Changes to the National Living Wage Rates
We would inform you that the National Minimum Wage Rates are changing.
From 1st April 2025 the governments new statutory minimum rates of pay for employees will be:
- Main (adult) rate for workers aged 21 and over - £12.21 per hour
- Development rate for workers aged 18 - 20 inclusive - £10.00 per hour
- Young workers rate for 16 and 17 years olds* - £7.55 per hour
- *applies to 16 and 17 years olds above compulsory school leaving age
- Apprentice minimum wage' of £7.55per hour
Changes to Self Employed National Insurance
If you are self employed and your profits are between £6725 and £12570 a year then your Class 2 National Insurance contribution is treated as being paid to protect your National Insurance record. This means you do not have to pay any Class 2 contribution for the year.
If your profit is lower than £6725 then you can choose to pay voluntary Class 2 contributions at a rate of £3.50 per week for the 20 25/26 tax year.
If your profit is lower than £6725 then you can choose to pay voluntary Class 2 contributions at a rate of £3.50 per week for the 20 25/26 tax year.
For more information regarding the national minimum wage or compulsory pensions, call us
01623 752211