The new year has finally arrived, bringing with it plenty of changes to UK law. There are new regulations coming in to force that will have an impact on individuals and businesses alike.
Of course, with Brexit looming there are sure to be a lot of ongoing changes to legislation, but for the time being there are a few of the upcoming legal changes already expected for 2019.
Changes to National Minimum Wage
Both the National Living Wage and National Minimum Wage rates will increase this year, with the “living wage” rising from £7.38 to £8.21 in April.
Changes to the minimum wage for those working sleep-in shifts are also expected to change. Currently those who work sleep-in shifts, such as nurses and care workers, are not entitled to the National Minimum Wage for time spent asleep as they are classed as being ‘available for work’ and not actually on shift. A request to appeal this decision was lodged with the Supreme Court by Unison and a decision is expected this year.
Changes to pensions
2019 will see a lot of changes to pensions, and businesses will need to make sure they are keeping up to date with these new changes.
These changes include:
- Rise in minimum contributions from both employers and employees
- Pay rise for pensioners due to inflation
- Both parts of pension credit payments will rise
- State pension age will increase from 65 to 66
Payslips extended to freelancers and contractors
In April, the legal right to receive a payslip will extend to those who are not under official employment, such as freelancers and contractors.
As part of these changes employers will also be required to include the total number of hours worked on payslips for employees whose wages vary depending on how much time they have worked.
Pay gap reporting
This year, new legislation will require private organisations with 250 or more employees to publish their gender pay gap figures on April 4. There will also be legislation coming in to force requiring companies with 250 employees or more to publish their executive pay gap.
VAT records and returns
From April, all VAT-registered businesses that have taxable turnover above the current VAT registration threshold will have to keep VAT records in digital form and file their VAT returns digitally.
If your business is in need of further advice or guidance on upcoming legislation, get in touch with a legal expert to ensure you are keeping up to date.
Katie is a finance specialist with one of the biggest firms in London. From savings to investments, there’s nothing she can’t advise on and she’s here to help spread the word and help you on your way to financial freedom.