As we approach the new financial year, MMG Chartered Accountants is here to remind you of the important updates to the National Minimum Wage (NMW) rates that are set to take effect from 1 April 2024. Staying ahead of these changes is essential for all employers to ensure compliance and smooth payroll adjustments.

Upcoming NMW Rates from April 2024

The Government has announced the following NMW rates that will be applicable from the start of April 2024:

• 21 and over (National Living Wage): £11.44
• 18 to 20: £8.60
• Under 18: £6.40
• Apprentice: £6.40

These adjustments represent a critical update for businesses across the UK, impacting payroll planning and financial forecasting. Employers need to familiarise themselves with these new rates to adjust their payroll systems accordingly and to ensure that they are meeting their legal obligations towards their employees.

How Can MMG Chartered Accountants Help?

Understanding and implementing these changes can be challenging, especially amidst the myriad responsibilities of running a business. That’s where we come in. MMG Chartered Accountants offers comprehensive support and guidance to navigate these payroll changes effectively.

Whether you need assistance updating your payroll systems or have questions about how these changes affect your business specifically, our team is here to help. We encourage you to contact us at payroll@mmgca.co.uk to ensure that your business is prepared for the NMW rate changes. Our experts are ready to provide the support you need to navigate this transition smoothly and to maintain compliance with the new wage standards.

Act Now to Ensure Compliance

With April 2024 just around the corner, now is the time to prepare for these changes. Contact MMG Chartered Accountants today to ensure that your payroll systems are updated and compliant with the new National Minimum Wage rates. We’re here to support you every step of the way.