New legislative changes affecting UK businesses
Beginning on 6th April, UK businesses will have several new pieces of legislation that they will have to comply with unless they wish to incur fines and penalties. To ensure that your business is aptly prepared, here are the five most significant pieces of legislation coming into force:
- Gender pay gap: Qualifying companies (250 or more employees) will need to publish the details of their gender pay gap on their websites and to the government on an annual basis. The first publication is due in April 2018 and must contain six specific pieces of information. You can review the requirements by clicking here.
- Apprenticeship levy: All companies with a pay bill of more than £3 million each year will be required to pay an apprenticeship levy. The levy will be set at 0.5 percent of their total pay bill, minus a £15,000 levy allowance from the government.
- Modern Slavery Act reports: All companies that produce goods and services with an annual global turnover of at least £36 million must make a financial statement within six months of the end of the first financial year. For more information, consult the government’s practical guide, located here.
- National living wage change: The national minimum wage (NMW) and national living wage (NLW) will increase to the following amounts:· Apprentices: £3.50 per hour· Workers under 18: £4.05 per hour· Workers aged 18 to 20: £5.60 per hour
· Workers aged 21 to 24: £7.05 per hour
· Workers aged 25 and over (NLW): £7.50 per hour
- Immigration skills charge: The charge will be levied against employers that employ migrants in skilled areas and will be set at £1,000 per employee per year, or a reduced rate of £364 for small or charitable organisations.
Contact CIEEM Insurance Services for more help preparing your business for success.