New Tax Year ... new rate changes

 

Tony March, our Payroll Manager, reminds employers of the rate changes for the New Tax Year.

THE NATIONAL MINIMUM WAGE/NATIONAL LIVING WAGE (“NMW/NLW”) 

Please note the new rates from April 2018. 

Employees:                   

25 years of age and over - £7.83 (previously £7.50) (National Living Wage) 

21-24 - £7.38 (previously £7.05) 

18-20 - £5.90 (previously £5.60) 

Under 18 - £4.20 (previously £4.05) 

We will automatically make changes as appropriate for our payroll clients.  

APPRENTICE RATES 

These rates apply from April 2018 to all apprentices: 

Apprentices under age nineteen - £3.70 per hour. 

Apprentices aged over nineteen, but in the first year of their apprenticeship, £3.70 per hour. 

Apprentices over age nineteen and having completed their first year, are to receive the full national wage applicable to their age.  However, this will depend upon the terms of the apprenticeship.  

"We would remind all employers that non-compliance with the payment of the National Minimum Wage can result in the Enforcement Agency (H M Revenue & Customs) imposing penalties from £100 up to a maximum of £5,000."

Please don't hestiate to contact Tony with any payroll queries.