Largest increase to the minimum wage announced
Posted on: 30-11-2023
Largest increase to the minimum wage announced
The government has announced substantial increases to the national living wage (NLW) and national minimum wage (NMW) rates from 1 April 2024, and a key change for workers aged 21 and 22. What are the new rates going to be and what is the key change?
If you would like any help with Payroll take a look at Our Payroll Services
Accepting the recommendations of the Low Pay Commission in full, the government has confirmed that it will be increasing the NLW and NMW rates from 1 April 2024 as follows:
- the NLW rate will rise by 9.8% from £10.42 to £11.44 per hour – this rate currently applies to workers aged 23 and over but it will be extended to also apply to 21 and 22 year olds from 1 April 2024
- the NMW rate for workers aged 18 to 20 will rise by 14.8% from £7.49 to £8.60 per hour
- the NMW rate for workers aged 16 and 17 will rise by 21.2% from £5.28 to £6.40 per hour
- the NMW rate for apprentices aged under 19, or those aged 19 and over but in the first year of their apprenticeship, will rise by 21.2% from £5.28 to £6.40 per hour
- the daily offset for the provision of living accommodation to a worker will rise by 9.8% from £9.10 to £9.99 per day.
If you would like any assistance with any of these points.
-
Recent Posts
- Back-door company loans – is there a problem? April 22, 2024
- Guidance for merged R&D scheme published April 15, 2024
- Have you underclaimed your expenses? April 10, 2024
- SPECIAL FOCUS: TAX UPDATE AND 2024 SPRING BUDGET April 3, 2024
- MONTHLY FOCUS: CAPITAL GAINS TAX SAVINGS WITH SHARES March 25, 2024
- Changes to Accounts March 19, 2024
- Changes to Companies House fees March 19, 2024
- Companies House Changes at a Glance March 19, 2024
- Changes to UK company law March 19, 2024
- Group capital allowances under review March 12, 2024
- Spring Budget 2024 March 7, 2024
- Advisory fuel rates from 1 March 2024 published March 4, 2024
- MONTHLY FOCUS: PROFIT EXTRACTION FOR 2023/24 February 26, 2024
- Updated News – Double blow for double cab pickups February 21, 2024
- Over one million tax returns not filed on time February 12, 2024
- Ex-Liverpool star loses IR35 case February 8, 2024
- Taxpayer successfully argues against “deliberate behaviour” penalty February 1, 2024
- MONTHLY FOCUS: IHT PLANNING WITH BUSINESS PROPERTY RELIEF January 23, 2024
- HMRC reminds cryptoasset holders of tax obligations January 19, 2024
- Online side hustlers to feel HMRC’s wrath January 12, 2024
- Child benefit goes digital January 5, 2024
- Changes to VAT zero rating imminent December 28, 2023
- Taxpayer uses AI to argue against penalty December 21, 2023
- Criteria for self-assessment are changing December 12, 2023
- Latest advisory fuel rates published December 5, 2023
- Largest increase to the minimum wage announced November 30, 2023
- The Autumn Statement 2023 November 22, 2023
- All Budget dates now confirmed November 21, 2023
- How much input tax to claim on mileage payments to staff? November 16, 2023
- MONTHLY FOCUS: Simplifying Your VAT Reporting November 10, 2023
- Paper filing date approaching fast November 2, 2023
- MONTHLY FOCUS: BUSINESS ASSET DISPOSAL RELIEF FOR UNINCORPORATED BUSINESSES October 23, 2023
- Workplace pensions for seasonal and temporary staff October 16, 2023
- HMRC corrects guidance on company-owned EV car charging October 5, 2023
- Low and tax-free company vans September 25, 2023
- Lord Sugar falls foul of little-known residence rule September 19, 2023
- Tax breaks in Investment Zones September 7, 2023
- Government to simplify collection of high income child benefit charge August 21, 2023
- HMRC launches PAYE code tool August 1, 2023
- HMRC encourages UK Trader Scheme users to take action by 31 July 2023 July 27, 2023
- Are you due an NI refund? July 18, 2023
- Directors’ Loan Accounts July 4, 2023
- Further rise in HMRC interest rates confirmed June 30, 2023
- Turn a tax trap into a tax-efficient golden handshake June 20, 2023
- How to avoid a common mistake with mileage payments June 15, 2023
- Meals for employees an especially valuable perk June 5, 2023
- The hidden inheritance tax on gifts May 30, 2023
- Interest on unpaid tax bills increases again May 26, 2023
- New fuel scale charge flat rates apply May 7, 2023
- Is pension advice tax free? April 25, 2023
- Payment of pension arrears could mean tax bill April 14, 2023
- Spring Budget 2023 – Introduction March 16, 2023
- Spring Budget 2023 – Personal Tax March 16, 2023
- Spring Budget 2023 – Employment March 16, 2023
- Spring Budget 2023 – Business March 16, 2023
- Spring Budget 2023 – Capital Taxes March 16, 2023
- Spring Budget 2023 – Other Matters March 16, 2023
- Deadline for voluntary NI contributions extended March 8, 2023
- Year End Tax Planning Guide February 11, 2023
- Why consider paying voluntary Class 2 NI via tax returns? January 31, 2023
- Return filing season busier than normal January 10, 2023
- MTD ITSA delayed for two years December 28, 2022
- Don’t miss key December deadline December 12, 2022
- The Autumn Statement 2022 November 18, 2022
- HMRC urges parents to use Tax-Free Childcare October 27, 2022
- Reversal on Emergency Budget 2022 October 19, 2022
- VAT online service to be withdrawn soon October 12, 2022
- Career opportunity – Trainee Accountant September 26, 2022
- Mini Budget – September 2022 September 23, 2022
- Variable payment plan goes live on 19 September September 19, 2022
- HMRC wins £42k late filing penalty row August 30, 2022
- What are the consequences of unlawful dividends? August 5, 2022
- Leadership race means more tax uncertainty for owner managers July 18, 2022
- Avoiding a VAT deregistration headache July 4, 2022
- Business expense trap for companies and directors June 17, 2022
- Do you need help to grow? May 30, 2022
- Don’t miss out on tax reliefs May 11, 2022
- VAT and Electric Vehicle Charging May 3, 2022
- GRANT OVERPAYMENTS HMRC STARTS TO ASSESS April 22, 2022
- IECnet appoints new COO, Katharina Rottenbacher. April 13, 2022
- Mitigating the NI rise April 4, 2022
- Spring Statement 2022 – Introduction March 24, 2022
- Spring Budget 2022 – Highlights March 24, 2022
- Spring Budget 2022 – Personal Tax March 24, 2022
- Spring Budget 2022 – Business Tax March 24, 2022
- Spring Budget 2022 – Employment Taxes March 24, 2022
- Spring Budget 2022 Capital Taxes March 24, 2022
- Spring Budget 2022 – Other Matters March 24, 2022
- New reporting requirement for FRS businesses February 24, 2022
- HMRC provides further detail on late filing reprieve January 24, 2022
- Greater Manchester Clean Air Zone December 28, 2021
- HMRC update – Government support affected by Omicron December 23, 2021
- Christmas Office Times December 20, 2021
- HMRC issues warning to those filing tax returns November 26, 2021
- HMRC issues urgent warning to SEISS grant recipients November 4, 2021
- Autumn Budget 2021 – Introductions October 29, 2021
- Autumn Budget 2021 – Business October 29, 2021
- Autumn Budget 2021 – Capital Taxes October 29, 2021
- Autumn Budget 2021 – Employment October 29, 2021
- Autumn Budget 2021 – Personal Tax October 29, 2021