Business Updates Archives - Baxterworld https://test.baxterworld.com/category/business-updates/ Cloud solutions, Clear insights, Count on Us Tue, 09 Jul 2024 10:06:37 +0000 en-GB hourly 1 https://wordpress.org/?v=6.4.5 /wp-content/uploads/2023/12/cropped-Baxterworld-Branding-2023Symbol-Main-32x32.png Business Updates Archives - Baxterworld https://test.baxterworld.com/category/business-updates/ 32 32 130844456 Restaurant Location: Choosing what’s right for Customers https://test.baxterworld.com/2023/11/13/restaurant-location-choosing-whats-right-for-customers/?utm_source=rss&utm_medium=rss&utm_campaign=restaurant-location-choosing-whats-right-for-customers Mon, 13 Nov 2023 14:26:02 +0000 https://baxterworld.com/?p=3769 The post Restaurant Location: Choosing what’s right for Customers appeared first on Baxterworld.

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  • Restaurant Location
  • Nearby Attractions
  • Surrounding Area
Great restaurants are composed of many different things. Outstanding food, impeccable service, and an overall unique experience. However, when opening a restaurant, it is important to not only focus solely on internal factors, but to consider certain external elements. Today we will be looking at such elements, and exploring why they can be crucial for starting restauranteurs. 1) Nearby Attractions Whilst I’m sure that your restaurant will or does offer a great experience to your customers, it helps if the businesses around you do as well. Families out for dinner will likely go for drinks afterwards, especially if a bar is nearby. You are more likely to attract customers if they find the area you are in desirable and varied. Use this to your advantage. Whilst a location in a business-based area may seem busy, it lacks the surroundings to bring in more customers in the evenings. Instead, use other businesses to bring customers to your door. 2) Surrounding Area This one is self-explanatory, but it is equally as important. If the area and streets surrounding your restaurant aren’t desirable, then don’t expect your business to be. Certain urban and industrial areas can be tempting due to their lower rent, but do not let this fool you, such properties are cheaper for a reason. Instead of spending an arm and a leg for a central location, be aware of up-and-coming areas. Your business may not take off immediately, but as the area becomes more desirable, so will your restaurant.
Summary
Whilst the key to a successful restaurant is primarily down to its own efforts, this success can be expanded through careful consideration of location. By utilising the variety and quality of surrounding businesses, aspiring restauranteurs can increase their own success simply through their location. All it takes is careful planning and area analysis. Baxterworld are Chartered Management Accountants specialising in Hospitality businesses. If you are interested in better bookkeeping and management information at a lower cost, call Ray Baxter on 020 7099 9676 or email [email protected].
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]]> 3769 Procrastination: 3 Ways to beat the Habit https://test.baxterworld.com/2023/10/16/conquer-procrastination-3-strategies-to-beat-the-habit/?utm_source=rss&utm_medium=rss&utm_campaign=conquer-procrastination-3-strategies-to-beat-the-habit Mon, 16 Oct 2023 09:16:24 +0000 https://www.baxterworld.com/?p=3744 The post Procrastination: 3 Ways to beat the Habit appeared first on Baxterworld.

