The UK has been hit by storm after storm this year.
It was decided in 2015 to name a storm after research suggested people became more aware of extreme weather warnings once the storm was given a name.
As we approach April 6th there are some key changes to employment law and tax law that could affect your contract:
National Minimum Wage increase
As an employee of an Umbrella company the figure that you see on your payslip for gross pay must be clearly stated and must be at least the applicable National Minimum Wage rate. It is important to understand what your gross pay amount is.
This increase will affect the minimum contract rates that your Umbrella company must charge the agency or client for your work. Where contract rates are usually higher than the minimum the change will have no effect.
National Insurance increase
The Health and Social care levy will come into effect at the start of the new tax year. As of April 6th it will be shown as an increased rate of National Insurance. There will be an increase to Employee’s National Insurance by 1.25%. There will also be the same increase in Employer’s National Insurance paid by your Umbrella company.
This increase in National Insurance is temporary. From 2023 the Health and Social Care Levy will be shown as a separate tax.
The Holiday Year
You should always have clear access to any holiday leave allowance and pay that YOU have accrued. This is your holiday leave allowance. It is important to be conscious of looking after your health and wellbeing. When accruing holiday pay this is intended to cover when you take a break.