Minimum Wage and National Living Wage increases The national living wage and the minimum wage will rise from April 2019. Over two million workers will see their pay increase next April, as the National Living Wage increases to £8.21 an hour. This is the hourly rate for those aged 25 or over and working in Britain The minimum wage for those aged 16-24 also will also increase, whilst the pay for apprentices will increase by 20p an hour.v

Delivered by Chancellor Philip Hammond on Monday, the 2018 Budget had some important announcements for small businesses, contractors and freelancers.

The statement was welcomed by some business figureheads, but criticised by others. In this blog post, we unpack some of the key announcements and explain how they may affect your business finances.

When do you need a business bank account?

Having a business bank account has some benefits. It can help you look more professional and it’s a good way to keep your business finances separate from your personal finances.

But business bank accounts usually charge a monthly fee, plus extra charges on certain transactions. If you are a freelancer or another micro business, you might not want one unless it is absolutely necessary.

Will Making Tax Digital Apply to My Business?
Editor | 30 October 2018
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Making Tax Digital is the latest HMRC campaign to modernise tax collection and make life easier for business owners.

The first raft of changes, which affects VAT payers, will come into force on 1 April 2019. But a survey from the British Chambers of Commerce reveals that 24% of firms have never even heard of the measure.

Making Tax Digital for VAT will apply to all VAT-registered businesses that have a taxable income over the VAT threshold of £85,000.