New financial year, new measures affecting your business
As we entered the new financial year this month, a number of new measures came into effect for businesses. Below is a roundup of the key changes that could affect you:
- The Apprenticeship Levy
This came into force on 6th April this year. All organisations with a pay bill of over £3 million are now required to pay 0.5% of it towards funding apprenticeships. For an in-depth guide to the levy. Click here.
2. Gender pay gap reporting
Businesses with 250 or more employees are now required to publish key information regarding the salaries and bonuses awarded to their male and female employees. Click here for full details.
3. National living wage
From April this year the National Living Wage has increased from £7.20 to £7.50 per hour for workers aged 25 and over.
4. Business rates
Payments for the newly revalued business rates commenced this month with many businesses seeing an increase in the rates due.
5. Immigration skills charge
Measures have come into effect making it costlier to sponsor migrants from outside the EU. An Immigration Skills Charge of up to £1000 could apply to businesses who choose to take on migrant workers. Click here for more info.
6. Pensions auto-enrolment
This scheme makes it compulsory for employers to enrol their employees into a pension scheme and to also pay into their pension fund. Roll out started this month so not all business will yet be affected. Find out more here.