pay Archives - WRLO Accountants

Latest guidance for employers

WRLO Accountants — Thu, 05 Sep 2024 11:02:31 +0000

HMRC has published the latest issue of the Employer Bulletin. The August issue has information on various topics, including: electronic payment deadline falls on a weekend P11D and P11D(b) for tax year 2023 to 2024 supporting employees with changes to the High Income Child Benefit Charge pensions for seasonal temporary staff getting your new employees on the right pay. Please contact us for help with tax matters. Internet link: Employer Bulletin

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Average earnings just £16 a week higher than 2010

WRLO Accountants — Fri, 05 Jul 2024 16:46:14 +0000

Real average earnings are just £16 a week higher than they were 14 years ago, according to research conducted by the Resolution Foundation. The think tank said that the UK’s labour market backdrop to the General Election is a prolonged pay squeeze that has left real average wages today just £16 a week higher than in 2010. It stated that this has been caused by three shocks to pay packets in little over a decade, including the financial crisis, the Brexit referendum and the cost-of-living crisis. According to the Resolution Foundation, in the 14 years prior to the 2010 election, average real wages grew by £145 a week in total. Hannah Slaughter, Senior Economist at the Resolution Foundation, said: ‘Britain’s prolonged pay depression has left average earnings just £16 a week higher than they were back in 2010, despite the welcome return of rising real wages in recent months. ‘Worryingly, Britain’s decade-long jobs boom during the 2010s has also gone bust, with the UK one of only a handful of countries where employment has yet to return to pre-pandemic levels.’ Internet link: Resolution Foundation website

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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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