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  • How to Conquer Procrastination!
  • Why do we Procrastinate?
  • The Value of Self-Discipline
You did it again, didn’t you? You scrolled through Instagram, tidied your room, and read a few more chapters of your book than you meant to. Now it’s three in the morning, and the task you had set yourself yesterday is no closer to completion. First of all, don’t worry, you’re not alone. We’ve all done this at one point in time. But while a one-off all-nighter can be harmless, persistent procrastination can seriously disrupt your relationship with work. Why do we Procrastinate? Procrastination is the delaying or postponing of tasks, usually those that have an approaching deadline. Procrastinating can become frustrating and counterproductive, so why do we do it? There are dozens of reasons for procrastination, but here’s a few of the most common ones,
  • Lack of Motivation – We often lose motivation towards a project, especially if the task isn’t enjoyable. It is tempting to evade these tasks and spend time doing things we enjoy.
  • Poor Time Management – Many people underestimate the time needed to complete a task, choosing to prioritise less important activities instead.
  • Perfectionism – Whilst it’s important to be passionate in regard to your work, it can be easy to focus too heavily on one thing, leaving less time for other work.
How to Conquer Procrastination! Here’s the hard truth. Procrastination generally has little to do with the tasks at hand, and everything to do with your approach to them. Without self-discipline, you can’t break bad habits, bad habits will encourage distraction, and distractions make you procrastinate! What you (and most of us) need to do, is to approach our work differently, with a positive and calculated attitude. You can do this by, 1) Removing Distractions – This one is probably the hardest of the bunch. As we said before, it can be easy to become distracted by things that are simply more enjoyable than your work. When this is the case, it’s best to remove these distractions. This means putting phones in drawers, closing Netflix and making sure to stay off social media. 2) Having an Awareness of Time – Don’t disregard the amount of time it takes to complete certain tasks. Even if your estimate is correct, take into account the time needed for possible research, editing, and any problems that may arise. Maybe set timers for yourself, or if working in a group, have someone else time you. 3) Breaking Things Up – Approaching a large task can be intimidating and off-putting. Next time, try breaking a task into separate pieces, giving a certain amount of time to each one. Not only will this create a plan, but it will utilise those time awareness skills we mentioned before. The Value of Self-Discipline Procrastination is nothing to feel embarrassed about, it’s something we’ve all done (and will occasionally continue to do.) The important thing is to ensure that the occasional off night doesn’t become a regular occurrence. When approaching work with a positive mindset, and a well-thought plan, we can avoid the feelings that cause us to procrastinate. Through this focus, we can work more efficiently, giving us more time to do the things we love. Baxterworld are always looking for new ways to avoid procrastination. If you agree with us, or have any ideas of your own, let us know! #procrastination #working #WorkLifeBalance #business #businesssuccess #selfimprovement #smallbusinessowneruk #officelife #it #growthmindset
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]]> 3744 Basis Period Reform https://test.baxterworld.com/2023/10/09/basis-period-reform/?utm_source=rss&utm_medium=rss&utm_campaign=basis-period-reform Mon, 09 Oct 2023 10:03:23 +0000 https://www.baxterworld.com/?p=3697 The post Basis Period Reform appeared first on Baxterworld.

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Basis Period Reform is on its way. Here’s how it could affect you!

In April 2024, HMRC is changing its approach to business taxation through the basis period reform. But what exactly is a basis period, and how is it being reformed? This Blog will work to answer these questions by investigating basis period reform and the common questions surrounding it.

Generally, unincorporated businesses set up their annual accounts to coincide with the same date each year, known as their accounting date. With the current system, business owners can calculate their total profit or loss for the year by using this date and allocating the 12 months that follow it as their tax year or basis period. Essentially, basis period reform aims to standardise the dates that unincorporated businesses base their tax year around. In turn, a business whose accounting date falls outside the tax year (March 31st and April 5th) needs to adjust their accounting according to basis period reform.

Why is Basis Period Reform Happening?

Basis period reform aims to level the playing field in regard to small businesses, with the government stating that it will “create a simpler fairer and more transparent set of rules for the allocation of trading income.” Within current taxation laws, two businesses making the same profit but with different accounting dates can pay completely different taxes. This difference results in some businesses benefiting, and other not, an imbalance that the HMRC wishes to correct.

  • HMRC, “Using the tax year basis will remove this complexity and lead to a clearer and more transparent relationship between the profits arising in a tax year and the tax liability related to them.”

Who Will be Affected?

Only certain businesses will be affected by the reforms, primarily those unincorporated. It will also only affect businesses which compile their annual accounts to a date different to the 31st of March or the 5th of April. Those affected,

  •          7% of sole traders.

  •          33% of partnerships

  •          Certain Trading Trusts

  •          Certain Estates

  •          Certain Non-resident companies

How Will Basis Period Reform Affect businesses?

