Accounting News

National Living Wage

Is your company payroll service prepared for the new National Living Wage?

Tuesday 9 February, 2016

From April 6th2016 the Government will introduce the new National Living Wage, so if you are working and aged over 25 and not in the first year of an apprenticeship you will be entitled to claim pay of at least £7.20 per hour.  This is an increase of fifty pence, and the Government has pledged to increase this every year.

Any eligible workers should check that they are paid correctly in April.  Employers must act now to make sure they are ready for the change.  HM Government website recommends employers take these four steps:

Check you know who is eligible in your company to the new National Living Wage
Take the appropriate payroll action
Let your staff know about their new pay rate
Check your staff under 25 are earning at least the right rate of National Minimum Wage, and set up a system to track when they are entitled to wage increases.

For more information and help on National Minimum Wage rates view the some useful rates section on the Visionary Accountants Tax Rate Information.

Tena Wallace, HR & Payroll Director at Visionary Accountants’ St Albans said: ‘Employers must act now to ensure their organisation is ready for the National Living Wage changes.   New government legislation for the new National Living Wage and workplace pension changes put increased pressure on in house company payroll services.  If your bookkeeper or payroll services department want advice about how any recent legislation changes should be implemented in your organisation, please call our payroll services department on 01727 730550.‘

Visionary Accountants is based in St Albans and offers Accountancy & Bookkeeping Services, Payroll & Auto Enrolment, Tax Planning & Tax Advice.


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