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National Minimum Wage Rise from April 2018

National Living Wage (NLW) rates (for those over 25 years old) and National Minimum Wage (NMW) rates (for those under 25 years old) are to rise from 1 April 2018.

The NLW increase of 33p represents a 4.4% rise, equivalent to an annual increase of about £600 for a full-time worker.

In summary and effective 1 April 2018 the follow minimum wage rates will apply

Year 25 and over 21 to 24 18 to 20 Under 18 Apprentice *
April 2017 £7.50 £7.05 £5.60 £4.05 £3.50
April 2018 (new rates) £7.83 £7.38 £5.90 £4.20 £3.70

* The apprentice rate is for apprentices aged 16 to 18 and those aged 19 or over who are in their first year. All other apprentices are entitled to the National Minimum Wage for their age.

The Government has previously said it plans to raise the national living wage to £9 per hour by 2020.

Ensure your payroll procedures are up to date. For further details and more rates visit gov.uk

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We have two videos to help on ourYouTube-logo-full_colorchannel; and for regular tax-tips follow our blog on Google+ or click +Follow at the bottom of this page.


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Bogus Companies House Correspondence

Just a reminder that there are many businesses out there purporting to be or work with UK government agencies such as Companies House and HMRC. Before acting on any such correspondence arriving by email or letter please take care to verify its legitimacy.

Carefully watch out for the imitation letters – those which copy very closely the style and logos used by Companies House and HMRC.

As an example, this week I received a letter from Commercial Register demanding that I update and return my company’s details by a given deadline. There was no request for payment. Pictured below (overlapping the enclosed form (at the top) and the return envelope)

commercial-register-scam

On closer inspection the letter comes from Direct Publisher S.L.U. Madrid. Whilst many scams involve requesting a small payment by return (say £15-£30 typically) it seems that Commercial Register await your return of details then invoice your company €993 euros for an advertising directory entry! Apparently this is for the order you place when completing your details – which is certainly not made clear.

Please be careful with your personal and company details.

Feel free to share this info with fellow business owners and your own admin staff. And, as a Massey Accounting Company client please always feel free to ask if in doubt.

As a reminder the legitimate Companies House logo is shown below

ch_gds_logo

Of course Companies House and HMRC are aware of such frauds and their guidance can be found here:

Reporting fraud to Companies House

HMRC Avoid and report internet scams and phishing

 

Enjoy saving tax?

We have two videos to help on ourYouTube-logo-full_colorchannel; and for regular tax-tips follow our blog on Google+ or click +Follow at the bottom of this page.