Action Packed April for Businesses
As this April is particularly eventful we have compiled a snapshot of changes to make sure you are up to date so your business can stay ahead of the competition. Also, given Brexit negotiations the advice is also to expect the unexpected!
National Living Wage increased to £7.50 an hour for workers aged 25+.
National Minimum Wage increased to £7.05 per hour for workers aged 21+.
Changes to business rates revaluation. The 12.5% cap has been abolished and replaced by the new rate which could result in a rise in bills of over 40% per year.
Patent Box regime rates modified to encourage companies to undertake research and development from concept to commercialisation in the UK.
Statutory payments increased to £140.98 per week, including maternity, paternity, adoption, and shared parental pay.
Statutory Sick Pay increased to £89.35 per week.
Gender Pay Gap reporting is mandatory for employers with 250+ employees on 5th April each year. This will primarily affect large private and voluntary sector employers.
Tribunal Compensation Limits increased (maximum compensatory award for unfair dismissal rises to £80,541) and a week’s pay (used to calculate statutory redundancy payments and awards such as basic and additional awards for unfair dismissal) increased to £489.
Apprenticeship Levy means UK employers with an annual salary bill over £3M will be required to pay 0.5% of their payroll. Employers will receive an allowance of £15,000 to offset against their levy payment.
Immigration Skills Charge applies for employers for each skilled migrant sponsored under Tier 2 of the Immigration-based points system. The charge for larger sponsors is £1,000, with a lower rate for smaller sponsors and charities.
‘Making good’ taxable benefits that are not payrolled through PAYE under voluntary payrolling arrangements will be subject to time limits for making good benefits in kind. This applies from the 2017 to 2018 tax year.
Insolvency changes seek to simplify terminology and administration, remove red tape and use technology to streamline processes. This will help the estimated 14k companies in England and Wales which go through insolvency procedures.
If you have any questions, please contact Richard Burnett:
T: 01244 616635
M: 07983 637149