From 1 April 2024, national living wage (NLW) and national minimum wage (NMW) rates will be increasing, with the national living wage rising by 9.8% to £11.44 per hour. This equates to an annual salary of £23,796, based on a 40-hour week. Employees on salaries at this level and above were often regarded as being at low risk of breaching the legislation but this is no longer the case. Employers cannot be complacent about the risks of a breach when rates are increasing.
HMRC is actively opening NMW and NLW enquiries. The higher rates mean that many businesses where compliance has not historically been a significant risk will need to review their current arrangements and may need to implement additional controls to comply with their NMW/NLW obligations.
During the recording we will:
• Review practical examples of how compliance breaches may arise under the new rates and discuss some of the key compliance pitfalls
• Discuss HMRC’s approach to enforcing the regulations
• Discuss measures businesses can take to reduce their risk of non-compliance
Stephen has over 13 years of experience advising on all types of employment tax issues and employee equity-based incentive arrangements. He previously worked for PwC and before that Grant Thornton, joining Evelyn Partners in 2021.
He has experience of advising employers from the largest household names to fast growing smaller private businesses. He is a technical expert across all areas of employment tax and advises employers how to remain compliant with the complex legislation in this area. In particular, he advises on HMRC’s approach to employment taxes as well as how they interpret the law and how to best resolve any compliance issues with HMRC.
Stephen also has experience of carrying out an in-house employment tax role so understands the practical compliance challenges his clients face and gives pragmatic advice on how to solve tax issues impacting the workforce. He has a deep appreciation of how crucial people are to your business and how appropriate incentives and benefits drive success.
Over the course of his career, Alex has advised a wide variety of organisations on all aspects of taxation impacting employees, from domestic employment tax, reward and benefits matters through to the international tax and social security issues relating to globally mobile employees.