It’s that time of year again. The changes to the National Minimum Wages for 2016/17 will be in effect from the 1st of October 2016.
Are you Ready?
If you aren’t ready, you need to know the following:
- Find out the new National Minimum Wage rates of pay here.
- Check you know who is eligible in your organisation.
- Take the appropriate payroll action.
You can find further information on HMRC’s employers’ National Minimum Wage page.
The following chart explains the structure, level and increase in the minimum wage.
|Structure, level and increases in the minimum wage|
|Current Level||From April 2016||From October 2016 – April 2017||Increase|
|Adult Rate (21+)||NLW (25+) £7.20||£7.20||N/A|
|Adult Rate (21-24) £6.70||£6.95||3.7%|
|16-17 Yr Old Rate||£3.87||£4.00||3.4%|
NLW: National Living Wage
YDR: Youth Development Rate
How We Can Help?
At Thames Williams Accountancy we provide Payroll services and stay up to date will all HMRC Legislation. Helping you the public and our clients stay informed of any changed, in this instance the National Minimum Wage. We do all the changes, inform all the employees on your behalf. Removing your hassle, so you can focus on what is important to you, your business.
For more information or advice please do not hesitate to contact us at [email protected].