12.03.18 Minimum Wage

Are you ready for the minimum wage increase?

18.03.12 Salary

As of 01/04/18 there will be a new National Minimum Wage which it will be law to adhere to. Failing to do so could result in fines or penalties so it is essential that you know it is coming and are ready to act.

 

The current and new rates are displayed below for reference but it may be that this won’t affect your payroll in any way as you already pay over these rates.

 

Year 25 and over 21 to 24 18 to 20 Under 18 Apprentice
April 2017 (current) £7.50 £7.05 £5.60 £4.05 £3.50
April 2018 £7.83 £7.38 £5.90 £4.20 £3.70

 

This change will only affect those who currently have employees below the new minimum wage that is being introduced. Those that this new minimum wage will affect should make sure that whoever is responsible for their payroll is aware of these changes and ready to act upon them for the appropriate period.

 

You can find out more about the minimum wage on the HMRC website here.

 

If you would like to know more about the Minimum Wage increase or have any questions then please do not hesitate to contact us on 01224 748 298 or by email at info@grampianacounting.co.uk