The new National Living Wage and National Minimum Wage rates come into effect from April 2019, and Auto Enrolment pension contributions are also increasing.
From April, you'll need to make sure all your employees are paid at least these hourly rates:
Workplace Pension contributions for Auto Enrolment are also increasing, from the new tax year. This year's new contribution rates are in bold here:
One more change to be aware of - if your employees are paid according to the time worked (rather than a fixed salary) then you need to show the number of hours they're being paid for on their payslips. This applies whether they're paid by the hour or by the day. (If the latter, then you'll need to work out their hourly rate and show multiples of that amount on the payslip.) Payroll software providers will already be accommodating this change, so if you're not currently showing the number of hours on your employees' payslips, you'll need to change the settings to make sure you're adhering to this new update in employment law.
If you have any questions about this, or your bookkeeping in general, please feel free to either leave a comment below or get in touch through our website, or on Facebook, Twitter or LInkedIn.