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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

With the October Budget, UK businesses have a few new items to navigate, to name a few: 👉 Corporate Tax Roadmap - A cap on corporate tax at 25% aims to bring stability, though some feel it’s more about knowing the ceiling than boosting growth. 👉 Employer Costs Rise - Employers' National Insurance is going up by 1.2% in April 2025, so it's time to review payroll budgets. 👉 Business Rates Relief - A 40% rate relief for retail, hospitality, and leisure businesses helps offset rising costs—but only temporarily. 👉 Minimum Wage Boost - From April 2025, wages for over-21s rise to £12.21, ensuring a higher baseline but adding to operational expenses. Not everyone’s thrilled with these updates. What do you think? Will these changes drive growth or just challenge businesses even further? #autumnbudget2024

Effective April 2025, the Autumn Budget outlined significant changes for employers. We’ve explored what business leaders - including our CEO, James Calder - have to say about the road ahead. Read on in our latest blog, with five key predictions for the coming year: https://lnkd.in/eT4yqKCV #autumnbudget #budget #sme #hiring #business #employer #PAYE

Great to see our MD, Vipul featured in City AM giving his reaction to yesterday's Autumn Budget!   Following the Chancellor's statement, Vipul raised concerns over proposed hikes in employers’ National Insurance and Capital Gains Tax, warning the changes could heavily impact UK businesses' ability to grow and create jobs.   Vipul called the 1.2 percentage point NI rise “a big blow to businesses,” warning that it could lead to fewer hires, and new cuts to employee benefits as firms brace for added costs.    He also said the CGT hike could risk deterring investment and talent away from the UK.   🔗 Check out his comments in the full story here: https://lnkd.in/efZ2RfzC   #NationalInsurance #CapitalGainsTax #AutumnStatement #BudgetDay

🚨 Budget 2024: What Small Business Owners Need to Know 🚨 The budget can feel overwhelming and confusing but staying informed is the first step to making smart moves in your business! Here’s the key changes you NEED to know as a small business owner 👇🏻 🌟 National Minimum wage increase to £12.21 from April 2024 - an increase of 6.7%. This will lower margins and increase operating costs for employers. 🌟 National Insurance contributions for employers will rise from 13.8% to 15% as well as the threshold for paying Employers NI being lowered to £5k from £9.1k. Again increasing payroll expenses and reduced profits. 🌟 Employment Allowance will increase from £5,000 to £10,100 meaning small employers will not pay Employers National Insurance until their bill goes above this amount. Remember - director-only payroll does not benefit from this allowance. 🌟 Entrepreneur relief is increasing from 2025 and again in 2026. The taxes you pay when you sell your business are increasing Drop a comment if you have any questions or book a discovery call where we can have a more in-depth chat! 💜 https://bit.ly/46oicsq #Budget2024 #SmallBusinessTips #EntrepreneurAdvice #BusinessFinance #BudgetBreakdown

As an regional SME business leader, and as a small business advisor and mentor, I’ve witnessed firsthand the challenges that small and medium-sized businesses face. Among the challenges, payroll tax stands out as a counterproductive burden. Why Payroll Tax is Problematic 🥊Punitive by Design: The payroll tax effectively penalises success. As SMEs expand their workforce, creating jobs, they face higher tax burdens, which can discourage hiring and growth. This tax structure is fundamentally at odds with the goal of fostering a vibrant and expanding economy. 🛍️Disproportionate Impact: SMEs, unlike large competitors, often operate with tighter margins and limited resources. The payroll tax disproportionately impacts these businesses, making it harder for them to compete, innovate, and invest in their people and operations. 📉Economic Stagnation: By taxing businesses for increasing their payrolls, the government is inadvertently stifling job creation. This tax is a disincentive for businesses to grow and hire more staff. While government initiatives play a crucial role in supporting businesses, the payroll tax in its current form is an outdated and counterproductive measure that hampers the very businesses that are the innovators, employers, and backbone of our economy. Steve Wait (MAICD) (He/Him) #BusinessGrowth #SME #PayrollTax #EconomicPolicy #NSWBusiness #TaxReform #JobCreation

📊 UK Autumn Budget 2024 Highlights for Business 📊 Yesterday's budget brought significant changes set to impact businesses across the UK... 🔶 Increased National Insurance: From Apr 2025, the employer NIC rate will rise to 15% with the secondary threshold reduced to £5,000, raising employment costs 🔶 Wage Increases: The National Living Wage will increase to £12.21 per hour, resulting in higher costs for many employers 🔶 Fuel Duty Changes: A proposed increase in fuel duty could raise costs for businesses reliant on transportation These changes will require businesses to adapt their financial strategies to navigate increased operational costs. Stay ahead to prepare for the challenges ahead! 💼💡 🗓️ Join us for a joint webinar with Vantage Tax Fee Protect on Nov 13 from 11am to 12pm. Here, we'll discuss the budget, its implications for businesses from a Tax/VAT and HR perspective, and provide guidance on best practices! 🤝 👉 Register Now https://ow.ly/8E5r50TX9lj 📞 0116 243 7612 for Emergency Advice #Budget2024 #BusinessInsights #NationalInsurance #FuelDuty #LivingWage #MinimumWage #UKBudget2024 #TaxInsights #HR

Last week's budget bought significant changes that will impact employers and businesses in Hampshire. Our Partners at Quest Cover - HR & Health and Safety Specialists are running a webinar on 13th November which will help you understand how these changes can effect you and your business guidance on how to deal with them 👇 Coral Benham Julie Eckersley

💼 Budget News (sorry it's not a red briefcase...!) ❗ The Budget's been delivered and, being heavily involved in both the recruitment and highways sector, this will effect us in a couple of different ways... Firstly, I was keen to address some of the key areas that impact the world of work, and some of my connections who employ staff or work both freelance and permanently: 💲 Increased HMRC Funding: A significant boost for HMRC to crack down on tax evasion and unscrupulous umbrella companies, ensuring a fairer system for businesses and workers alike. 💰 Minimum Wage Rise: The minimum wage is set to increase, promising a much-needed lift in take-home pay for lower-income earners. 🤝 Worker Protections: Enhanced protections will offer employees greater security in the workplace, building on Labour's commitment to fair and safe working conditions. 📈 Employer NIC Increase: A rise in employer National Insurance Contributions has also been confirmed, aimed at balancing public service investment with fiscal responsibility. What are your thoughts on the #Budget2024? Let me know below how you think this will help, or hinder, the country moving forward! 👇