National Minimum Wage
As of the 1st October 2008 the NMW rate is:
• £5.73 per hour for workers aged 22 and over
• £4.77 per hour for workers aged 18 -21 inclusive
• £3.53 per hour for all workers under the age of 18, who are no longer of compulsory school age
For more information on the NMW visit the HMRC website or call the NMW helpline on 0845 6000 678.
Tax Credits - Are your staff entitled?
Tax credits are payments from the Government to help working families and people on low incomes with everyday costs. Chances are, many of your staff could be eligible for them. If so, it’s important they don’t miss out.
Tax credits are part of an ongoing Government strategy to support people and families on low incomes. Some of your employees may be entitled to tax credits without realising it.
The people who qualify for Working Tax Credit include the following:
• A single person over the age of 25, working more than 30 hours a week for less than £12,865 a year.
• A couple (with one partner over the age of 25, one working more than 30 hours per week) jointly earning less than £17,400 a year.
• A person with a disability or over the age of 50 and returning to work, working more than 16 hours per week.
Employees with children can also claim Child Tax Credit, with a household income of up to £58k (or £66k if they have a child under the age of one).
HM Revenue and Customs have created a free set of materials consisting of a poster, leaflet and wobbler to promote tax credits. To order materials for your store call Jo Skilton on 020 7654 4790 or email jo.skilton@iris-london.co.uk.