October 2008

Insolvency rate to rise by ‘catastrophic’ amount

According to a poll by insolvency trade body R3, the insolvency rate for small businesses could rise by as much as 41% in 2009 compared with 2007.

The survey highlights the gloomy state of the current economic market and shows a large increase of lenders securing debt against individual homes.

With little light at the end of the tunnel, businesses and individuals must face up to today’s tougher climate. Please contact us if you would like us to help you plan for the future.

National Minimum Wage changes

From October 2008, the national minimum wage increased again:

Aged 22 and over	£5.73	(£5.52)
Aged 18 to 21	£4.77	(£4.60)
Aged 16 to 17	£3.53	(£3.40)

The government is becoming concerned that large numbers of employers are not paying the relevant NMW and have increased the resources allocated by 50% to tackle non-compliance. Our payroll software automatically verifies compliance with NMW rates, so we are in a position to assist you with your payroll and NMW checks.