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National Minimum Wage and National Living Wage rates

March 14, 2017 By Nichola Ashman

The rates for National Living Wage and  National Minimum Wage will increase from 1st April 2017.

  • £7.50 per hour – 25 yrs old and overaa_253248928
  • £7.05 per hour – 21-24 yrs old
  • £5.60 per hour – 18-20 yrs old
  • £4.05 per hour – 16-17 yrs old
  • £3.50 for apprentices under 19 or 19 or over who are in the first year of apprenticeship.

The hourly rate for the minimum wage depends on your age and whether you’re an apprentice.

  • Most workers over school leaving age will be entitled to receive the NMW.
  • The NMW /NLW rate is reviewed annually by the Low Pay Commission.
  • HM Revenue & Customs (HRMC) can take employers to court for not paying the NMW/NLW.
  • There are a number of exemptions to those who receive the NMW/NLW. These do not relate to the size of the business, sector, job or region.
  • The compulsory National Living Wage is the national rate set for people aged 25 and over.

 

 

Filed Under: Uncategorized

National Minimum Wage Rates From 1st October 2015

September 18, 2015 By Nichola Ashman

aa_241271677

The National Minimum Wage rate per hour depends on your age and whether you’re an apprentice – you must be at least school leaving age to get it.

Year

21 and over

18 to 20

Under 18

Apprentice*

2015 (from 1 October)

£6.70

£5.30

£3.87

£3.30

2014 (current rate)

£6.50

£5.13

£3.79

£2.73

2013

£6.31

£5.03

£3.72

£2.68

2012

£6.19

£4.98

£3.68

£2.65

2011

£6.08

£4.98

£3.68

£2.60

2010

£5.93

£4.92

£3.64

£2.50

Filed Under: Uncategorized

Summer Budget 2015

July 9, 2015 By Nichola Ashman

 

George Osborne - budget

Pay

• A new National Living Wage to reach £9 per hour by 2020, compulsory for those over 25.

• It will start at £7.20 next April, and be set then on by the Low Wage Commission, in line with the £9 target. That compares with the National Minimum Wage of £6.50 for over-21s currently.

Income tax

• A tax lock to prohibit increases in main rates of income tax, national insurance or VAT for five years will be legislated for in coming weeks

• Tax-free personal allowance will be raised from £10,600 to £11,000 next year, as a step towards a target of £12,500.

• The threshold will also rise in line with the minimum wage.

• Threshold for 40p rate raised from £42,385 in this tax year to £43,000 in 2016-17, on its way to the £50,000 target.

Corporation tax

• Corporation tax will be cut to 19% in 2017, and then 18% from 2020. That is down from 28% when he took over as Chancellor in 2010.

• Small firms’ NI contributions will fall, with a £3,000 employment allowance. So a small firm can hire four staff on the national Living Wage and pay no national insurance.

• The annual investment allowance, which was a temporary tax break for firms, will be set at £200,000 permanently from January 2016.

• Dividend tax credit will be replaced by a new £5,000 tax-free dividend allowance.

• But dividend tax rates are going up from zero to 7.5% for basic rate income tax payers, from 25% to 32.5% for higher rate taxpayers, and from 30.56% to 38.1% for additional rate payers.

Benefits

• £12bn of welfare savings will be found, with spending focused on the elderly and disabled, the Chancellor said.

• Disability benefit will not be taxed or means tested, while more money is going to women’s refuge centres.

• For those aged 18-21, they must “earn or learn”, Mr Osborne says, and will lose their automatic entitlement to housing benefits.

• From 2017, all working parents of three- and four-year old’s must work if they want universal benefit, but also get 30 hours of free childcare each week, up from 15 hours.

Child benefit

• Tax credit and universal credit support to be limited to first two children from April 2017.

• Housing benefit will also be affected by removing family premium for new children from April 2016.

• But multiple births like triplets will be excluded from the limit.

Housing

• Buy to let landlords will get less tax relief on their mortgage interest payments, Mr Osborne said.

• Home owners with lodgers will be able to earn £7,500 tax-free from their house-guests each year.

• From 2017 there will be an extra £175,000 inheritance tax allowance for those who leave their homes to their children or grandchildren, on top of the £325,000 standard inheritance tax allowance currently. The relief is tapered away for those with estates of more than £2m.

• The threshold and new allowance are both twice as high for married couples and civil partners, meaning they will now be able to inherit up to £1m tax-free from each other.

Pensions

• Those earning more than £150,000 will have their tax-free contributions allowance tapered away from its current £40,000 per year to a minimum of £10,000.

• The Government is consulting on a new ISA-style pension where savers pay tax on the income they put in, but not when they take it out.

 

Cars

• New cars will not need an MOT until they are four years old, rather than three at the moment.

• Fuel duty has been frozen for another year.

• But insurance premium tax is being hiked from 6% to 9.5%.

• Vehicle Excise Duty is also being reformed. New cars will pay a variable rate, but beyond the first year, drivers will pay £140 in tax on most cars. Drivers are exempt if the car has zero carbon emissions.

• One exception is for expensive cars – if the vehicle costs more than £40,000 and incurs the £140 charge, the driver will pay an additional £310 annual surcharge.

Productivity and skills

• Mr Osborne says “too many large companies leave the training to others and take a free ride on the system”.

• He is introducing an apprenticeship levy on large firms, by which those firms which train apprentices receive more money than they put in .

• The Chancellor praises tuition fee reforms as “a triumph of progressive reform” to get more students from poor backgrounds into university, and is now removing the cap on student number.

• Mr Osborne says from 2016-17, maintenance grants will be replaced by loans for studentsto be paid back when they earn more than £21,000. Loans of up to £8,200 will be available.

Filed Under: Uncategorized

Government’s £12bn welfare cuts

June 23, 2015 By Nichola Ashman

David Cameron has insisted that the Government’s £12bn welfare cuts will create a fairer Britain by boosting social mobility and economic opportunity.aa_118114915

The Prime Minister said the welfare system must help people to get good jobs instead of giving them handouts, signalling an attack on the tax credit payouts that top up low wages for the working poor and housing benefit.

But he said the Government would balance benefit cuts with boosts to the minimum wage and personal tax allowance, as well as providing further childcare support for working families and improvements to education.

The changes will be announced in full in next month’s Budget and will include capping benefits at £23,000 a year for each family.

 

Filed Under: News, Personal Accounts, Uncategorized

Bogus Companies House Email

May 18, 2015 By Nichola Ashman

We are aware that a number of suspicious emails are being sent claiming to be from Companies House. These emails have not been generatedaa_209187682

by Companies House.

The latest of these bogus emails claims to be a response to an online filing submission.

If you have received one of these emails forward it to phishing@companieshouse.gov.uk and then delete it. Do not try to view any attachments contained in the email.

 

Filed Under: Uncategorized

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  • National Minimum Wage and National Living Wage rates
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