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Key Takeaways for Employers from the 2018 Budget

Dec 06, 2018
by Ezra Moffatt, Consultant
0333 400 7920 | ezra@employassisthr.co.uk

The recent budget provided employers with information various changes to take effect from April 2019. We have set out the ones which will be of most importance to employers:  
  • Reduction in the amount that smaller employers are required to pay towards apprenticeship training from 10% down to 5%;
  • For the next two years, business rates for all UK retailers will a rateable value of £51,000 will be cut by 1/3. This will affect up to 90% of all independent shops, pubs, restaurants and cafes;
  • Increase in the personal allowance and higher rate threshold to £12,500 and £50,000 respectively for 2019/20 and 2020/21;
  • The hourly rate of the national living wage, the rate for workers who are aged 25 and over, increases from £7.83 to £8.21;
  • The national minimum wage for workers aged at least 21 but under 25 rises from £7.38 to £7.70 per hour;
  • The rate for workers who are aged at least 18 but under 21 increases from £5.90 to £6.15 per hour;
  • The rate for workers aged 16 or 17 rises from £4.20 to £4.35 per hour;
  • The apprentice rate rises from £3.70 to £3.90 per hour;
  • The accommodation offset increases from £7.00 to £7.55 per day;
  • Statutory sick pay increases from £92.05 per week to £94.25 per week from April 2019;
  • Requirement for payslips to state hours worked where pay varies;
  • The rates of statutory maternity pay, statutory paternity pay, and statutory adoption pay and statutory shared parental pay increase from £145.18 per week to £148.68 per week.