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14 Jul 2022

The DfT's plan set out the UK’s world-leading ‘greenprint’ to create cleaner air, healthier communities and tens of thousands of new green jobs across the UK.

14 Jul 2022

The Scotland Cycle Repair Scheme works with bike shops across the country to provide free bike repair and maintenance to those who need it most right now.

7 Jul 2022

The strategy sets out objectives and an estimated almost £4bn of investment across Government through to 2025 to deliver the commitments outlined in the Prime Minister’s ‘Gear...

6 Jul 2022

Running social media competitions and Instagram giveaways are an easy way to build your audience and your engagement. But there are a few tips and tricks you need to master, as well as those...

6 Jul 2022

As e-bikes from a reputable shop can often seem overly expensive to consumers, it is also important that IBDs present them with opportunities to spread the cost, through services such as retail...

30 Jun 2022

Independents' Day weekend is taking place from 2-3 July 2022. To celebrate Maybe* have got a tailor-made competition you can share across social media to encourage your customers to shop indie....

30 Jun 2022

The majority of victims of cyber crime are Small to Medium Enterprises. Ransomware attacks, fund transfer fraud, phishing, vishing and social engineering are all made far easier with employees...

29 Jun 2022

This time of year offers a great opportunity to find and recruit new apprentices, as there’s a large influx of school and college leavers looking for their next step.

28 Jun 2022

Chris Boardman named permanent National Active Travel Commissioner alongside other senior Active Travel England appointments

23 Jun 2022

Retail Finance Training (RFT) is an online learning course delivering an informed insight into Retail finance that can be completed anywhere, in your own time.

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National minimum wage and National Insurance changes hit pay packets from this week

Posted on in Business News , Cycles News , Political News

The National Living Wage and National Minimum Wage rates increased from 1st April 2022. As an employer, you are obligated to update your payroll so your employees get paid at least what they are legally entitled to. 

 

 

The National Living and Minimum Wage rates are listed below:

 

  23 and over 21 to 22 18 to 20 Under 18 Apprentice
Before April 2022 £8.91 £8.36 £6.56 £4.62 £4.30
From April 2022 £9.50 £9.18 £6.83 £4.81 £4.81
Increase Percentage 6.6% 9.8% 4.1% 4.1% 11.9%

 

Employees are being urged to check if they're being paid correctly through the Check Your Pay campaign which also provides advice to employers to ensure they understand what they need to do to pay their employees correctly.

Check your pay for employers

 

How National Insurance will change


Employees pay National Insurance on their wages, employers pay extra contributions for staff, and the self-employed pay it on their profits.

In September, the government announced the rise in contributions from 6 April, in part to help ease the burden on the NHS.

It means that, instead of paying National Insurance contributions of 12% on earnings up to £50,270 and 2% on anything above that, employees will now pay 13.25% and 3.25% respectively. The self-employed will see equivalent rates go up from 9% and 2% to 10.25% and 3.25%.

From now, employees will pay National Insurance contributions on earnings above £9,880 a year. From July, it will be paid on earnings above £12,570 a year.

Those of state pension age do not pay the tax at present, and nor do those on very low incomes.

 

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