We are delighted to bring you our summary of the key announcements in the Budget 2018 statement, made on Monday, 29 October. The personal allowance will be raised to £12,500 from April 2019, one year earlier than previously planned. At the same time, the higher rate threshold will rise to £50,000, also a year ahead … Continue reading Budget 2018: What you need to know
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
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
With last Saturday marking the beginning of the new National Minimum Wage, it has never been so important for employers to ensure they are paying their employees the correct wages. Last month, HMRC continued its Name and Shame scheme by publishing a further 197 companies who owed a collective £465,000 in arrears. Since the Name … Continue reading Named and Shamed: The Importance of the Minimum Wage
The much talked about National Living Wage (NLW) was finally introduced on 1st April this year for 25 and overs. While the National Minimum Wage (NMW) will still apply to those under 25, the NLW is a higher rate of pay of £7.20 per hour and is designed to encourage a reduced reliance on state … Continue reading To Pay Or Not To Pay – The National Living Wage
So, the 6th of April brings in the new tax year with new rules, but what are the changes? Personal Allowance - increases to £11,000. Personal Savings Allowance - if you are in the 20% band for income tax, you will pay no tax on the first £1,000 of interest you get from savings. If … Continue reading New Tax Year – New Rules!