Money and Pensions Service’s Post

Ok so this happened 👇 Remember!! Just a reminder to all businesses who have employees to be proactive on the additional costs that our new budget has on us as an employer!! ( especially those who have more than 5 employees). Each year we create annual budgets for our clients. Our strategic planning to the year ahead. Last year was pretty expensive with one client having 50k additional costs, this year it’s Over £230k with the National living wage increases and the rise in employers NIC!! Why calculate this now, rather than wait for April??? So you can calculate your own costs and pricing structures accordingly. This is crucial to budgeting for your own business and strategic planning. My take on this, it was as expected, but we really need to be one step ahead to not only survive but thrive. Get your own budgets sorted NOW!

So, we have had a couple of days to digest the budget now - a fantastic article summarising the main changes and the impact it will have on businesses and their employees 💼 💼 #2024budget #nationalminimumwage #baymanatkinsonsmythe

It's another salary pay week and managing your money effectively is crucial for financial stability and future growth. Here are five practical budgeting tips for those working the 9-to-5 grind: 1. Track Your Expenses: Use apps or a simple spreadsheet to monitor where your money goes. 2. Follow the 50/30/20 Rule: Allocate 50% of your income to needs, 30% to wants, and 20% to savings and debt repayment. 3. Automate Your Savings: Set up automatic transfers to your savings account on payday. 4. Cook at Home: Save money by meal prepping instead of eating out frequently. It is not enough to read and scroll, you need to read and practice. To survive this period, save and not be a debtor you need to apply these tips. #salaryweek #staffmanagement #business #buildzone #realestate.

Operating Revenue: Ah, the glorious number that gives us false hope and makes us feel like corporate legends—until the expenses roll in like uninvited guests at a party. It’s that shiny figure we love to boast about, but we all know what happens next: payroll, rent, taxes, and, of course, that mystery budget for coffee refills that somehow keeps skyrocketing! Sure, the revenue looks fantastic on paper—until you remember it’s just the appetizer before the main course of financial responsibilities devours it whole. But for now, let’s enjoy that fleeting moment of glory before reality kicks in and reminds us why we still can’t afford the fancy office chairs. #RevenueIllusions #WhereDidTheMoneyGo #FinancialFiction #CorporateComedy #ExpensesAlwaysWin

This week, the Lanarkshire Business Group had the pleasure of hearing from John Moffat of Benson Wood & Co Chartered Accountants who unpacked the Budget’s key updates with a focus on their impact on businesses. John highlighted some crucial areas for us to consider, such as the increase in National Insurance contributions, which will directly affect payroll costs for employers. He also covered the changes in Capital Gains Tax that could impact business owners considering selling assets or property. And with the rise in the minimum wage, businesses will need to review their wage structures and plan for higher staffing costs. John’s advice on navigating these changes was a timely reminder of the importance of being prepared and proactive as we head into the new financial year. A huge thanks to John for his insights—if you're looking for clear, tailored advice on handling these updates, Benson Wood & Co. have you covered. 💼 #BudgetUpdate #BusinessImpact #BensonWoodAndCo #LanarkshireBusinessGroup

It's PAYDAY!!! Reviewing your expenses regularly is a good practice that you should do throughout the year. Payday Tip ✍ Gather all of your current monthly and occasional expenses this week. ✍ Review your subscriptions ✍ Decide what needs to be canceled or negotiated Your expenses are not the same today as in the future or the past. Make sure your expenses reflect your priorities right now. Need help organizing your expenses? Signup for my mailing list and receive my free budget prep sheet https://lnkd.in/eS7q_Kgs Helping you make better financial decisions daily #budgettips #stewardship #personalfinance #financialfreedom #debtfree #GodFirst #Christianliving #personaldevelopment

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

Financial planning extends beyond thinking about 30 years from now. Thinking about the short term is also important. With the festive season approaching -and “the longest month” of Janu-worry thereafter, it is important to think carefully about how you will spend your salary – and your bonus if you are blessed enough to get one. We urge you to make informed decisions that see you with money throughout the holiday season, and not stressing about whether you will have food on the table before the January payday. If you would like guidance regarding short-term or long-term financial planning, we are here to help. We also encourage businesses that want to drive the point home to their staff members to reach out so that we can create bespoke messaging for your team. #FuturaSA #FinancialPlanning #Savings #Spending

Leaving the politics aside, yesterday’s Budget brought some serious challenges, particularly for small businesses in the hospitality, retail, or manufacturing sectors: 💸 Minimum Wage Increase: With a 6.7% increase (even higher for younger staff) many businesses will see significant payroll cost hikes. 💸 NIC Changes: Employers’ NIC rates are up, and the threshold is down, offset only partially by an increase to the Employment Allowance. 💸 Business Rates Relief Reduced: Retail, hospitality, and leisure businesses face a cut in business rates relief. For a typical hospitality business with 25 minimum wage staff, that’s around £57,000 in added payroll costs (+9.5%) and £8,000 (+140%) extra in rates. It's been hard enough to pass on cost increases in the last 12/24 months as consumer spending is down and so it is difficult to see who is going to bear these costs. For more of a round up on the changes, click through to our summary https://lnkd.in/emNc2AuT

💰💼 Managing your monthly salary like a pro! 💼💰 Let's talk about #FinancialWellness! 📊 As tempting as it may be to splurge when that paycheck hits, remember: strategic money management sets you up for success in the long run. 💡 Here are some tips to make the most of your monthly earnings: 1️⃣ Budget like a boss: Plan your expenses ahead of time and stick to a budget, don't go beyond your budget. Allocate funds for necessities like bills and groceries, and don't forget to set aside some for savings and leisure too! 📝💸 2️⃣ Prioritize savings: Pay yourself first by setting aside a portion https://lnkd.in/dEYPsXNm https://lnkd.in/dQH5dTJg https://lnkd.in/dawhRRjf https://lnkd.in/d4MCXc6G For more, check the link on our profile. #physicalsecurity #security #power #strength #securityconsultant