A Cheshire-based employment law specialist is urging employers to take note of and understand the impact the budget announcement will have on their business.
Chancellor of the Exchequer Jeremy Hunt announced the latest cut to National Insurance, which has been reduced by a further two per cent from ten to eight.
National Insurance contributions by employees had been lowered from 12 to 10 per cent in the autumn statement.
The reduction to eight per cent could be worth around £450 a year for an employee on a full-time salary of £35,000.
Employers should also be aware of the increased rates of the National Minimum Wage (NMW) and National Living Wage (NLW), which come into force on 1 April 2024. In addition, the NLW will apply to workers aged 21 and over (lowering the age for entitlement to this rate).
Latham Parry, managing partner and employment law expert at Warrington’s Watsons Solicitors, wants business owners to ensure that these changes are properly implemented, where applicable.
He said: “It is important that employers are across all changes to employment law, which is a constantly evolving landscape.
“Whether you have in-house payroll or an accountant who looks after that side of things for you, it is essential that staff are paid what they are legally entitled to and that any deductions from wages are properly made.
“Employers who don’t comply risk claims being brought against them. They also risk damaging the employment relationship, as well as reputational damage as employers can be ‘named and shamed’ in a list published by the government.”
Latham is willing to discuss any questions you may have regarding employment law and can be contacted at enquiries@watsonssolicitors.com
Watsons Solicitors, which has been established for more than 60 years, specialises in family law, employment law, wills and probate, and conveyancing.
The team of experienced solicitors holds various accreditations and memberships of professional bodies relevant to their expertise, while the firm’s partners oversee all areas of work.
If you are interested or require any information on any of our services then please get in touch for an appointment on:
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Watsons Solicitors is a trading name of Watsons Solicitors Warrington LLP a Limited Liability Partnership registered in England and Wales registered number OC386012 whose registered office is 13 Bold Street, Warrington, WA1 1DJ.
Watsons Solicitors Warrington LLP is authorised and regulated by the Solicitors Regulation Authority number 598547.
Watsons Solicitors
Warrington
Cheshire
WA1 1DJ