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NMW increases take effect
Newsletter issue - November 2016.
New rates for the National Minimum Wage (NMW) took effect from 1 October 2016, and employers must ensure that they implement them accordingly. The rates are as follows:
- 25 and over - £7.20 per hour;
- 21- to 24-year-olds - £6.95 an hour;
- 18- to 20-year-olds - £5.55 an hour;
- 16- to 17-year-olds £4.00 an hour; and
- Apprentice rate - £3.40 an hour.
The increased NMW penalty took effect from 1 April 2016 and applies to any notice of underpayment relating to a pay reference period beginning on or after that date. Broadly, the penalty percentage which may be imposed for non-compliance has been increased from 100% to 200%. The maximum penalty is a hefty £20,000 per worker, although it may be reduced by 50% if the unpaid wages and the penalty are paid within 14 days.
For further information on the NMW, see the GOV.UK website at https://www.gov.uk/national-minimum-wage-rates.
Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.
- Accounts and Taxation
- Accounts prepared on time and presented to you at your premises
- Income tax calculations and projections
- Annual superannuation certificates for Partners
- Practice manager training about bookkeeping
- 2 - 4 meetings in a year at your premises
- Personal expenses
- Payroll
- SD55 for practice staff
- Installation and training in respect of practice computerised accounting system
- Unlimited telephone and email support for adhoc queries
Non - recurrent Services
•VAT advice •Capital gains tax planning •Partnership agreements •Surgeries finances •Pension planning •Budget and cashflow planning •Inheritance Tax planning
Recurrent Annual Services based on fixed fee:
- Accounts and Taxation
- Accounts prepared on time and presented to you at your premises
- Income tax calculations for Principles and Associates
- Practice manager training about bookkeeping
- 2-4 meetings in a year at your premises
- Personal expenses
- Payroll
- SD55 for practice staff
- Installation and training in respect of practice computerised accounting system
- Unlimited telephone and email support for adhoc queries
Non - recurrent Services
- VAT advice
- Capital gains tax planning
- Partnership agreements
- Surgeries finances
- Pension planning
- Budget and cashflow planning
- Inheritance Tax planning
Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.
Our specialist team provides a wide range of accounting and business services to General Practice.
Recurrent Annual Services based on fixed fee:
Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.
Recurrent Annual Services based on fixed fee:
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