Soke Accounting

Attention Employers: National Living and Minimum Wage Changes Coming April 1st, 2024!

As of April 1st, 2024, there will be significant changes to the National Living and Minimum Wage rates in the UK. Here’s a quick rundown:

• National Living Wage Increase: The National Living Wage is rising and will now apply to workers aged 21 and over (previously only for those 23 and over).
• Minimum Wage Increase: Both the National Living Wage and National Minimum Wage rates will see an increase.

Ensuring Compliance:

At Soke Accounting, we understand the importance of staying compliant with employment regulations. Here’s how to ensure your business is prepared for the upcoming changes:

• Check the Latest Rates: Head over to GOV.UK to confirm the new National Living and Minimum Wage rates: https://www.gov.uk/government/publications/minimum-wage-rates-for-2024
• Identify Affected Staff: Review your payroll and determine which employees will be impacted by the new wage increase.
• Update Payroll and Communicate Effectively: Ensure your payroll system reflects the new rates and communicate the changes to your staff as soon as possible. Transparency is key!

The rates which will apply from 1 April 2024 are as follows:

Soke Accounting is Here to Help!

Managing payroll and staying compliant with changing regulations can be time-consuming. At Soke Accounting, we take the stress out of payroll and ensure your business adheres to all legal requirements. Contact us today to discuss your payroll needs and how we can assist you!