From the 1st April 2023 the minimum wage in the UK will be increasing

The Government has announced the rates of the National Living Wage (NLW) and National Minimum Wage (NMW) which will come into force from April 2023.

The new rates are as shown below:

Rate from April 2023 Increase
National Living Wage £10.42 0.92
21-22 Year Old Rate £10.18 1.00
18-20 Year Old Rate £7.49 0.66
16-17 Year Old Rate £5.28 0.47
Apprentice Rate £5.28 0.47
Accommodation Offset £9.10 0.40

Apprentices are entitled to the minimum wage for their age if they both:

  • are aged 19 or over
  • have completed the first year of their apprenticeship

If HMRC finds that an employer has not paid at least the minimum wage, they can send a notice of arrears plus issue a penalty for not paying the correct rate of pay. HMRC can also take employers to civil court for not paying the NMW or NLW. The maximum fine for non-payment is £20,000 per worker

At Gross Klein Wood Accountants Peterborough, we are highly experienced payroll service providers and enable small businesses to efficiently manage their payroll. When you sign up with us for payroll services, you can rest assured that all your payroll requirements will be looked after.

Our payroll services that keep you up to date and within the legal requirements, for more information contact our team today.