The chancellor announced that the national living wage will increase to over £11 per hour by April 2024.
This could mean wage rises of up to £1000 for those on the current minimum wage next year.
Confused about the difference between National Living Wage and National Minimum Wage? Here's a breakdown: National Minimum Wage is the minimum hourly pay almost all workers are entitled to. National Living Wage is higher and applies to workers over 23. No matter the size of the employer, correct minimum wage must be paid.
For more information on the National Living Wage 2024 click here.
What is the current minimum wage?
The national living wage for 2023/2024 is 10.42 an hour.
Find out more about NRV Tax Ltd's Payroll Services:
At NRV Tax Ltd Essex and London we will direct you to meet all the compliance requirements through providing the following services:
We also provide various secretarial services to limited companies, which include:
- Providing weekly, monthly or quarterly payroll services
- Advise on payment to the staffs
- Preparing payslip
- Advise on keeping records of staff joining and leaving
- Submitting forms (P46 or P45) to HMRC for new employees
- Submitting P 45 to HMRC for employees left the company
- Submitting P35 to HMRC
For more information on how we can help you contact our team today!
