From 1 April, the National Minimum Wage saw another set of increases. These are the changes from the last year:
- National Living Wage (21+) — now £12.21 per hour from £11.44 (a 6.7% increase)
- National Minimum Wage (18-20) — now £10 per hour from £8.60 (a 16.2% increase)
- National Minimum Wage (under 18) and Apprentice Rate — now £7.55 per hour from £6.40 (an 18% increase)
Personal tax thresholds remain the same, including National insurance. With the threshold rates remaining frozen most likely until 2028, many working people in the UK are bound to fall into further tax brackets.
Reminder for Employers
As the 2024/25 tax year ends and the new 2025/26 tax year begins, be sure to update your employees’ PAYE records soon. Employees are entitled to be paid no less than the national minimum wage, as stated above. Furthermore, employers’ National Insurance rates increased this April, and this may result in an adjustment of your salaries.
For tax and payroll support, contact us at Legend Financial. Stay tuned for more updates!