Currently 2023/2024 is a transition year regarding base period reform. Businesses whose accounting year doesn’t coincide with the standardised taxation year will simply report on an extended basis period until they have caught up. Whilst calculating a tax return around this, you must utilise the accounting year in addition to this transitional period, effectively creating an extended report. In theory, this should align the taxation years for all unincorporated businesses for the beginning of April 2025.

This all sounds straightforward, but in practice, these reforms will initially raise issues such,

  •          Additional administrative work.

  •          Uncertainty with business owners.

  •          Time constraints regarding finalising figures.

  •          Potentially weakening partnerships/partnership income

Can I Avoid Paying Tax Twice?

The additional transitional profits arising from an extended basis period in 2024 should be offset by overlap relief originally given in Year 2 of the business. This was a mechanism to avoid paying tax twice on overlapping earnings in the early years of trading if your year-end was other than 5th April.

You can get that figure using this link:

https://www.gov.uk/guidance/get-your-overlap-relief-figure

Summary

Whilst at first these changes may give cause for confusion; they should ultimately act to simplify. The standardisation brought through basis period reform should put all affected businesses on the same terms regarding taxation, streamlining the process for accountants and HMRC.

Curious if these changes apply to you? If so, feel free to get in touch with us here at Baxterworld via the contact details on our website.

#accounting #accountancy #finances #financetips #business #smallbusinessowneruk #tax #taxreturn #basisperiod

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]]> 3697 Complaints? Can your Staff Handle Them? https://test.baxterworld.com/2023/10/02/how-do-your-staff-handle-complaints/?utm_source=rss&utm_medium=rss&utm_campaign=how-do-your-staff-handle-complaints Mon, 02 Oct 2023 14:16:54 +0000 https://www.baxterworld.com/?p=3693 The post Complaints? Can your Staff Handle Them? appeared first on Baxterworld.

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How do your staff handle complaints? In a world filled with top-class bars, cafés and restaurants, we occasionally experience unforgettable service. However just as great service can be unforgettable for a customer, the same can be said for bad service. Negative experiences within hospitality can not only ruin a meal but can often ruin our entire perception of a business. Having had one of these negative experiences recently, I questioned just how businesses communicate with their customers. Including how their staff can deal with potential issues.
My Experience
I was visiting a garden centre with a daytime restaurant with 40 or so seats. After being shown to a table, I ordered the fish, described on the menu as “white fish in batter.” Shortly after the young waitress brought out my food, I realised I would not be able eat it. I had been expecting a texture that was soft and flaky, but instead received one that was hard and chewy. There is nothing wrong with the cooking and presentation, just the type of fish used. I asked the waitress if she could change the meal to something else, to which she replied that she would contact her manager. When she returned, she informed me that her manager refused to change the meal as, “there was nothing wrong with it.” Instead of coming to my table personally, he was happy to relay his decision through another member of staff. When I voiced my disappointment, she left to appeal his decision. Coming back to my table she informed me that the problem had been resolved. Using her own initiative and judgement to “go past” front of house and straight to the kitchens, she was able to order me a new dish.
My Thoughts
In the modern day of social media, online reviews and connectivity, never has customer service been more paramount. At the click of a button, customers can not only leave a rating on a business, but post descriptions and photos directly to the internet for all to see. Complaints within the service industry have always threatened to stain a business, but with the mass accessibility of the internet, these stains are growing harder and harder to clean off. The managers refusal to personally oversee the situation and his lack of empathy towards his customers is alarming when considering these risks. Perhaps some businesses focus too heavily on black and white protocol instead of considering their relationships with valuable customers. If this is the case then maybe more emphasis should be out put on training staff to handle complaints in a friendly manner, rather than simply efficiently. Let me know what you think. #customerservice #complaints #CustomerSatisfaction #companypolicies #customerisking #customerexperience 
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]]> 3693 How much holiday pay to give your staff. https://test.baxterworld.com/2023/07/15/how-much-holiday-pay-to-give-your-staff/?utm_source=rss&utm_medium=rss&utm_campaign=how-much-holiday-pay-to-give-your-staff Sat, 15 Jul 2023 15:24:26 +0000 https://www.baxterworld.com/?p=3623 The post How much holiday pay to give your staff. appeared first on Baxterworld.

