Minimum Wage Increases

As of April 2018, the National Minimum Wage will be increasing. Read on for more info.

Harvey Telford & Bates Chartered Accountant provide a payroll service and support to our clients, however it is something that all businesses need to aware of if they are managing their employees payroll, even if they only have 1 employee.

 
National Minimum Wage 2018

The National Minimum Wage (NMW) and National Living Wage (NLW) are the legal minimum wage rates that must be paid to employees. Employers are liable to be penalised for not complying with the NMW and NLW rules.

There are different levels of NMW and NLW, depending on age and whether the employee is an apprentice. The rates are due to increase from 1 April 2018 as shown in the following table:

 

Rate from 1 April 2017

Rate from 1 April 2018

NLW for workers aged 25 and over

£7.50

£7.83

NMW main rate for workers aged 21-24

£7.05

£7.38

NMW 18-20 rate

£5.60

£5.90

NMW 16-17 rate for workers above school leaving age but under 18

£4.05

£4.20

NMW apprentice rate *

£3.50

£3.70

*for apprentices under 19 or 19 or over and in the first year of their apprenticeship

There are no exemptions from paying the NMW on the grounds of the size of the business.

 If you would like to speak to our team about managing your payroll, please get in touch today – email hello@htbaccountants.co.uk or call 01743 462604.

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