Accounting News

National Minimum Wage to increase

National Living Wage and National Minimum Wage to increase from April 2018

Thursday 30 November, 2017

In the Autumn Budget the Chancellor announced that The National Living Wage for those aged 25 and over will increase from £7.50 per hour to £7.83 per hour from April 2018.

According to HMRC over 2 million people are expected to benefit from the increase. For a full-time worker, it represents a pay rise of over £600 a year.

The National Minimum Wage will also increase as following for other age brackets:
21 to 24 year olds - £7.38 per hour
18 to 20 year olds  - £5.90 per hour
16 and 17 year olds - £4.20 per hour
Apprentices - £3.70 per hour

For more information visit the HMRC website

Tena Wallace, HR & Payroll Director, Visionary Accountants St Albans said: ‘It is important that all businesses are prepared for the April changes to the National Living Wage and National Minimum Wage, and they amend their payroll systems accordingly. Visionary Accountants specialise in offering payroll for many small and medium businesses within Hertfordshire. If you would like a free initial consultation for your business please contact me on 01727 730550.’


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