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 How much holiday pay to give your staff

For a 5-day week worker, the entitlement is 5.6 paid weeks or 28 days per annum which can include public holidays. In the case of 6 days per week workers, it is capped at the 28 days. It is calculated from the first day of employment. For those working less than a 5-day week, it would be pro-rata.

Coming from old EU law which still applies in the UK, a worker must take at least 4 weeks holiday per leave year, If less is taken, it cannot be carried over. You are not permitted to “buy” unused statutory leave.

The amount payable per week is obvious where pay is fixed. If it is not, then a 12-week average is used.

When planning holidays, consider employees on irregular hours. For those with variable work patterns, holiday pay must reflect the average weekly pay over the previous 52 weeks, including any overtime or commissions. This ensures fairness and compliance with regulations.

Additionally, clear policies should be in place to manage holiday requests, preventing understaffing and ensuring smooth operations. Encourage staff to plan holidays early, balancing business needs with employee well-being.

Moreover, keeping accurate records of leave taken and remaining entitlements helps avoid disputes and ensures legal compliance. Remember, a transparent and fair holiday policy fosters a positive work environment, enhancing employee satisfaction and retention.

Here is a link if you need more information.

https://www.gov.uk/calculate-your-holiday-entitlement

If you’re interested in this week’s topic but not sure what to do next, contact us via the link below. We’re always trying to help businesses to succeed, so, by working with them, we can help them to reach their goals. Just give us a call or an email via the information on our contact page.

Find a chartered accountant | Contact Us

#holiday #holidaypay #takecontrol #holidaytravel #wagesandsalaries #employeebenefits #employersolutions #employersupport

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]]> 3623 Food Business: How to Get Started https://test.baxterworld.com/2023/07/03/starting-a-food-business/?utm_source=rss&utm_medium=rss&utm_campaign=starting-a-food-business Mon, 03 Jul 2023 19:12:46 +0000 https://www.baxterworld.com/?p=3616 The post Food Business: How to Get Started appeared first on Baxterworld.

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STARTING A FOOD BUSINESS?

When you start a new food business or take over an existing business, you must register with your local authority. You should do this at least 28 days before food operations start.

This applies to food businesses trading:
  • from physical customer-facing premises
  • from home
  • from a mobile unit or temporary premises
  • online (for example via social media or a website) or through distance selling (distance selling means any selling that happens without face-to-face contact with the consumer)
You will need to register if you:
  • sell food.
  • cook food.
  • store or handle food
  • prepare food.
  • distribute food.

Companies involved with food distribution, brokerage or food supply that operate from an office should also register as a food business.

Additionally, registration is free and cannot be refused. It’s essential to keep your registration details up to date, notifying the local authority of any significant changes to your business, such as a change of address, business activities, or ownership.

Failing to register can result in fines or other legal consequences, so ensure compliance to avoid disruptions. Registration helps local authorities conduct necessary inspections and provide support to ensure your business meets food safety standards.

For more detailed information and assistance with the registration process, contact your local authority or visit their website for guidelines and resources.

This applies even if no food is kept at the premises. If you operate in more than one location, you need to register each premise with the local authority in which they are located.

You can register here: https://register.food.gov.uk/new

Baxterworld offers accounting and financial guidance to companies in both the UK and Ireland. If you’re unsure of this week’s topic or you’re interested in learning more, feel free to contact is today!

#food #foodandbeverage #foodforthought #foodsupplier #restaurantowner #foodtruck #foodtrends #foodvendor #cafe #fastfood #finedining #trading #foodbusiness #foodbusinessowner

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]]> 3616 How to Distinguish Between a Budget and a Business Plan https://test.baxterworld.com/2023/06/15/how-to-distinguish-between-a-budget-and-a-business-plan/?utm_source=rss&utm_medium=rss&utm_campaign=how-to-distinguish-between-a-budget-and-a-business-plan Thu, 15 Jun 2023 13:09:03 +0000 https://www.baxterworld.com/?p=3607 The post How to Distinguish Between a Budget and a Business Plan appeared first on Baxterworld.

