We're aware of the budget announcement that occurred on 27 October and more information around further changes for the 2022/23 tax year will soon be available to you. Don't worry though, you don't have to take any action.
What are the changes?
The following rates are effective from 1 April 2022.
|Age||Hourly Rate (£)|
|23 and older **new rate from April 2022**||9.50|
|21 - 22||9.18|
|18 - 20||6.83|
|16 - 17||4.81|
The apprentice rate applies to people aged under 19, or people over 19 but in the first year of their apprenticeship.
If the apprentice is older than 19, and have finished the first year of their apprenticeship, they are entitled to the relevant minimum wage for their age group.
What do you need to do?
Nothing at all, we've got you covered! We'll include the new rates in a future release of Sage Business Cloud Payroll.