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Tax Breaks for Living Wage Businesses

If Labour wins the next election, leader Ed Miliband has promised to offer tax incentives for firms that offer their staff the living wage.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Where the National Minimum Wage is the absolute legal minimum that employees can be paid, the Living Wage is considered to be the minimum wage that people can reasonably expect to cover their basic cost of living.”

The National Minimum Wage currently stands at £6.31 an hour. The Living Wage is £7.45 outside London and is £8.55 in the capital. Ed Miliband has said he will offer firms a twelve month tax break worth as much as £1,000 per worker if they sign up and offer their staff the Living Wage as part of his plan to "make work pay".

The CBI’s John Cridland offered a cautionary note to this as to whether businesses, such as high street retailers, who are under financial and commercial pressure, would be able to afford to pay their staff more wages without increasing their prices.

If you need any help and advice with your PAYE or general Bookkeeping, or looking to outsource your Accounting Department, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your business matters.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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