From October 1st 2014 National Minimum Wage Rates are going up.
New minimum wage rates apply from Wednesday October 1st 2014. The rates for different ages of workers are, ascending order, as follows;
- £6.50 – the main rate for workers aged 21 and over (up from £6.31)
- £5.13 – the rate for 18-20 year olds (up from £5.03)
- £3.79 – the rate for 16-17 year olds above school leaving age but under 18 (up from £3.72)
- £2.73 – for apprentices under 19 or 19 or over and in the first year of their apprenticeship (up from £2.65)
Now’s the time to update your payroll scheme Real Time Information (RTI) means you must use the correct data to ensure your reporting is accurate.
Remember we offer a payroll bureau service that’s designed to take away the headaches of both payroll and RTI.
Just give us a call on 01384 235549 or email us at firstname.lastname@example.org if you want to find out more.
Lewis Smith & Co. – Tax return specialists for business owners, directors and sole traders