- By Buckinghamshire Business First
- 17 March, 2016
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From 1 April 2016 workers aged 25 and over will be entitled to a new minimum pay rate of £7.20 per hour, called the National Living Wage.
Employers need to find out about the changes and what needs to be done before 1 April to avoid penalties. Failure to pay the correct rate could lead to a penalty charge of up to £20,000 for each member of staff underpaid.
Be prepared with online help from HMRC
HMRC is hosting a series of free live webinars to helped educate business owners on the National Living Wage, as well as the National Minimum Wage.
Pick the webinars that suit you best from the list below:
- 23 March 2016, 11am to midday
- 23 March 2016, 3pm to 4pm
- 30 March 2016, 1pm to 2pm
- 30 March 2016, 3pm to 4pm
Watch a recording of a National Living Wage webinar from February 2016. You will need to register, but it is free.
If you are unsure about an aspect of the National Minimum Wage, which remains distinct from the National Living Wage, the following may be of benefit.
You can watch a recording of a National Minimum Wage webinar from October 2015. You need to register, but it is free. This National Minimum Wage video covers the key points for employers.
Payroll changes coming in for the new tax year (2016-17)
The introduction of the National Living Wage is not the only change that employers need to be aware of at the turn of the tax year.
HMRC has a free webinar lined up that provides employers with an overview of the main payroll changes coming in, including those to do with:
- The basic Personal Allowance
- National Insurance contributions
- Income tax
- Student loans
- Expenses and benefits for employees
- Statutory Payments - and more
The webinar is on Wednesday 30 March, 11am-12 noon.
If you would like to speak to someone over the phone about any questions or concerns you have over the National Living Wage, contact our business support team on 01494 568941. Alternatively you can email [email protected].
