Are you ready for the big rise?
The national minimum wage rises by 50p in April this year from £6.70 to £7.20 for people aged 25 and over.
The government has softened the blow for small businesses by a 50% increase in the National Insurance contributions (NICs) employment allowance, which rises to £3,000 per year. According to George Osbourne the reduction in employer NICs offsets the increase in minimum wage for the equivalent of 4 full time members of staff.
So it’s high time to check your payroll to make sure that you are ready for both the wage rise and the increased allowance.
Not paying £7.20 might upset your staff. Not claiming the allowance will definitely up set you.
If sorting all of this out has become too much hassle then why not talk to Lewis Smith & Co. about our payroll bureau? We can take care of everything right down to the payslips.
Call us today on 01384 235549 or email email@example.com to find out more.
Lewis Smith & Co. – Accountants for Netherton businesses