The new minimum wage came into effect today, raising the pay for 21 year olds and over to £6.50. This increases the annual wage for a worker on a 40 hour week to £13,500.
There has also been an increase for Apprentices, Under 18’s and 18 to 20 year old. The table below shows the previous and new minimum wages for each group.
| Year | 21 and over | 18 to 20 | Under 18 | Apprentice* |
| 2014 (current rate) | £6.50 | £5.13 | £3.79 | £2.73 |
| 2013 | £6.31 | £5.03 | £3.72 | £2.68 |
As the future of banking changes and new ‘Challenger Banks’ or ‘Neobanks’ begin to emerge, Team 4 has taken a look into what solutions these new banks can offer to businesses.
As we all get used to a new way of working, Team 4 has been putting all the needed measures in place to make sure that our team can return to the office safely.
As a bookkeeping practice we are used to working very closely with our clients, who often rely on us to keep them informed about topical news and updates regarding tax and accounts. With the barrage Read more…