National Minimum Wage – The Second Budget 8 July 2015
National Minimum Wage (NMW)
The NMW rates are as follows:Age | 21 and over | 18-20 | 16 and 17 | Apprentice rate* |
---|---|---|---|---|
From 1 October 201 |
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Age | 21 and over | 18-20 | 16 and 17 | Apprentice rate* |
---|---|---|---|---|
From 1 October 201 |
From | 1 Apr 2015 |
---|---|
Standard rate | 20% |
VAT fraction | 1/6 |
Reduced rate | 5% |
Current Turnover Limits | |
Registration |
April | May | June | July |
August | September | October | November |
December | January(16) | February | March |
2015/16 | Employee(primary) | Employer(secondary) | |
---|---|---|---|
Class 1 (not contracted out |
From | 1 Apr 2015 |
---|---|
Standard rate | 20% |
VAT fraction | 1/6 |
Reduced Rate | 5% |
Current Turnover Limits | |
Registration |
Income tax | 2015/16 | 2014/15 |
---|---|---|
Basic rate band – income up to | £31,785 | £31 |