This website uses cookies to ensure you get the best experience. Please read our policies for more information.

10 Chartered Accountants

News

National Living Wage to rise next month
07 March 2019

From 1 April 2019, employers will be required by law to pay their employees a higher minimum wage rate.

It is thought that this increase in the UK’s statutory wage requirements will benefit around 2.4 million workers and means that the annual earnings of a full-time minimum wage worker will have increased by over £2,750 since the introduction of the National Living Wage in April 2016.

The new rates are:
For businesses though, the increase in the wage will not only affected their wage bill but will also come at a time when they are required to increase their workplace pension contributions for staff.

Year

25 and over (National Living Wage)

21 to 24

18 to 20

Under 18

Apprentice

Current rate

£7.83

£7.38

£5.90

£4.20

£3.70

April 2019

£8.21

£7.70

£6.15

£4.35

£3.90


These contributions are set to rise yet again next month to a minimum of three per cent for employers, and a combined minimum contribution of eight per cent between employers and employees.

Those who are unprepared for these changes are likely to be the worst affected by this sudden change in costs, so it is important that they take immediate action if they are not yet prepared.

Other recent news

Planning your exit? Watch out for the BADR changes
20 March 2025

If you are thinking about selling your business, timing could…
Read more

Paying your employees will cost you more after 6 April
20 March 2025

From 6 April 2025, changes to employer National Insurance Contributions…
Read more

Why you need to meet with your accountant before April
20 March 2025

As the end of the tax year approaches, it is…
Read more

Upcoming Inheritance Tax changes that could affect you
20 March 2025

Upcoming changes to Inheritance Tax (IHT) will be phased in…
Read more

Time is running out to check for gaps in your State Pension!
20 March 2025

If you have had career breaks, worked abroad, or earned…
Read more

»

Case Studies