LIBF Unit 1 Topic 12

What is the National Living Wage for those aged 25 and over? - Answer- £8.72 What is the minimum wage for those aged 21-24? - Answer- £8.20 What is the minimum wage for those aged 18-20? - Answer- £6.45 What is the minimum wage for those under 18? - Answer- £4.55 What is the minimum wage for apprentices under 19 or in their first year? - Answer- £4.15 How many hours can an employee work? - Answer- An employee can work a maximum of 48 hours per week averaged over 17 weeks unless they choose to work longer How much holiday is an employee entitled to? - Answer- An employee who works 5 days a week is entitled to at least 5.6 weeks paid holiday per year How much rest time is an employee entitled to? - Answer- An employee is entitled to at least 11 hours consecutive rest in any 24 hour period How much break is an employee entitled to? - Answer- If the working day is longer than 6 hours, they are entitled to a minimum 20 minute break. What is the basic personal allowance? - Answer- The amount you can earn before tax which is currently £12,500. What is the basic rate tax band and percentage? - Answer- 20% £12,500 - £37,500 What is the higher rate tax band and percentage? - Answer- 40% £37,501 - £150,000 What is the additional rate tax band and percentage? - Answer- 45% Over £150,000 Who pays National Insurance? - Answer- Those aged between 16 and state pension age, an employee earning more than £183 a week, or self employed and making a profit of over £6,475 per year. When do paper tax returns need to be filed? - Answer- Paper tax returns must be received by midnight on the following 31 Oct. When do online tax returns need to be filed? - Answer- Online tax returns must be received by midnight on the following 31 Jan. The final payment of tax due must be received by midnight on 31 Jan.