With a new tax year fast approaching there are some key changes to be aware of:
- the tax free personal allowance will increase to £11,850 and the new emergency tax code will be 1185L.
- the National Living Wage NLW (for those aged 25 & over) will increase from £7.50 to £7.83.
- the National Minimum Wage NMW will increase as follows:
Employees aged 21-24 – from £7.05 to £7.38
Employees aged 18-20- from £5.60 to £5.90
Employees aged under 18- from £4.05 to £4.20
Apprentices aged under 19, or aged over 19 in the first year of their apprenticeship – from £3.50 to £3.70
- the minimum contribution rates for workplace pension schemes will increase to 5%, with a minimum of 2% employer contribution. (eg. employer 2%, employee 3% contribution)
- Statutory Sick Pay will increase from £89.35 per week to £92.05 per week.
- Statutory Maternity, Paternity, Adoption and Shared Parental Pay will increase from £140.98 per week to £145.18 per week.
the repayment threshold for student loans will increase as follows:
Plan type 1 loans from £17,775 to £18,330
Plan type 2 loans from £21,000 to £25,000
Please do not hesitate to contact us if we can help you meet your payroll and workplace pension duties.
Posted in Payroll
Tagged Auto Enrolment, national living wage, national minimum wage, NLW, NMW, PAYE, SMP, SSP, student loans, tax, workplace pensions
The National Minimum Wage (Amendment) Regulations 2013 have been published in draft form and they will increase the national minimum wage for workers of differing ages from 1 October 2013 as follows:
- The adult rate for workers aged 21 and over will increase from £6.19 to £6.31 per hour.
- The rate for 18-20 year olds will increase from £4.98 to £5.03 per hour.
- The rate for 16-17 year olds will increase from £3.68 to £3.72 per hour.
- The apprentice rate will increase from £2.65 to £2.68 per hour.
- The accommodation offset will increase from £4.82 to £4.91 per day.
How will this affect your business? If we can be of assistance with cash flow forecasting or business planning, do get in touch.