Have you started to do your October month end payroll? If you have or even if you haven’t, have you factored in the changes to the minimum wage?
The standard hourly rate has increased by 20p per hour for any employer over 21 years of age, from £6.50 per hour to £6.70 per hour. This could add significant costs to your business and could even affect your decision as to whether or not you can take new employees on in the near or long term future. As usual when there is a change in government legislation it takes time to work through the cost and operational impact of the changes. We at Torevell Calvert Chartered Certified Accountants can help you by first of all ensuring you are compliant with the new hourly rates when submitting your RTI payroll information, saving possible fines and time relating to investigations. Secondly we can sit down with you to make sure you have costed the full implications in for the next year projections and beyond and make sure you make the right choice for your business. As an example it may be that you need to take on extra staff due to growth in your business to deliver the service you provide, which is one of your USP’s and so we would work through how that impacts the profit and look at the pricing of your services/goods or the cost of your supplies such goods, light and heat, rent etc etc.
If you think you need to talk through the changes to the minimum wage then please do not hesitate to give us a ring on 0161 427 3830 and ask to speak to Adam.