National Minimum Wage and National Living Wage Rates 2020-21

April 1st, 2020 | Posted in PAYE, Payroll, Small Business

The National Living Wage is applicable to all employees aged 25 and over.  The rate increased to £8.72 from 1st April 2020.  The National Minimum Wage applies to all other employees under 25.  The table below summarises the National Minimum Wage and Living Wage rates for the year commencing on 1 April 2019 and these are the minimum hourly rates that employees are entitled to by law:

Date 25 and over 21 – 24 18 – 20 Under 18 Apprentice
1 April 2020 £8.72 £8.20 £6.45 £4.55 £4.15

The apprentice rate applies to apprentices under the age of 19, or to those aged 19 and over but in their first year of apprenticeship.

Note that the above rates do not apply to the self-employed.

No Self Assessment late filing penalty for those who file online by 28 February BUT interest will be charged on any tax not paid by the 31 January 2021 deadline https://bit.ly/39g2kOg

VAT deferred between 20 March & 30 June 2020 can either be paid in full by 31 March 2021 OR by up to 11 smaller interest-free instalments made by the end of March 2022. More information released by HMRC here https://bit.ly/2JurqP9

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