News – 02.12.24
2024 US tax year end planning for Americans in the UK
The 2023 US tax year ends on 31 December 2023, so now is a good time to consider whether there is anything that you can do to minimise your US tax exposure for 2023 and begin preparing for 2024. … Read more
Insight – 02.12.24
Budget 2024: Reform to the taxation of carried interest
Find out more about the changes coming for capital gains tax and carried interest. … Read more
Upcoming event – 10.12.24
Funding innovation in the technology sector: Are the government doing enough?
Join us for an exclusive roundtable breakfast to explore the question of whether the government are doing enough to support innovation in the technology sector. … Read more
Find us quickly
130 Wood Street, London, EC2V 6DL
enquiries@buzzacott.co.uk T +44 (0)20 7556 1200
The National Living/Minimum Wage is a statutory requirement for a minimum hourly wage to be paid to workers in the United Kingdom.
From April 2021, the National Living/Minimum Wage rates are as follows:
Due to COVID-19, the rate increases aren’t as high as previous years. However, the increase of 2.2% from £8.72 to £8.91 will be extended to ages 23 and 24 for the first time.
Failure to correctly meet and operate the new rates is not an option. If identified by HMRC, your organisation could be issued with severe penalties and be named and shamed on HMRC’s website. This applies to businesses with arrears of more than £500 in National Living/Minimum Wage payments to their workforce
Approximately 140 companies, including hotels and restaurants, were investigated between 2016 to 2018 for failing to pay £6.7m to more than 95,000 employees.
For businesses operating tronc schemes, allocations from tronc cannot count towards the National Living/Minimum Wage.
Finally, if you require your staff member (the worker) to purchase specific items, such as overalls, then any deductions made from employee pay or payments made to you (the employer) in respect of those items, will also need to be considered for National Living/Minimum Wage purposes, as relayed by Mark Taylor here.
The National Living/Minimum Wage is a statutory requirement for a minimum hourly wage to be paid to workers in the United Kingdom.
From April 2021, the National Living/Minimum Wage rates are as follows:
Due to COVID-19, the rate increases aren’t as high as previous years. However, the increase of 2.2% from £8.72 to £8.91 will be extended to ages 23 and 24 for the first time.
Failure to correctly meet and operate the new rates is not an option. If identified by HMRC, your organisation could be issued with severe penalties and be named and shamed on HMRC’s website. This applies to businesses with arrears of more than £500 in National Living/Minimum Wage payments to their workforce
Approximately 140 companies, including hotels and restaurants, were investigated between 2016 to 2018 for failing to pay £6.7m to more than 95,000 employees.
For businesses operating tronc schemes, allocations from tronc cannot count towards the National Living/Minimum Wage.
Finally, if you require your staff member (the worker) to purchase specific items, such as overalls, then any deductions made from employee pay or payments made to you (the employer) in respect of those items, will also need to be considered for National Living/Minimum Wage purposes, as relayed by Mark Taylor here.
We provide hospitality businesses with assurance by offering National Living/Minimum Wage audits. Our reviews will confirm the impact the proposed increases will have on your business, outline any concerns we may have, and advise you on the options available to ensure you meet the demands made by HMRC.
If your organisation operates a tronc scheme, upon request, we’ll analyse your existing processes and provide a detailed report highlighting whether your arrangement correctly provides an exemption to National Insurance Contributions.
Call us today on +44 (0)20 7710 3389 or email buzzacotttroncmaster@buzzacott.co.uk. Alternatively, fill in the form below and a member of our team will be in touch.
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