Understanding your business... supporting your growth

Employers are required to automatically enrol their employees in a workplace pension from the staging date set by the pensions regulator. The last few businesses will reach their staging dates by 1 February 2018. If you have not auto-enrolled your employees already, you need to comply very soon.

Most employees, with very limited exceptions, must be paid the National Minimum Wage (NMW). These hourly rates vary according to the age of the worker, so it’s crucial to keep a sharp eye on the birthdays of your younger workers to ensure they are paid the correct NMW rate.

All the NMW rates will increase for the first pay period that begins on or after 1 April 2018, and it is important to get these pay calculations exactly right. If you underpay by £100 or more, HMRC can include your details on a list of employers which is published quarterly.

The penalty for failing to pay the NMW can be up to £20,000 per employee. HMRC will proactively review employers who are likely candidates for ignoring the minimum wage rates.

Action Point!
Are you prepared for the payroll and pension changes this year?

By |2018-04-04T11:16:48+01:00April 4th, 2018|News|