Lanarkshire Business Group’s Post

Delighted to present our budget summary written specifically for small & medium sized businesses to the members of Lanarkshire Business Group who are mainly small & medium sized businesses too. #ukbudget #tax #nic #business

A perfect storm is brewing and there will be some tough decisions made after todays announcements (if they have not already been taken already). Raising taxes is counter intuitive and not the way to grow the British economy in my opinion. Excellent article in the The Times below. I compare it to the ill-informed uneducated Buyer in a sales process, that ultimately buys on price as they do not and cannot get themselves into a place to understand what a Supplier is saying in the context of solving their business problem and selling on value. They do not see the long term value, just short term financial pain and to minimise that pain they select the lowest price as it is the easy option. Everyone knows though you buy cheap you will buy twice - that is guaranteed. In this case "we need more money for public sector services so lets raise taxes on the wealthy" - traditional labour values surface. Margaret Thatcher's often cited quote is going to come home to roost “The problem with socialism is that you eventually run out of other people's money.” The country's #entrepreneurs have been offering to help but there has been disappointingly a lack of engagement. Unfortunately for HM Government we are a highly resilient and creative group of people and we always find a way to solve a problem. Yours Sincerely, A Working Person - a "striver who grafts" Professor Dylan Jones-Evans OBE Francesca James Avril Lewis, MBE Sarah Kocianski #Budget2024 #Budget #Economy #UKTech #Wales #Cymru FinTech Wales Technology Connected #PublicSector #Jobs #technology #business #SME

𝘼𝙧𝙚 𝙔𝙤𝙪 𝙈𝙞𝙨𝙘𝙡𝙖𝙨𝙨𝙞𝙛𝙮𝙞𝙣𝙜 𝙔𝙤𝙪𝙧 𝙒𝙤𝙧𝙠𝙚𝙧𝙨? 𝙄𝙩 𝘾𝙤𝙪𝙡𝙙 𝘽𝙚 𝘾𝙤𝙨𝙩𝙞𝙣𝙜 𝙔𝙤𝙪 𝘽𝙞𝙜! 🏢💸 If you have team members working for your real estate business, it’s crucial to get their worker classification right. Are they contractors or employees? The answer impacts your tax obligations, compliance, and bottom line. Use this quick checklist to determine how they should be classified: ✅ Do you control *how* and *where* they work? ✅ Do you set their pay rates and schedules? ✅ Do you provide their training and materials? If you said "yes" to all these, they’re likely employees. That means you’re responsible for payroll taxes like Social Security, Medicare, unemployment insurance, and worker’s comp. 💡 𝘔𝘪𝘴𝘤𝘭𝘢𝘴𝘴𝘪𝘧𝘪𝘤𝘢𝘵𝘪𝘰𝘯 𝘤𝘢𝘯 𝘭𝘦𝘢𝘥 𝘵𝘰 𝘩𝘦𝘧𝘵𝘺 𝘱𝘦𝘯𝘢𝘭𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘣𝘢𝘤𝘬 𝘵𝘢𝘹𝘦𝘴. 𝘔𝘢𝘬𝘦 𝘴𝘶𝘳𝘦 𝘺𝘰𝘶𝘳 𝘤𝘭𝘢𝘴𝘴𝘪𝘧𝘪𝘤𝘢𝘵𝘪𝘰𝘯 𝘪𝘴 𝘴𝘱𝘰𝘵-𝘰𝘯 𝘵𝘰 𝘬𝘦𝘦𝘱 𝘺𝘰𝘶𝘳 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘪𝘯 𝘤𝘰𝘮𝘱𝘭𝘪𝘢𝘯𝘤𝘦 𝘢𝘯𝘥 𝘢𝘷𝘰𝘪𝘥 𝘤𝘰𝘴𝘵𝘭𝘺 𝘮𝘪𝘴𝘵𝘢𝘬𝘦𝘴! Stay informed to keep your business running smoothly. Have you double-checked your worker classifications lately? #RealEstateAccounting #BookkeepingTips #RealEstateInvesting #WorkerClassification #TaxCompliance #PayrollManagement #RealEstateDevelopers #BusinessFinance #REIWealth #RealEstateTax #AccountingForInvestors

A black hole busting budget: but will it break the bank? Following Labour's first budget in 14 years, employers have tough decisions to make. David Browne, partner and head of employment at law firm, Shakespeare Martineau explores what the budget means for businesses. https://lnkd.in/eiqUFfs5 #UKbudget #budget #nationalinsurance #employmentlaw #HR

Budget updates! Key changes every business owner should know: National Insurance ➡️ The increase in Employers' National Insurance contributions to 15% means higher payroll expenses for businesses. This could affect cash flow and profitability, particularly for companies with large workforces. Minimum Wage ➡️ With the minimum wage for over-21s rising to £12.21, businesses will need to budget for higher wage costs, especially if they employ a significant number of minimum-wage or entry-level workers. Tax ➡️ Businesses using umbrella companies or those which are in tax planning strategies may see increased scrutiny and potential tax liabilities. This could lead to higher compliance costs or adjustments in how companies structure their workforce and tax planning. Inflation ➡️ While projected to gradually reduce, inflation can lead to increased costs for goods, services, and materials in the short term. For businesses, this means planning for cost fluctuations that might impact both operational expenses and pricing strategies. If you're concerned about how these changes could affect your business, get expert advice from Parker Andrews. Contact us: https://lnkd.in/eTpy3Q8g #Insolvency #BusinessRecovery #ProfessionalAdvice #FinancialAdvisory #InsolvencyExperts

