Draft regulations to increase the national minimum wage publishedSource: The National Archives | | 11/02/2018
The draft National Minimum Wage (Amendment) Regulations 2018 have been laid before Parliament and are due to come into force on 1 April 2018. The regulations will increase the various rates of the national minimum wage (NMW) and national living wage (NLW) as follows:
- the NLW rate for workers aged 25 and over will rise from £7.50 to £7.83 per hour
- the NMW standard rate for workers aged 21 to 24 will rise from £7.05 to £7.38 per hour
- the NMW development rate for workers aged 18 to 20 will rise from £5.60 to £5.90 per hour
- the NMW young workers rate for those aged 16 and 17 will rise from £4.05 to £4.20 per hour
- the NMW apprentice rate for apprentices under 19 years of age or those aged 19 and over but in the first year of their apprenticeship will rise from £3.50 to £3.70 per hour
- the daily offset for the provision of living accommodation will rise from £6.40 to £7.00 per day.
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The Information Commissioner's Office (ICO) has announced that it has produced a lawful basis interactive guidance tool
Tax Diary May/June 2018
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1 May 2018 - Due date for corporation tax due for the year ended 30 July 2017. 19 May 2018 - PAYE and NIC deductions
Renewing tax credit claims
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Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2018.