We’ve nearly made it to the end of January in this new year and there are some very early signs of spring around, despite last week’s snowfall. As is usual at this time of year, we are going to look forward to the upcoming months in this blog and try to guess what might happen.
National Living and National Minimum Wage rates
The government has already announced the rates that will be coming into effect from April this year
|New Rate from April 2023
|National Living Wage
|21-22 Year Old Rate
|18-20 Year Old Rate
|16-17 Year Old Rate
These new rates represent an uplift of around 10% for all tiers which means they are just about keeping up with the current inflation rate which is good news given the current cost of living crisis.
As always, if you need any help calculating what the new wage rates mean for your payroll just get in touch.
Energy Bills Discount Scheme
We’ve all seen our energy bills rise recently but for some business, the increases have been huge. The current Energy Bill Relief Scheme ends in March and is being replaced by the Energy Bill Discount Scheme. This will focus help on those businesses with high energy costs such as those that fixed their rates before wholesale costs started to come down again and manufacturers who use a lot of energy.
The discounts will be automatically applied to those businesses who qualify and any queries about the scheme should be directed to a business’s energy provider.
Life does seem to have somewhat gone back to normal now although it was only a year ago that the Omicron restrictions were lifted, and people were returning to the office. All Covid-19 support schemes have now closed and let’s hope there’s no resurgence of the virus in 2023.
The King’s Coronation
Following the sad passing of HM Queen Elizabeth II in September last year, we now know that the King Charles III’s Coronation will be on Saturday 6th May. We have been granted an extra bank holiday on Monday 8th May which of course is very close to some other regular bank holidays we always enjoy in the spring.
We know from our clients that bank holidays aren’t always that straightforward in terms of rotas, extra pay and holidays. An extra bank holiday can also sometimes have an impact on an employee’s annual holiday entitlement so if we can help with any aspect of this additional day off, just get in touch.
Tax and National Insurance
2022 was a bit of a rollercoaster regarding tax and national insurance and we won’t know what’s planned for the future until the Spring Budget on 15th March 2023. Keep an eye on our Facebook page nearer the time as we’ll be posting updates on the details as we get them.
We’re looking forward to working with our clients in 2023 and also meeting new ones as the year goes on. If you think 2023 is the year you ask someone else to manage your payroll for you, just get in touch.