Money

National living wage
Are you aware of the latest changes agreed to minimum wage payments for your employees? From April 2016 the wage for workers aged 25 and above will increase to £7.20 an hour.
The National minimum wage will continue to apply to those aged 24 and under. Any contracts for payments below the National living or minimum wage are not legally binding. Therefore it is your responsibility to check that all your employees are being paid at least the minimum they are entitled to by law and to see how these changes will affect you and your company’s finances.
If you use Sage you will be relieved to know that it can do an automatic check on what you are paying your employees. But you do need to have it set up correctly with the number of hours your employees are working entered. If you work with Team4 your Finance or Payroll Controller (Fiona) will check this for you to ensure your company complies will all the necessary legislation. It is our job to be entirely up to date on any and all legislation changes concerning your finances, so you can focus on running your business.

Wages table

These changes will be enforced from April 2016, if you’re not sure if you’ll be ready or what this means for your business please get in touch with Fiona McNally, our Payroll Controller. You can reach her via email payroll@team4bookkeeping.co.uk To view more about this subject click here: https://www.gov.uk/national-minimum-wage/what-is-the-minimum-wage

(Image sourced from: http://freethcartwrighttest.raonline.co.uk/blog/charity/wp-content/uploads/2013/10/british-currency-coins-and-notes.jpg)

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