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All the best,
The SK Accountants team
Thank you for getting in touch. A member from our friendly team will aim to get back to you shortly.
All the best,
The SK Accountants team
Thank you for getting in touch. A member from our friendly team will aim to get back to you shortly.
All the best,
The SK Accountants team
The arrival of a new year heralds changes, particularly in statutory pay rates in the UK. It is essential that employers gear up for these adjustments, set to be implemented from April 2024.
With a substantial increase in rates anticipated, employers and their payroll teams must be well-prepared in advance. Adapting to these changes is essential to fulfilling legal duties and maintaining compliance.
Changes in the National Living and Minimum Wage
Responding to last year’s higher inflation rates, the National Living Wage (NLW) and National Minimum Wage (NMW) are due to rise by nearly 10 per cent. The NLW will jump from £10.42 to £11.44 per hour.
A notable change in April 2024 is the extension of the NLW to individuals aged 21 and over, previously reserved for those over 23. This change will benefit thousands more employees by providing a higher wage.
The NMW rates will also see an increase across all categories:
Revised Statutory Paternity Leave and Pay
Employers should also prepare for the revised Statutory Paternity Leave (SPL) and Pay (SPP), effective from the 2024/25 tax year.
The Government aims to make it easier for fathers to take leave and receive pay, introducing the following changes:
While the eligibility and payment rate remain the same, these rules offer greater flexibility.
If you are unsure of how these changes affect you and your business or would like support to remain compliant with these new payroll rule, please contact our team today.
Small business confidence dips ahead of new customs controls coming into force
Four in 10 exporters have reported a fall in international sales since the end of the Brexit transition period, a major study has revealed. According to the tracker, four in 10 – around 41 per cent of traders – have reported a “drop off” in international sales in the three months to September 2021.
Business
HMRC asks sole traders to correctly report SEISS grants or “repay in full”
Sole traders who have not correctly reported their Self Employment Income Support Scheme (SEISS) grants may be forced to repay them in full, it has been warned.
Compliance
Small businesses call for Government support to tackle climate change
According to new research, many are addressing energy usage, increasing recycling and investing in microgeneration, but only a third of those have a formal plan to tackle climate change within their business.
Economy
Almost 800,000 tax scams reported to HMRC in past 12 months, figures reveal
Nearly 800,000 tax-related scams were reported to HM Revenue & Customs (HMRC) in the past 12 months, a major study has revealed. According to the report, HMRC responded to 797,010 referrals of suspicious contact from the public in the last year. Around 358,000 of these involved scams where taxpayers were offered bogus tax rebates.
Tax Planning