Largest increase to the minimum wage announced
The government has announced substantial increases to the national living wage (NLW) and national minimum wage (NMW) rates from 1 April 2024, and a key change for workers aged 21 and 22. What are the new rates going to be and what is the key change?
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Beating the landlord tax hikes
Once again, landlords will be hit by tax increases announced in the Budget, even if they are operating through a company. What are the changes, and can anything be done to mitigate them?
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Electronic VAT return
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Government announces significant climbdown on IHT reforms
The introduction of a £1 million cap on 100% business and agricultural property relief from April 2026 has been criticised particularly heavily by the farming industry. The government has announced a significant watering down of the measure. What’s happening?
Accepting the recommendations of the Low Pay Commission in full, the government has confirmed that it will be increasing the NLW and NMW rates from 1 April 2024 as follows:
- the NLW rate will rise by 9.8% from £10.42 to £11.44 per hour - this rate currently applies to workers aged 23 and over but it will be extended to also apply to 21 and 22 year olds from 1 April 2024
- the NMW rate for workers aged 18 to 20 will rise by 14.8% from £7.49 to £8.60 per hour
- the NMW rate for workers aged 16 and 17 will rise by 21.2% from £5.28 to £6.40 per hour
- the NMW rate for apprentices aged under 19, or those aged 19 and over but in the first year of their apprenticeship, will rise by 21.2% from £5.28 to £6.40 per hour
- the daily offset for the provision of living accommodation to a worker will rise by 9.8% from £9.10 to £9.99 per day.
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