From 1 October 2014 the National Minimum Wage will increase as follows:
• £6.50 an hour for workers aged 21 or over – previously £6.31
• £5.13 an hour for workers aged 18 to 20 – previously £5.03
• £3.79 an hour for workers aged 16 to 17 – previously £3.72
• £2.73 an hour for apprentices under 19 or in their first year – previously £2.68
If you are paying any employees with reference to the National Minimum Wage you will need to amend the hourly rates accordingly.
Annual Tax Summary
HMRC will be sending Personalised Tax Summaries to around 24 million UK taxpayers from October 2014 onwards.
The new tax summary is only for information. You and your employees don’t need to contact HMRC to check it.
The Annual Tax Summary includes information about personal taxes that either:
• HMRC have records for e.g. through PAYE or
• reported on a tax return
If you have any questions on either of the above issues, please do not hesitate to leave a comment and we will answer any queries.