Library

New National Minimum Wage Rates

The National Minimum Wage (Amendment) Regulations 2024 came into force on 1 April and provided for the following changes to the National Living Wage (NLW) and the National Minimum Wage (NMW) rates:

The NLW, which now applies to those aged 21 and over (previously those aged 23 and over), has increased from £10.42 to £11.44 per hour;
The NMW for 18- to 20-year-olds has increased from £7.49 to £8.60 per hour;
The NMW for 16- and 17-year-olds has increased from £5.28 to £6.40 per hour; and
The apprentice rate of the NMW, which applies to apprentices aged under 19 or those aged 19 or over and in the first year of their apprenticeship, has increased from £5.28 to £6.40 per hour.

The accommodation offset has increased from £9.10 to £9.99 per day for each day during the pay period that accommodation is provided.

Get in touch

Construction Industry VAT Changes Ahead

Businesses in the construction industry are reminded that on 1 October 2020 the new VAT domestic reverse charge will come into force. This is being introduced as an anti-fraud measure and will see a major change in accounting for VAT on some construction...

Who Pays the Rates?

When a company that is the tenant of a property goes into liquidation, it is normal for the liquidator to disclaim the lease on the premises. Business rates must be paid by the 'person entitled to possession of the property' ( Local Government Finance Act...

Tenancy Deposit Protection Schemes - Rules

If you are a landlord it is vital that you are aware of the requirement that all deposits taken by landlords and letting agents for Assured Shorthold Tenancies (AST) in England and Wales must be protected by a tenancy deposit protection scheme. There are...

Tips for Business Borrowers

With the economy improving, businesses will be thinking about financing the expected expansion of trade. Borrowing cost often dominates the thinking, but it isn’t all about the cost of the loan. In order to negotiate the right deal, here are some tips...