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National Minimum Wage
rates to increase from
October
The National Minimum Wage (NMW) rates
are set to rise from October 2016.
The rate for 21 to 24-year-olds will increase
to £6.95 an hour, up from the current amount
of £6.70. Meanwhile, the NMW for 18 to
20-year-olds will rise from £5.30 to £5.55,
and for those aged 16 or 17, the rate will
increase from £3.87 an hour to £4 an hour.
Apprentices will also benefit from a 10p
increase, bringing the current rate of £3.30 an
hour up to £3.40. These increases will come
into force from 1 October 2016.
Additionally, workers aged 25 and
over potentially stand to gain from the
introduction of the Government’s new
National Living Wage (NLW), which came into
effect in April 2016 and has initially been set
at £7.20.
The NMW and NLW cycles will be aligned
with effect from April 2017 so that both rates
are amended in April every year.
New ‘flat rate’ State
Pension takes effect
The new ‘flat rate’, or single tier, State
Pension has now come into effect for those
who reached State Pension age on or after
6 April 2016. The rate has been set at
£155.65 per week.
The new system has been introduced with the
stated aim of reducing previous complexity
and providing a simpler and fairer system
that makes it easier for savers to plan for
their retirement.
Government research has suggested that
many pensioners could receive a boost from
the new State Pension during the next fifteen
years, although the Work and Pensions Select
Committee has raised concerns that the
details sent out to individuals regarding when
they will receive their State Pension and its
expected value were insufficiently clear and
could be misunderstood.
Under current plans, the State Pension
age is due to rise to 66 by October 2020.
Parliament legislated in 2014 that a
review of the State Pension age should be
conducted at least once every six years.
The first one is to be chaired by Sir John
Cridland, former Director-General of
the CBI.
New rules will require UK
businesses to reveal gender
pay gap
Large businesses and banks will be required
to disclose the differences in male and female
employees’ pay, under new rules set to come
into force in 2018.
The Government plans to implement a league
table which will rank large firms by the size of
their gender pay gap. Only those businesses
with more than 250 employees will be made
to reveal exactly how much they pay male and
female employees in salaries and bonuses.
Companies will need to begin calculating
their gap from April 2017. The first league
tables will then be published during 2018.
Employers will also be required to publish
their gender pay gap on their website.
The new rules will affect an estimated 8,000
employers across the UK.
June 2016
1 New advisory fuel rates for users of
company cars effective from today.
30 End of CT61 quarterly period.
Annual adjustment for VAT partial
exemption calculations (March VAT year
end).
July 2016
6 Deadline for submission of Form 42
(transactions in shares and securities).
File Taxed Award Scheme Returns, file
P11Ds and P11D(b)s. Issue copies of
P11Ds to employees.
Deadline for entering into a PAYE
Settlement Agreement for 2015/16.
14 Due date for income tax for the CT61
period to 30 June 2016.
19/22 Quarter 1 2016/17 PAYE
remittance due.
Final date for payment of 2015/16 Class
1A NICs.
31 Second self assessment payment on
account for 2015/16.
Annual adjustment for VAT partial
exemption calculations (April VAT year
end).
Deadline for tax credit Annual Declaration
(if estimated, final figures required by
31/01/17).
August 2016
2 Submission date of P46 (Car) for quarter to
5 July.
31 Annual adjustment for VAT partial
exemption calculations (May VAT year
end).
This newsletter is for guidance only, and professional advice should be obtained before acting on any information contained herein. Neither the publishers nor the
distributors can accept any responsibility for loss occasioned to any person as a result of action taken or refrained from in consequence of the contents of this publication.
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Business Round-Up