New Minimum Wage Starts 1st October 2010

Ray Stewart Business, Tax Matters Leave a Comment

The new national minimum wage (NMW) comes into force tomorrow (1st October 2010). This is the lowest hourly rate you can pay your employees as set by law. The rates that will apply from tomorrow are:-[private_basic]

  • 21 and over:  £5.93
  • 18-20:  £4.92
  • 16 & 17:  £3.64
  • Apprentice rate:  £2.50 (applies to apprentices aged under 19, or those aged 19 or more in the first year of their apprenticeship.

Did you realize the Tax Office can fine you up to £5,000 if you do not pay the statutory NMW?  So watch out and make sure you change the payroll from tomorrow.

If you would like some help with your payroll, either to change it for the new NMW or generally, please do not hesitate to ring on 0800 047 0731.

~Ray[/private_basic]

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 37 years ago!! Anyway, I am now in my 60’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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