It’s that time of year again for the National Minimum Wage to rise. Following its review, the Government has accepted the recommendations of the Low Pay Commission for the National Minimum Wage. From April 2018 the new rates will be as follows: £7.38 per hour for 21-24 year olds £5.90 per hour for 18-20 year … Continue reading National Minimum Wage Changes
Almost all employees are entitled to 5.6 weeks paid holiday per year, but what rate should this based on: their basic pay or should it include any overtime or commission? The Working Time Regulations Act 1998 declares that employers should use basic pay to calculate holiday entitlement, but this contradicts the European Working Time Directive … Continue reading Are Your Employees Receiving the Correct Holiday Pay?
Beginning the 6 April 2018, employers may be required to increase the amount of contributions into their employees’ Auto Enrolment schemes. The contribution levels will also rise again in a further year’s time, with employers paying a minimum of 3% towards the pension and the total minimum contribution reaching 8%, the employee making up the … Continue reading Auto Enrolment Rolls on for Another Year
As an employer, did you know that you have a legal duty to re-enrol certain employees back into an automatic pension scheme every three years, even if they opted out the first time? Failure to do so could result in a penalty... If you were one of the thousands of businesses that auto-enrolled employees in … Continue reading Pensions Re-Enrolment: Don’t Get Caught Out
HMRC recently unveiled a new policy of adjusting employee tax codes during the course of the tax year, in a bid to improve certainty and help ensure taxpayers pay the 'right amount' of tax. Under the new system, HMRC will be using the information submitted by employers via Real Time Information (RTI), together with any … Continue reading PAYE Tax Codes: the New Real Time System
Over the course of the next two years Auto Enrolment Pension contribution rates are rising. These changes will affect you as an employer as well as your employees. Currently the total minimum amount is 2% of qualifying earnings, of which the minimum for the employer to pay is 1%. This means that the employee normally … Continue reading The Rising Tide of Auto Enrolment
Barrie Kenyon of Green & Co features in this weeks South Wales Argus discussing how some changes in the new tax year will effect employees as well as employers. The new tax year has seen a raft of changes, with more legislative reform scheduled to come into effect over the next few years. From changes … Continue reading Barrie Kenyon Features In This Weeks South Wales Argus
Although the self-employed heaved a sigh of relief when the Chancellor reversed his decision to raise the rate of Class 4 NIC recently, other changes in the structure of National Insurance will give cause for concern, particularly for those with low earnings. The abolition of the self-employed stamp (Class 2 NIC) from April 2018 means … Continue reading Class 2 Voluntary Contributions
As announced by the Chancellor in the Autumn Statement, the rate of the National Living Wage is set to increase to £7.50 per hour from April 2017. In line with this, the government has accepted the recommendations of the Low Pay Commission for the National Minimum Wage and from April 2017 the new rates will … Continue reading National Living Wage and National Minimum Wage
As mentioned in the recent Budget, the Chancellor had intended to increase the Class 4 National Insurance Contributions (NIC). The NI rate for the self-employed (Class 4) was meant to increase from 9% to 10% in April 2018, followed by another rise to 11% in April 2019. This would have brought NIC for the self-employed more in line with … Continue reading Proposed NIC rise has been dropped!