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How to Distinguish Between a Budget and a Business Plan
Budget
In simple terms a budget is a financial forecast for you to use internally as a base point against which future results can be measured, it’s created based on what you and your team can commit to. It can be a best estimate of what will happen given some reasonable assumptions, or, it can be a target which will stretch all involved. If all the team agree to work towards it, then it is a viable plan.
It consists of:
  • A Profit & Loss forecast.
  • A Balance sheet and cash flow forecast based on the above.
You may need several variations to test what will happen to cashflow if circumstances are worse than planned. The main variable is usually sales value. Comparing future actual results with the budget will allow you to see where reality differed from your original plan. If you did worse than planned, this does not mean your budget was wrong. This was just a measuring point. It is usually calculated on a spreadsheet with columns for each month, 12 to 18 months ahead. It can be revised annually if outside factors change significantly so as not to keep repeating known variances in your reports. Most accounting systems now have the ability to work with budgets.
Business Plan
A business plan is much more comprehensive than a budget and is usually used for external purposes such as fund raising from lenders or investors. It includes a description of the business, its history, its products/services and its marketing strategy. Its time horizon is usually from 3 to 5 years. While it contains a financial forecast like a budget its purpose is different and therefore it can be based on different assumptions. A forecast of sales in 4- or 5-years’ time is obviously a complete fiction and the readers will understand this. You must therefore show them that the predictions are plausible by providing enough data to help them judge the risk involved. Avoid hype. Professionals will spot this and lose confidence in the proposal. We hope this blog post has helped you understand how to distinguish between a budget and a business plan. If you need any assistance to distinguish or to review documents for your business, please contact me at [email protected]. There are many free and paid for templates on the internet. AI creation tools can help with the text, so its never been easier.
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]]> 3607 State Pension – How to Top it Up – 31st July Deadline https://test.baxterworld.com/2023/06/08/topping-up-your-state-pension-31st-july-deadline/?utm_source=rss&utm_medium=rss&utm_campaign=topping-up-your-state-pension-31st-july-deadline Thu, 08 Jun 2023 19:08:25 +0000 https://www.baxterworld.com/?p=3602 The post State Pension – How to Top it Up – 31st July Deadline appeared first on Baxterworld.

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Topping up your state pension – on missing gaps

Are you a man born after 6th April 1951 or a woman born after 6th April 1953?

If so and, if you have any gaps in your National Insurance record you have a special opportunity to top up contributions back to April 2006 onwards.

For a full state pension, you need 35 years of contributions. You may have a gap for any of the following reasons:

  • Your income has been by way of dividends with any salary under the lower earnings limit.
  • You were self-employed but exempted paying contributions because of low profits.
  • You were employed but had low earnings.
  • You were living or working abroad.
  • You took a career break.
  • You were unemployed but did not claim benefits.

Sign in to check your National Insurance record and see if there are any gaps. If you find gaps, you can make voluntary contributions to boost your state pension. These contributions can be made up until you reach the state pension age, but doing so earlier can be more cost-effective.

It’s crucial to assess whether making additional contributions is beneficial. Consider factors such as your current financial situation, your overall retirement plans, and the potential increase in your pension.

Consulting a financial advisor can help you make an informed decision. Ensuring you have a complete National Insurance record can significantly enhance your financial security during retirement. For more details, visit the HMRC website.

You can check for gaps in you NI record here:

HMRC services: sign in or register: Sign in to HMRC online services – GOV.UK (www.gov.uk)

You will need a Government Gateway user ID and password. If you find that you do have gaps, you need to way up the cost and benefit from filling those gaps.

This opportunity ends on 05 April 2025.

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]]> 3602 New Digital Patents service https://test.baxterworld.com/2023/05/29/new_digital_patents_service/?utm_source=rss&utm_medium=rss&utm_campaign=new_digital_patents_service Mon, 29 May 2023 21:33:21 +0000 https://www.baxterworld.com/?p=3589 The post New Digital Patents service appeared first on Baxterworld.

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New Digital Patents service

The Intellectual Property Office (IPO) will be launching a new digital patents service soon.

