The hourly rate for the minimum wage depends on your age and whether you’re an apprentice . You must be at least: school leaving age to get the National Minimum Wage aged 21 to get the National Living Wage - the minimum wage will still apply for workers aged 20 and under Current rates The rates change on 1 April every year. 21 and over 18 to 20 Under 18 Apprentice April 2025 £12.21 £10 £7.55 £7.55 April 2026 £12.71 £10.85 £8 £8 Apprentices Apprentices are entitled to the app

The government is raising rates of tax on property, savings and dividend income to ensure income from assets is taxed more fairly. Those with property, savings or dividend income pay less tax than those whose income comes from employment or self-employment as they do not pay National Insurance. The government is increasing taxes on property, savings and dividend income to help to narrow this gap between tax paid on work and tax paid on income from assets.  1. What are the cha

What’s Changing — and Why It Matters Under the Economic Crime and Corporate Transparency Act 2023, Companies House is introducing...

The tax code is fundamental to the operation of PAYE. An employee’s tax code provides the employer with the information needed to deduct...

There are various ways in which profits can be extracted from a personal or family company. A popular and tax-efficient extraction...

A VAT invoice is an invoice that contains information required by the VAT regulations. A VAT invoice can only be issued by a business...

The liability for self-employed earners to pay Class 2 National Insurance contributions was abolished with effect from 6 April 2024. Now...

From 6 April 2027, inheritance tax will be payable where someone’s estate at death includes unused pension funds or death benefits. The...

Employers have a duty to enrol eligible staff in a pension scheme. Staff are eligible if they are aged between 22 and state pension age...

In an ideal world, everyone’s estate would be distributed according to their wishes. However, where someone dies without making a will,...

The tax exemption for trivial benefits is a useful one as it allows employers to provide certain low-cost benefits to employees without...

It is easy to make mistakes when completing your VAT return. However, where mistakes are made, it is important to correct them. This is...

Personal and family companies often make loans to directors. However, there can be tax and National Insurance implications of doing so....

Adjusted net income is a key measure of income for tax purposes. It is total taxable income before taking account of any personal...

Simple Assessment is used by HMRC to collect tax underpayments from taxpayers with straightforward tax affairs. It removes the need for...

If you are running a business, regardless of whether you operate as a sole trader, in partnership or the business is run as a limited...

There are many possible situations in which a person may make a loan to a family member, for example, a parent may lend money to an adult...

Cars are a special case when it comes to capital allowances. While capital allowances may be claimed on cars used in a business, partners...

Employers are able to provide employees with a range of health and welfare benefits without giving rise to a tax charge under the...

Self-employed earners whose earnings exceed the lower profits limit (set at £12,570 for 2025/26) must pay Class 4 National Insurance...