HMRC Tax / National Insurance / Minimum Wage
In November 2023 the Chancellor announced in his Autumn statement that he was reducing the main rate of National Insurance for employees from 12% to 10% effective January 2024.
In addition to the changes of National Insurance, the Chancellor has also raised the National Living Wage / Minimum Wage from £10.42 to £11.44 effective April 2024. He has also changed the age from which this is applicable from 23 to 21: www.gov.uk/national-minimum-wage-rates
This is probably a good point to remind you that it is normally advantageous for you to agree a ‘Gross’ salary rather than a ‘Net’ salary with your employee. History has taught us that changes to salaries tend to have a bigger impact on those clients paying a Net salary.
What have we been doing?
Here at NannyMatters we’ve had a very busy year as we look to build our business for the future and how we might better serve our clients. In July we moved offices so we have the ability to expand our team and cope with our growing client base. The new offices are a short hop from our old location and we remain tied to our roots of being “South Bristol based, providing a high standard of service nationwide”
The business has just relaunched The Pay Team. This service focuses on those clients who are in need of a wider, quality payroll service and have employees other than nannies (i.e. carers, PA’s, gardeners, drivers and more). Please do get in touch if you think this service would be beneficial to you. We can be found at www.thepayteam.co.uk.
Tinies Customers Offer
We are pleased to announce that the offer for those Tinies locations that we support is still available. As part of their agency fee, new clients employing permanent Nannies will also receive their first year’s payroll and pension service subscription. This offer is available for permanent clients with a +1 year contract only and does not apply to temporary nanny positions.