The timeline is:

 September 2023  New patents search service.
 Spring 2024  Launch of “One IPO”
 Winter 2025  Further enhancements to One IPO.

The big event is the launch of One IPO which will allow patents applications to be made online. A pilot will be available later this year and patents customers can join the pilot using this link:

[email protected]

A webinar on how applying for patents will change is being held on 7 June 2023.

You can join using this link:

https://register.gotowebinar.com/register/8383944816864476505

The UK Intellectual Property Office (IPO) has launched a new digital patent service aimed at modernizing and streamlining the patent application process. This service is designed to offer a more user-friendly, efficient, and accessible platform for individuals and businesses seeking patent protection.

Key features of the new digital patent service include:
  1. Online Applications: Applicants can now submit patent applications entirely online. This includes the ability to upload necessary documents, drawings, and descriptions directly through the platform, simplifying the submission process.
  2. Real-Time Tracking: The service allows users to track the status of their patent applications in real-time. This transparency helps applicants stay informed about the progress of their applications, from submission to approval.
  3. Enhanced Communication: The digital platform facilitates better communication between applicants and IPO examiners. Users can receive notifications, respond to queries, and submit additional information directly through the system, ensuring a smoother and quicker resolution of any issues.
  4. Secure Access: The service ensures the security of sensitive information through robust encryption and secure login procedures. This protection of intellectual property is paramount to maintain confidentiality throughout the application process.
  5. Cost Efficiency: By reducing the need for paper-based submissions and physical meetings, the digital patent service can lower costs for both applicants and the IPO. This efficiency can also lead to faster processing times, benefiting inventors and businesses.
  6. User Support: The IPO provides comprehensive support for users navigating the new system, including online resources, tutorials, and a helpdesk to assist with any technical or procedural questions.

The introduction of the digital patent service represents a significant advancement in the UK’s intellectual property infrastructure, making the process of securing patents more accessible and efficient for innovators nationwide.

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]]> 3589 New minimum wage rates from 1 April 2023 https://test.baxterworld.com/2023/05/10/new-minimum-wage-2023/?utm_source=rss&utm_medium=rss&utm_campaign=new-minimum-wage-2023 Wed, 10 May 2023 21:17:16 +0000 https://www.baxterworld.com/?p=3578 The post New minimum wage rates from 1 April 2023 appeared first on Baxterworld.

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Get ready for changes! Starting April 1, 2023, new minimum wage rates are set to roll out, impacting workers across various sectors. From adjustments in pay scales to potential economic implications, stay informed with our comprehensive guide to navigating the latest updates in minimum wage regulations.

New minimum wage rates from 1 April 2023 
A handy reminder of the new numbers: 

 

Age     Old rate           New Rate       %age 

23         £9.50   £10.42               9.7% 

21-22  £9.18   £10.18              10.9% 

18-20  £6.83   £7.49                9.7% 

16-17  £4.81   £5.28                 9.7% 

 

Read more at: 

https://www.nibusinessinfo.co.uk/minimum-wage-rates

These changes aim to ensure that workers receive a fair wage that aligns with the cost of living. The increases are particularly significant for younger workers and apprentices, who often earn lower wages compared to their older counterparts. This adjustment helps to narrow the income gap and provide better financial support for all employees.

Impact on Employers and Employees
Employers

Businesses must update their payroll systems to reflect the new rates from 1 April 2023. Failure to comply can result in penalties and damage to the company’s reputation. Employers should also communicate these changes to their staff to ensure transparency and understanding.

Employees

For workers, the new rates mean higher take-home pay, which can contribute to better financial stability and quality of life. Employees should check their pay slips from April onwards to ensure they are receiving the correct wages.

Conclusion

The new minimum wage rates represent a positive step towards improving earnings for low-paid workers in the UK. Both employers and employees need to be aware of these changes and take the necessary actions to comply with and benefit from the updated regulations.

For further information, guidance, and support on the new minimum wage rates, visit the official UK government website or consult with your HR department. Better yet, contact us at Baxterworld today for help and advice.

https://baxterworld.com/contact-us/

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