Payroll – Are you paying the National Minimum Wage?
Whether you are running your own payroll or using an accountant it is your responsibility to pay the National Minimum Wage to all of your staff. and that includes teenagers.
I came across a case this week of a 16 year old who had not received the payrise due when the National Minimum Wage went up in October. It might not seem a lot, but 7p per hour is a lot to a 16 year old. Maybe you set your pay rises for January or April – at the start of your business year. Well don’t forget to review them in October when the National Minimum Wage usually rises.
So just a recap, what should you be paying:
National Minimum Wage from 1st October 2014:
£6.50 per hour 21+ years
£5.13 per hour 18-20 year
£3.79 per hour Under 18
£2.73 per hour Apprentices aged 16-18, or 19 and in their first year otherwise standard rate.
Payroll can be complex so ask for help if you need it.
At Millbrook Financial Management we run payroll for a number of businesses and charities. We can help you not just with the payroll, but also with your auto-enrolment pension processing.
Contact us today to find out how we can help you.