HMRC change RTI goalposts

UK Minimum Wage Increases For 2014

Ray Stewart Business, General 0 Comments

This year the adjustment to the UK Minimum Wage seemed to slip through unannounced. It no longer even appears on the HM Revenue & Customs web site. If you want the full history and the current rates you can find it now on https://www.gov.uk website.

For those that missed it this year, the hourly rates have increased again with effect from the 1st October 2014 to the following levels:-

    £6.50 – Adults aged 21 and over
    £5.13 – People aged 18 to 20
    £3.79 – People under 18
    £2.73 – Apprentice aged 16 to 18 and those aged 19 who are in their first year. All other apprentices are entitled to the National Minimum Wage for their age.

I hope this timely reminder helps you not to fall foul of these minimum requirements. The rates apply to every worker you employ but not to directors of Limited Companies.

Please do not hesitate to ask if you have any questions about this important matter.

~Ray

Ray Stewart
I am a qualified Certified Practising Accountant having passed my final exams way back in 1981. I actually can’t believe that was 33 years ago!! Anyway, I am now in my 50’s and I have been running my own business since May 1983. And before you ask, no, I have never regretted a moment of it! Part of the membership requirements of my professional body now dictate that I spend quite a lot of time on “CPD” - continuing professional education (one of their better ideas) - and over the last two years I decided to study business growth and marketing. I have learnt such a lot and that knowledge has radically changed my old “accountants” approach to business. It has made such a difference to the way I work and operate I feel that I just have to pass on this knowledge. It is simply too powerful to hold back!! - but I will try and do it in simple terms rather than expecting you to spend hours, as I had to, working through the difficult language that trainers seem to use to pass on their concepts. I hope you find the blog a useful resource and interesting place to visit as the months pass. I will do my best to keep up the flow - but if there are any topics you would like me to cover, then please let me know. Ray Stewart
Ray Stewart
Ray Stewart

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