Autumn Budget 2024

How the Autumn Budget 2024 impacts your Sage 50 Payroll.

The Changes

The Chancellor announced the Autumn Budget 2024 on 30 October 2024. Here are the changes that impact payroll legislation.

National Minimum Wage (NMW)

The Chancellor announced a rise in the NMW from April 2025.

• Over-21s increases to £12.21
• 18 to 20 year-old increases to £10 
• 16-17 year-old increases to £7.55
• Apprentices NMW will increase to £7.55

Employment Allowance

The Employment Allowance will increase from £5,000 to £10,500 from April 2025.

National Insurance (NI)

Employers NI contributions increase to 15% NI for employees who earn above £5,000, from 6 April 2025.

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What you need to do

You don't need to do anything for now. We'll release a software update with these changes, for you to install before April 2025.