National Living Wage to increase to £10.50 within five years
Conservative Chancellor Sajid Javid announced at the Conservative party conference that he would raise the National Living Wage to £10.50 within five years. The current amount for over 25s is £8.21, but the Living Wage Foundation believe that it should already be £9 and £10.55 for those in London.
The Chancellor also announced that that he would reduce the age at which people would receive National Living Wage from 25 to 21 years old. For people earning the National Living Wage this would increase their net earnings by £1,900 over the five years in which the Conservatives plan to increase the National Living Wage.
- The National Living wage is going to be increased from £8.21 to £10.50 within five years.
- The Chancellor also announced that that he would reduce the age at which people would receive National Living Wage from 25 to 21 years old.
If this change is implemented and becomes law it will have a significant impact on costs for many businesses, particularly those in the leisure and hospitality industries and healthcare sector.
How can we help
At Hawsons we have a dedicated team of accountants at our offices in Sheffield, Doncaster, and Northampton. We have 165 years of expertise in accounting and provide services in 12 sectors including retail and wholesale, small business, leisure and hospitality and many more. We provide a full payroll services for many of our clients. If you would like to find out more about us visit our website here.
To book your first free initial meeting click here.
More from our tax experts
You can find all of our latest tax articles and tax resources here.
If you are looking for advice in a particular area, please get in touch with your usual Hawsons contact.
Alternatively, we offer all new clients a free initial meeting to have a discussion about their own personal circumstances – find out more or book your free initial meeting here. We have offices in Sheffield, Doncaster and Northampton.
Free initial meeting
Tax Partner, Sheffield
0114 266 7141