National Minimum Wage Increase
- Created at
- Parkers Accountants and Chartered Tax Advisers
Articles By This Author
- Are you contracting with the public sector? You ne...
- To be a Company or to be a Sole Trader: that is th...
- The Impact of Flat Rate VAT changes on small busin...
- SELF-ASSESSMENT TAX RETURN 2015/16
- 5 Things never to ignore with your business bank a...
- Minimum wage increase – How will it affect your ...
- Self Assessment – Why do we Pay On Account?
- The Importance of Hiring a Great Accountant
- VAT – will your business benefit from the Flat R...
- What Are My Options for Start-Up Investment?
Remember, from 1 October 2015 the National Minimum Wage will be increasing as follows:
- £6.70 for workers aged 21 and over
- £5.30 for workers aged 18-20 years
- £3.87 for workers aged 16-17 years above school leaving age but under 18
- £3.30 for apprentices in their first year of their apprenticeship
Don’t forget, you are not required to pay the NMW to employees who are family members and live in the family home. You also won’t have to pay NMW to a Director (unless they have a contract of service) or volunteers.
Don’t confuse the NMW with the National Living Wage (NLW) provisions coming into force on 6 April 2016 affecting employees 25 and over which we will report on at a later date.