Welcome to the DHB Accountants Ltd information and news page. We will keep this page up to date with usefull information for your everyday needs in the business world. Regulary updated with new articles, budgets and much more, feel free to browse or download our documents, just click on the titles below. If you have any further questions or would like any further information please contact us at the office.
DHB ACCOUNTANTS LIMITED NOW ACCEPT ALL MAJOR CREDIT AND DEBIT CARDS.
From the 1st April 2021 the new minimum wage rates will be introduced, they are as follows:
Workers Aged Rates from April 2020 New rates from April 2021 Increase
National Living Wage (23+) £8.72 £8.91 2.2%
21 - 22 £8.20 £8.36 2.0%
18 - 20 £6.45 £6.56 1.7%
16 - 17 £4.55 £4.62 1.5%
Apprentice £4.15 £4.30 3.6%
Accommodation Offset £8.20 £8.36 2.0%
*The National Living Wage now applies to aged 23 years and over*
A breakdown of the basics that you need to know if you will be running a payroll 2020/2021
Pension: Minimum contributions increase on 6th April 2019
By law, the total minimum contributions your organisation must pay into its staff workplace pension schemes increase on 6 April 2019. You need to be ready for this increase, and make sure you’re set up to pay the correct amounts into staff pension schemes - so you comply with the law, and your staff receive the pension payments they’re entitled to.
From 6 April, the total minimum contribution including employer and employee payments must be no less than 8% of qualifying earnings. Your organisation must pay a minimum of 3%, with staff making up the rest of the 8%.
Your organisation can choose to pay more than its 3% minimum contribution if it wishes. If so, staff won’t need to pay in as much to meet the total minimum contribution of 8% of qualifying earnings.
Date effective Total minimum contribution Employer minimum contribution Staff contribute the remainder
Current rates 5 % 2 % Up to 3 %
6th April 2019 8 % 3 % Up to 5 %
You should be ready to calculate contributions using the new rates the first time you run payroll from 6 April 2019.