Minimum wage is set to increase on 1st April as follows; Aged 25+ National living wage £7.83 ph Aged 21-24 National minimum wage £7.38 ph Aged 18-20 National minimum wage £5.90 ph Aged 16-17 National minimum wage £4.20 ph Apprentice National minimum wage £3.70 ph With increases between 3.7 and 5.7%, it’s important to review your business sales price and profit margin. If you would like a business review, including a profit and cash flow forecast, please contact Kayleigh@darce

From 1st April, the contributions for Auto-Enrolment will increase. Employee contribution increases to 3% and employer contribution increases to 2%. The percentage is payable for eligible employees, or entitled employees who have opted in, on earnings between £6,032 and £46,350. An entitled worker is anyone who earns over £10,000 and is aged between 22 and 65. Those earning under this level can chose to opt in. Also, those that are entitled can chose to opt out. If you would

Class 2 NI was set to be abolished in April 2018. However, Mr Osborne has extended class 2 national insurance contributions for another year, until April 2019. In 2018/19, Class 2 national insurance is payable for sole traders with a profit over £6,205, at a flat rate of £2.95 per week. This is payable by the 31st January 2019; as with any other tax and national insurance liability. You can voluntarily pay class 2 national insurance if your profits are below this level. From

We will discuss the extension of class 2 national insurance in our next blog, but for now we’ll explain the new tax allowance and class 4 national insurance rates. The personal allowance will increase in April 2018 to £11,850. This is an increase of £350 per year compared to 2017/18. The basic rate band will also increase to £46,350. The additional rate band of 45% remains at earnings in excess of £150,000. The National Insurance lower earning limit is now £6,032 per year wit