minimum wage Archives - WRLO Accountants

More than 500 firms named and shamed for underpaying staff

WRLO Accountants — Fri, 01 Mar 2024 18:52:48 +0000

The government has named and shamed over 500 UK employers for underpaying their employees. 524 businesses were named for failing to pay the minimum wage to pay 172,000 workers, with offending employers ordered to pay nearly £16 million plus an additional financial penalty. The National Living Wage (NLW) is set to rise to £11.44 an hour from 1 April 2024. Offending employers include major high street brands, the government said. It stated that anyone entitled to be paid the minimum wage should receive it, and that enforcement action will be taken against employers who do not pay their staff correctly. Patricia Rice, Independent Commissioner at the Low Pay Commission (LPC), said: ‘Since its introduction nearly 25 years ago, the National Minimum Wage (NMW) has played a vital role in protecting the earnings of the lowest-paid workers in the UK. At a time when the cost of living is rising, it is more important than ever that these workers receive the pay to which they are entitled. ‘NMW underpayment not only cheats workers of their rightful due, it leaves compliant firms undercut by those who do not abide by the law. By naming the firms responsible for significant underpayment, we raise […]

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July 2023

WRLO Accountants — Thu, 06 Jul 2023 15:44:45 +0000

In this month’s Enews we look at HMRC’s extension to the deadline for voluntary NICs and the temporary closure of the self assessment helpline. We also update you on cost overruns on Making Tax Digital and the latest on UK inflation. With guidance on the National Minimum Wage and another increase to the UK’s base interest rate, there is a lot to update you on. HMRC extends deadline for voluntary NICs to April 2025 HMRC closes self assessment helpline for three months MTD expected to cost £1 billion more than originally forecast UK inflation stays at 8.7% Bank of England raises UK base interest rate to 5% More than 200 companies named and shamed for minimum wage breaches Post-Brexit trade plan must be replaced with ‘ambitious strategy’, says think tank Industrial strategy required to ‘focus on innovation’, says IoD HMRC extends deadline for voluntary NICs to April 2025 HMRC has extended the voluntary national insurance contributions (NICs) deadline until 2025. Extending the voluntary NICs deadline until 2025 will give people more time to consider whether paying voluntary contributions is right for them, and also ensures individuals do not miss out on the possibility of boosting their State Pension entitlements. The original […]

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June 2022

WRLO Accountants — Tue, 07 Jun 2022 11:24:30 +0000

In this month’s Enews we consider the latest news on the cost-of-living crisis with the Chancellor announcing further measures to help families and businesses. We also update you with the latest on the energy price cap and rising inflation. With news on the future of cash and minimum wage penalties, there is a lot to update you on. Chancellor announces windfall tax on energy firms Energy price cap set to rise to £2,800 in October Inflation hits 40-year high of 9% Almost 66,500 filed self assessment returns on 6 April Number of firms in critical financial distress rises sharply New law to protect access to cash announced in Queen’s Speech HMRC issues £14 million in penalties for minimum wage offences Advisory fuel rates for company cars Chancellor announces windfall tax on energy firms Chancellor Rishi Sunak will impose a windfall tax on energy firms alongside a package to help households with the cost-of-living crisis. Mr Sunak said a ‘temporary, timely, and targeted’ 25% Energy Profits Levy would be introduced for oil and gas companies, reflecting their extraordinary profits. The levy is expected to raise £5 billion for the Exchequer and the legislation will include a sunset clause to ensure it is temporary. As […]

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