Lewisham Plus Credit Union’s Post

UK business owners, are you up to date with the latest payroll changes? It's is important for employers to update their systems and processes to remain compliant. ✅ National Living Wage is now £11.44/hr for those over 21. ✅ Statutory pay rates for sick, maternity, and more have risen. ✅ National Insurance Contributions for employees have dropped by 4%. Find out more here 👉 https://lnkd.in/eZEX8gTA #PayrollChanges #UKBusiness #Compliance

📢 Attention Employers: National Insurance Increase Ahead! From April next year, UK employer National Insurance contributions will rise. Employee contributions remain frozen so there’s no impact on payday, but this does increase payroll costs. If you are budget planning for 2025 financial year you neeed to adjust forecasts. This might impact how much cash 💰 there is in the pot for pay rises so make sure you keep your people informed so you can manage expectations. #EmployerNI #PayrollUpdate #UKEmployers #FinancialPlanning

What are the steps to becoming an employer? 1️⃣ Register with HMRC: Before the first payday, register with HMRC to get your employer PAYE reference number and accounts office reference number. 2️⃣ Set Up Payroll: Establish a payroll system to calculate and distribute wages, and manage tax and NICs. 3️⃣ Check Employment Rights: Understand and comply with employment rights, including minimum wage, working hours, and workplace safety to protect both you and your employees. 4️⃣ Draft Employment Contracts: Provide each employee with a written contract outlining their job role, salary, working hours, and other terms of employment. 5️⃣ Consider Pensions: Set up a workplace pension scheme and automatically enroll eligible employees, with an option to defer enrollment until the third month. 6️⃣ Maintain Records: Keep accurate records of employee details, pay, and tax information. This is crucial for managing payroll and is a legal requirement. For more information, check our our guide to becoming an employer > https://bit.ly/3LiQ8yp #Brighton #EmployerTips #Payroll #HMRC #EmploymentRights

With the new budget, there are significant updates to Employers' National Insurance contributions that will impact many businesses. These changes could affect payroll costs and influence hiring decisions, making it essential for employers to stay informed. #Budget2024 #EmployersNI #businessowners

🚨 Important Update for Employers! 🚨 Changes to Employer National Insurance contributions (NIC) are coming in April 2025, with rates rising to 15% on earnings over £5,000. These changes aim to raise over £20bn annually, impacting your payroll costs. It's essential to review your remuneration planning now to prepare. 👉 Try our new free Employer NIC Calculator to assess how these changes will affect your business! https://lnkd.in/eCD8TJTJ Need assistance or advice? Our expert team is here to help! Contact us at info@lbgroupltd.com or 01206 867 551. Susan Elsdon #EmployerNIC #PayrollUpdates #BusinessPlanning #accoutancyfirm #businessadvisers

🚨 Important update for all employers! The Employer National Insurance rate will be increasing to 15% in April 2025. This change could significantly affect your payroll costs and overall business planning. The good news is come April 2025, you will now receive £10,500 in employment alllowance, this has more than doubled! Need advice on payroll? Get in touch with us!. #EmployerNI #TaxUpdates #PayrollPlanning #BusinessTips

Decoding 'Statutory Payments' in Payroll - these are mandatory payments like sick pay, maternity pay and others, that employers must provide. Master payroll intricacies with us. Visit our website to book a free consultation and get expert advice. #PayrollInsights 📚 👉🏻banksco.co.uk

Did you know there was an increase from 2023 to 2024 on how much PRETAX MONEY an individual (or family) can put into an HSA? Tune in to learn the details of this & what you should communicate to your employees. If you have any questions, contact us: 832-734-8762 #HumanResourceConsulting #HR #PreTaxMoney #HSA 

In the wake of recent developments, we are pleased to provide insights from JD Supra into Pension-Linked Employee Savings Accounts (PLESAs) under the Secure 2.0 Act. PLESAs are short-term savings accounts that are established and maintained within a defined contribution plan. The legislative intent of a PLESA is to allow low- and middle-income employees to use payroll deductions to accumulate funds that they can use in the event of an emergency.    Here are the top 5 things employers should know:   https://lnkd.in/ejmBcA2e

Budget 2024 brings important updates to Employers' National Insurance contributions that could impact many businesses. These changes may affect payroll expenses and hiring decisions, so staying informed is key for employers. #Budget2024 #EmployersNI #BusinessOwners