The Autumn budget, our first under the new leadership - a few headlines for business owners… * National insurance contributions for employers will increase by 1.2% to 15% alongside the threshold at which businesses start paying NI on employees’ earnings will be reduced to £5,000 (reduced from £9,100) —> this means if you have employees in your business, your costs will likely increase from April 2025 * The employment allowance for small businesses will increase from £5,000 to £10,500 —> so small employers will not pay NI until their bill goes above this amount * National minimum wage will be increased by 6.7% to £12.21 per hour —> increased employment costs if you have workers at the minimum wage * Entrepreneurs’ tax relief is increasing from 2025 (10% now rising to 14% in 2025) and again in 2026 (14% rising to 18% in 2026) —> increased taxes when you sell your business So, what can you do next? You can absolutely review your forecasts for the next year and update them for the latest budgetary changes. If you have employees in your business, your expenses will likely have increased and you will benefit from understanding their impact on your business. Then what? Does your new budget tell you you need to increase your prices? Or review your approach to winning new business? Either could easily be an outcome of this process. If you need help with your cashflow or business planning, to rework your pricing or sales approach in light of these changes, please reach out for a chat on how I can support your business. #FinanceDirector #CFOcommunity #CFOforum #CFOlife #CFOdevelopment #PortfolioFD #FractionalCFO

Budget updates! Key changes every business owner should know: National Insurance ➡️ The increase in Employers' National Insurance contributions to 15% means higher payroll expenses for businesses. This could affect cash flow and profitability, particularly for companies with large workforces. Minimum Wage ➡️ With the minimum wage for over-21s rising to £12.21, businesses will need to budget for higher wage costs, especially if they employ a significant number of minimum-wage or entry-level workers. Tax ➡️ Businesses using umbrella companies or those which are in tax planning strategies may see increased scrutiny and potential tax liabilities. This could lead to higher compliance costs or adjustments in how companies structure their workforce and tax planning. Inflation ➡️ While projected to gradually reduce, inflation can lead to increased costs for goods, services, and materials in the short term. For businesses, this means planning for cost fluctuations that might impact both operational expenses and pricing strategies. If you're concerned about how these changes could affect your business, get expert advice from Parker Andrews. Contact us: https://lnkd.in/eTpy3Q8g #Insolvency #BusinessRecovery #ProfessionalAdvice #FinancialAdvisory #InsolvencyExperts

🚨 Key Insights from Today’s Budget Speech As we reflect on the Chancellor’s address, two pivotal points emerge from our discussions: 1️⃣ Chris Bryce expressed a critical concern, “The Chancellor’s speech has unveiled a substantial increase in Employer National Insurance Contributions, which we must acknowledge as a direct tax on jobs. This will lead to higher prices, stagnated wage growth, reduced hiring, and potentially even redundancies. As we await the details in the Red Book, it’s crucial that we communicate the real impact of these policies on working people and the economy.” “The proposals to tackle unscrupulous umbrellas are substantive and need to be examined in detail. At first glance they appear to be difficult to implement an will need in-depth consultations; we agree with the government’s view that “businesses that continue to outsource payroll operations to umbrella companies will take steps to ensure that these obligations will be correctly met on their behalf. This could include undertaking due diligence checks or putting in place legal indemnities.” This shift in responsibility could lead to greater compliance and transparency within the sector, ultimately benefiting both workers and businesses. 2️⃣ Deb Murphy noted, “Whilst it has been encouraging to hear the plans for improving transport and homes across the UK, there remains a concern that businesses will be unable to deliver growth as the Chancellor has planned. Yes, people will be able to get to work easier, but the taxes on business may make it hard for some companies to remain financially viable.” As we await the detailed insights from the Red Book, it’s crucial for us to remain vigilant and advocate for the needs of the workforce. How do you think these changes will shape our economic landscape moving forward? #Budget2024 #AutumnBudget #EconomicGrowth #NIContributions #Transport #WorkingPeople

A good summary of some of the main points from the Business Sale Report team on the latest Budget. Everyone has been chiming in, and it seems, so far the consensus is as follows: 1. The budget could be worse. Entrepreneurs don't start businesses because they want to take advantage of tax loopholes. However, any further taxation and costs associated with running the business will make someone think twice before leaving their comfortable consultancy position, that just doesn't require as many headaches. Business services have been this country's main export for decades now, and with less businesses choosing...to do business here because of more hurdles, companies offering business services will suffer too. 2. Non-doms etc. --> there will be a lot of capital leaving the UK because of the regime changes. Not everyone will leave, but this is yet another blow (how many more does the UK need?). 3. CGT changes - this will matter the most for anyone approaching retirement age. If I was to sell my business in 3-4 years, I might move up that deadline to later this year/early next year. The work on exit planning would need to start now - and if you are considering it, reach out via DMs to me or Celestus

Autumn Budget 2024: Key Points for Business Owners The Autumn Budget has brought several changes for businesses, and two stand out: 🔼 Employer NICs Increase: Employer National Insurance Contributions are rising, impacting payroll costs. Businesses may need to adjust cash flow and payroll strategies accordingly. 💼 Business Asset Disposal Relief: The 10% rate on gains up to £1 million will remain until April 2025, but the relief rate will increase to 14% in April 2025 and 18% in 2026. For those considering a sale, acting sooner could lead to significant tax savings. Get in touch to discuss how we can support your business, whether you're looking to improve cash flow or considering a sale to an external investor or your team. 🌐 wscfinance.com 📞 01604 266 377 📧 hello@wscfinance.com #WSCFinance #FinanceMadeSimple #AutumnBudget2024 #BusinessOwners #EmployerNICs #NationalInsurance #PayrollCosts #BusinessAssetDisposal #EntrepreneursRelief #TaxSavings #CashFlowManagement #InvestmentStrategies #BusinessGrowth #FinancialPlanning #TaxRelief #SmallBusinessSupport