Are You Ready for April 2025?

The new National Living Wage and National Minimum Wage rates will come into force from 1 April 2025.

There are also changes to the National Insurance employers pay that take effect from 6 April. For many businesses, the April payroll will represent a sizeable step up in labour costs.

As a reminder, here is a quick recap of the changes.

National Minimum Wage rates
The new minimum wage rates are as follows:

                                                                      Hourly Rate
National Living Wage (21 and over)        £12.21
18-20 Year Old Rate                                  £10.00
16-17 Year Old Rate                                  £7.55
Apprentice Rate                                          £7.55
Accommodation Offset                              £10.66

Employers National Insurance changes

The percentage rate of Employers’ National Insurance (NI) that’s paid on an employee’s earnings increases to 15% (from 13.8%).

The threshold that an employee needs to be earning before any Employers’ NI is due drops to £5,000 a year. Previously this was £9,500.

Plan ahead with Wilds

With significant changes to the National Minimum Wage and Employers’ National Insurance on the horizon, it’s essential to prepare now to manage rising payroll costs effectively.

At Wilds Chartered Accountants, we can help you navigate these changes, ensuring compliance while optimising payroll strategies to protect your bottom line. Get in touch today for expert guidance on payroll planning and financial forecasting ahead of April 2025.