As of April 1st, the national minimum wage has increased impacting businesses and millions of UK workers. As always the amount per hour the individual will get varies depending on age. Here are some of the important factors employees need to keep in mind when considering the changes.
National Minimum Wage From 01 April
Directors Salary From 01 April
If you are a Director and an employee of your own business, please consider the following:
A salary of £8,840 per year (£736.66 a month) would not incur PAYE or national insurance.
A salary of £9,568 per year (£797.33 per month) would not incur PAYE or employee’s national insurance. But it would generate an employer’s national insurance bill of £100.46 for the whole year.
A salary of £12,570 per year (£1,047.50 a month) would not incur PAYE. But it would result in the employee’s national insurance of £368.40 being deducted and it would generate an employer’s national insurance bill of £521.92 for the whole year.
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