20th November 2018

INFORMATION UPDATE

 Issue No.  2018/17

 Sentient
              

 

NATIONAL MINIMUM WAGE & OTHER FINANCIAL CHANGES

Increase to the National Minimum Wage
The Government has accepted the recommendations of the Low Pay Commission (LPC) that the hourly rates should increase as follows:

  • from £7.83 to £8.21 for workers aged 25 and over (the National Living Wage)
  • from £7.38 to £7.70 for 21-24 year olds
  • from £5.90 to £6.15 for 18-20 year olds
  • from £4.20 to £4.35 for 16-17 year olds
  • from £3.70 to £3.90 for apprentices aged under 19 or in the first year of their apprenticeship.

The above new rates will take effect in April 2019.

Other Financial Changes on the Horizon
in the budget last month, it was announced that: 

Tax-free Personal Allowance
The tax-free personal allowance will increase from April 2019 to £12,500 (a year earlier than originally planned).  From April 2019, the higher rate threshold will be raised from £46,350 to £50,000.

Change to National Insurance Thresholds
Employees over 16 and who earn more than £8,424 must pay national insurance.  This qualifies them to receive a state pension as well as some other benefits.  The earnings threshold is changing as follows: 

  CURRENT EARNINGS THRESHOLD:  FROM APRIL 2019 EARNINGS THRESHOLD: 
No National Insurance payable on this portion of income.  Between £0 and £8,424 Between £0 and £8,632
12% National Insurance payable on this portion of income. Between £8,424 and £46,834 Between £8,632 and £50,024
2% National Insurance payable on this portion of income. Over £46,834 Over £50,024

VAT Threshold
VAT threshold remains unchanged at £85,000, The chancellor pledged to retain it at this level until at least 2020.

 

 

 

 

 

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"capable of perception"

"capable of independent thought"

 

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