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29th Feb 2024 / 8:00 am - 10:30 am

Liverpool Chamber & RSM – National Minimum Wage Event

RSM 20 Chapel Street Liverpool L3 9AG

Free (Members)

Register now

By: Liverpool Chamber of Commerce


National Minimum Wage – How could this impact your business?

 

Join RSM’s specialist National Minimum Wage (‘NMW’) team who will be covering the complexities of NMW and the potential impact this could have on your business.

The Chancellor announced in the Autum Statement that NMW rates are increasing by the highest percentage to date, increasing National Living Wage (‘NLW’) to £11.44. Whilst this is excellent news for workers paid at NLW, this can be a significant cost for employers. Following these increased costs, no employer wants to fall foul of this legislation and RSM will discuss some of the common pitfalls that employers face.

During this session RSM will discuss how NMW compliance can be much more complicated than just the headline rate and how businesses across all sectors can be impacted by NMW. RSM will share their experience to help employers understand:

• HMRC’s enforcement activity and the various different approaches currently taken by HMRC.

• The common challenges employers face regarding NMW compliance and record keeping including some example scenarios of how employees can unintentionally be paid at a rate less then NMW.

• The potential time, financial and reputational impact an NMW audit can have to a business and what businesses should be considering to mitigate any potential risks.

It is important that employers are aware of all areas that can impact the calculation of NMW (not just hours worked and pay rate) so that they can identify potential risk areas, update or implement processes and procedures to mitigate the impact of these risks.