Sophie Weller FCA, ACC’s Post

📊 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

Labour’s Big Budget: Boom, Bust, or Baloney? Labour's new budget promises stability, but what’s the real impact on small businesses? With Employer National Insurance rising, small business owners may face tough choices, from wage freezes to price hikes. How do you think this budget will affect the small business landscape?  Read our full analysis and tips on preparing for these changes: https://lnkd.in/eHerB6Yb #LabourBudget #SmallBusiness #MPowerAccounting #UKEconomy #NationalInsurance

The recent budget brings significant changes that will impact businesses of all sizes. Here are some key points for businesses to consider during planning:   1. National Living Wage Increase: With the minimum wage rising to £12.21 per hour, businesses must prepare for higher payroll costs. Strategic planning around hiring and workforce management will be crucial to absorb this impact.   2. Employers National Insurance Increase: From April 2025, employers National Insurance rates will increase from 13.8% to 15%. Additionally, the threshold for contributions will lower from £9,100 to £5,000, affecting a larger portion of employee’s salaries. However, the Employment Allowance will rise to £10,500, helping shield smaller businesses from the impact.    3. Changes to Inheritance Tax and Capital Gains: Inheritance tax policies will tighten, reducing allowances that impact wealthy estates.   4. Corporation Tax Stability: The Corporation Tax rate remains capped at 25%, offering stability but also signalling the importance of leveraging reliefs and allowances (e.g., R&D tax credits, Annual Investment Allowance) to maximise growth potential.   In light of these changes, financial management is more important than ever. Businesses that regularly assess their financial health, adjust budgets, and plan strategically will be better positioned to navigate these shifts. #UKBudget #FinancialManagement #BusinessStrategy #Leadership

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

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

🚨 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

With Chancellor Rachel Reeves’ first Budget, businesses face a new economic landscape. From higher National Insurance contributions for employers to extended rate relief for retail and hospitality, the Budget brings both costs and potential opportunities. While the increase in minimum wage is a win for workers, it may put extra pressure on small businesses working with tight margins. The challenge now is how businesses can adapt to these changes and find ways to thrive in this evolving landscape. Click here for more info: https://lnkd.in/gvHn4B9d #AutumnBudget #UKBusiness #BusinessGrowth #RachelReeves #SmallBusiness

🚨 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

📢 Autumn 2024 Budget Highlights: What Do They Mean for You? 📊🍁 The #AutumnBudget has introduced some significant updates. Here’s a snapshot of the key announcements: 🔹 Employer’s Class 1 National Insurance: Rising to 15% from April 2025. How will this affect recruitment strategies and budgets? 🔹 National Insurance Threshold: Reduced from £9,100 to £5,000 for employers. Could this add pressure for SMEs? 🔹 Employment Allowance Boost: Increased to £10,500 for eligible small employers. Are you planning to make use of this? 🔹 Corporation Tax Cap: Held at 25%, with the small profits rate at 19%. Will this help businesses looking to expand? 🔹 National Living Wage: Upped to £12.21 per hour, and £10 per hour for 18-20s. What does this mean for payroll and budgeting? 🔹 Capital Gains Tax Increase: Now at 18% and 24% as of today. Is your financial strategy ready? 🔹 Fuel Duty Freeze: Continues for 2025/26, offering some stability in fuel costs. 💡 What do you think? Which change will impact you most? What’s missing from this budget? #AutumnBudget #BusinessImpact #Strategy #Finance