme across your workforce

Changes to the calculation of rental profits for landlords with rental receipts of less than £150,000

Share this:

All Articles

Business Services

Business Tax

Personal tax

Probate and Inheritance Tax

VAT

Image
Image

60 Day Deadline for CGT Returns and Tax Payments

If you sell a property and incur capital gains tax on the transaction, you will need to file a tax return and also pay any tax that is due within 60 days of completion, or penalties will arise. Need help with your property taxes? Talk to us.