National Minimum Wage

HMRC are assessing the “National Minimum Wage” rates being applied in some parts of the UK such as the West Midlands.

HMRC are writing to businesses directly as well as the employees who work for the specific business

In order to ensure that the businesses/our clients are legally compliant they should follow the procedures for each client 👇

1)

When a New Employees starts the following will need to be provided:-

- Full Name

- Residential Address

- Gender

- Date of Birth

- National Insurance Number

- Start Date

- Gross Pay or Hourly Rate/Hours Per week or month

- P45 if left the previous job

2)

When an employee resigns from the business then the business should notify the Accountant/Book Keeper/Payroll Bureau about this

3) Employment Contract for each employee

Please note that if employees ever had a dispute or raised a complaint against your business then the business will have serious issues if an Employment Contract is not in place during an Employment Tribunal

4) Minimum Wage for the tax year 2023-2024 will be

These rates apply from 1 April 2023.

Rate from April 2023

National Living Wage £10.42

21-22 Year Old Rate £10.18

18-20 Year Old Rate £7.49

16-17 Year Old Rate £5.28

Apprentice Rate £5.28

Please ensure that you paid the above minimum wage or higher for each employee.

5) PAYE Liabilities are due Quarterly, however if you owe over £1,500 in a month then regular monthly payments are required.

6) Employment Allowance of £5,000 is also provided to offset against National Insurance Employer for the smaller businesses with less than £100,000 PAYE liabilities due in the Tax Year.

Please note there are some businesses which are excluded just by the nature of trade from claiming this allowance. You will be able to see this on the HMRC website.

If we can assist with the 👆 services as far as further guidance in regards to the payroll or run the process on behalf of your business, then please feel free to reach out

Tel: 0121 285 2534

Web: www.secureaccountsltd.co.uk

#accountants #accounting #selfassessment #selfassessmenttaxreturns #vat #bookkeeping #corporationtax #individual #companies #Paye #payroll #taxes #partnership#charities