Know your current National Living & Minimum Wages
No matter what product and/or service a company provides, every business owner dreams of becoming a recognisable brand. We all want to be noticed for the right reasons – nobody wants to be tarnished with the brush of embarrassment if your company payroll isn’t up to scratch.
As recently as this calendar year, HMRC have named and shamed a plethora of UK employers for not paying the National Living and Minimum Wage. If seeing your business name embarrassed in the national press wasn’t enough, these organisations have also had to pay out a record £1.44 million in back pay to over 22,000 individuals who have suffered from payroll misdemeanours for many reasons including: Deducting company costs from employee wages, underpaying apprentices, failure to pay for work activity travel time/costs and much more.
The underpayment of wages and payroll was a big talking point. Thus, the National Living Wage is the legal minimum for adult workers. The National Minimum Wage applies to everyone over school leaving age and varies depending on age brackets. It is currently set at the following rates:
- Ages 25 and Over = £8.21
- Ages 21 to 24 = £7.70
- Ages 18 to 20 = £6.15
- Under 18 years of age = £4.35
- Apprentice = £3.90
Our team at MCL Payroll are here to ensure that you are in the know and clear about the payroll functionality.
Whether a business is big or small, human error can prove costly. It can also be difficult to recruit and retain a team with the necessary expertise or qualifications for company payroll.
Outsourcing to experts is often considered by organisations, as it’s a cost-effective way to ensure you’re getting the accuracy and diligence within your respective payroll requirements.
To learn more about outsourcing payroll for your business, get in touch with our team today at MCL Payroll. We aim for your outsourced payroll to slot firmly into your existing business model.
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