Autumn Budget
Chancellor Rachel Reeves has delivered Labour’s first Budget yesterday.
The changes announced by the Chancellor will have an impact not only on our business but also that of our Clients so we would like to provide a summary of the key points from the Budget:
* The legal minimum wage for over-21s is set to rise from £11.44 to £12.21 per hour from April 2025
* The rate for 18 to 20-year-olds will also rise from £8.60 to £10, as part of a long-term plan to move towards a “single adult rate”
* Rates of income tax and National Insurance (NI) paid by employees, and of VAT, to remain unchanged
* Employers will pay National Insurance on workers’ earnings above £5,000 from April, down from £9,100 currently, with the rate increasing from 13.8% to 15%.
For the full Budget summary please see the article below:-