cheap accountants - minimum wage

The UK National Minimum Wage is set to increase by £0.20 an hour from an hourly rate of £6.50 to £6.70 during October 2015.

With this in mind it is quite timely to address the question of the Minimum Wage in relation to Company Directors.

We are often asked how the minimum wage regulations affect limited company directors and we answer this question now.

The following people are exempt from the application of the minimum wage:

1. Company Directors

2. Self employed individuals running their own business

Therefore the simple answer is: company directors and those who are self employed don’t need to consider the minimum wage when paying themselves.

If you need any further accounting advice or accountancy work needing to be completed then contact CheaperAccountant.co.uk for an affordable accountant.