With the recent change in Government and plans for the economy under the Emergency Budget there came a number of proposed changes which businesses need to be aware of. One of the most important for limited companies and other businesses employing staff is the changes to the national minimum wage levels.
From October 2010 the new minimum wage levels for the UK will be as follows:
- £5.93 per hour for workers aged 21 and over; (currently £5.80)
- £4.92 per hour for workers aged 18 to 20; (currently £4.83)
- £3.64 per hour for workers aged 16 to 17. (currently £3.57)
Another new addition is the introduction of a minimum wage rate for apprentices. £2.50 an hour for apprentices aged under 19 or 19 but in the first year of their apprenticeship. This might have an effect on small businesses who rely on apprenticeships to provide low cost workers, but otherwise the changes are quite minimal.
For those carrying out a company formation or already running a small business and thinking of employing staff it is essential to register for a PAYE system and run a payroll service to properly pay staff and make the necessary NI and tax contributions. Our low cost Payroll Service is ideal for small businesses looking for an easy to manage payroll system. Fully managed with prices starting from £1.89 per employee per month!
Popularity: 1%
