If you are an employer you need to pay taxes and all dues for your employees (some of it is deducted from employees’ earnings). Every time you pay your staff you need to give them a payslip with all the details. You are legally required to conduct and record all money matters.
Financial Year in the UK starts on 6th April and end on 5th April. Employer is required to issue P60 to all employees when the financial year ends. This document shows all earnings and taxes paid by employee throughout the whole year. If employee leaves the work during the year employer must issue a P45.
An employee’s Class 1 National Insurance is made up of contributions:
- deducted from their pay (employee’s National Insurance)
- paid by their employer (employer’s National Insurance)
The amounts deducted and paid to depend on:
- the employee’s National Insurance category letter
- how much of the employee’s earnings fall within each band
Below you can find a minimum wage for each age category
|
Year |
21 and over |
18 to 20 |
Under 18 |
Apprentice |
|
|
April 2025 |
|
£12.21 |
£10.00 |
£7.55 |
£7.55 |