Minimum Wage and statutory rates increases – April 2018

statutory payments and minimum wage changes April 2018

The beginning of April has likely been a hectic time for many employers, with usual accounting and financial deadlines sandwiched in between important updates to employment law rates and payments.

Here, we outline the increases in the National Minimum Wage, National Living Wage and other statutory payments, all business owners need to abide by from April 2018. (more…)

A Guide to the National Living Wage for small business owners

From 1st April, 2016 all employers will need to comply with the new National Minimum Wage regulations.

To help you understand exactly what the National Living Wage is, and what you need to do to comply with the new legislation, here’s a guide to the National Living Wage for small business owners;

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The new business laws affecting small businesses in 2016

Whether you’re just starting up or currently running a small business, you may be feeling overwhelmed by the issues that you face on a daily basis.

With so much to do, one area that is often neglected by many is the law. A report last year found that 25% of SME’s have no idea they’re breaking the law, with many stating that the ever changing legislation and jargon filled manuscripts make it a confusing task.

But ignorance of the law could see you facing crippling fines or even a jail sentence, putting a painful dent into you finances and damaging your company’s reputation.

So with several good reasons for you to get to grips with business laws, this guide gives you practical advice on the major new legislation set to affect small businesses in 2016, and what you need to do to stay on the right side of the law. (more…)

What small businesses can do to manage the extra costs of the National Living Wage

In April 2016 the National Living Wage legislation will come in to force. From this date all employers will be required to pay staff over the age of 25, a minimum rate of £7.20 per hour.

With experts suggesting that National Living Wage (NLW) could be a step into the unknown, many business owners are rightly feeling nervous about the new legislation.

Lord Wolfson, the boss of Next, for example has stated that prices at the retailer could be driven up by the legislation, which would mean an extra £27million being spent on wages each year. Similar soundings have come from businesses like Whitbread, owner of Costa Coffee and Premier Inn, too – warning that the National Living Wage would cost them an extra £20million.

All businesses with employees will be affected, but those that employ staff with pay rates at, or near the existing minimum wage will be hit hardest. So what can employers do to prepare themselves for the National Minimum Wage legislation? (more…)