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.

Calls for tax reform ahead of Autumn Statement

With less than a month to go before the new Chancellor Phillip Hammond makes his first Autumn Statement, there is growing pressure on him to really get to grips with the tax system and make some radical changes to reinvigorate the post-Brexit economy.

One of the most recent calls for tax reform came from Sage, the business services company that made the popular Sage One cloud accountancy software.

The Chancellor’s final Spring Budget was met with frustration from large portions of the business community, particularly freelancers and other small business owners concerned about the National Insurance tax hike.
But there were also some small crumbs of comfort for small businesses. Here is some of the important budget news and reaction.