Salary sacrifice can be a useful way for employees to reduce tax and National Insurance, increase pension savings and access certain benefits at a lower net cost. For employers, it can also be a valuable part of a wider benefits package, helping to support recruitment, retention and employee wellbeing. Used well salary sacrifice can be …
Business owners naturally want to reward good team members. Whether someone has taken on more responsibility, performed consistently well or become a key part of the business a pay rise can feel like the obvious answer. However, once an employee starts moving towards higher rate tax a salary increase may not always deliver the value …
As a business grows, managing its finances can become increasingly time-consuming. Tasks such as processing invoices, paying suppliers, chasing customers and keeping financial records up to date can quickly become evening or weekend jobs for the business owner. In our latest podcast, Graeme is joined by Accounts Manager Lisa and Senior Management Accountant Emily to …
As the new tax year arrives, payroll returns into focus for many employers. While payroll can sometimes be seen as a routine admin task, the reality is very different. Each new tax year brings important changes that can affect both employers and employees and getting them wrong can lead to unnecessary cost, confusion and compliance …
With the start of a new tax year comes a range of payroll changes that employers need to be aware of. In our latest podcast, Charlie is joined by Helen and Francesca to talk through the key payroll updates for 2026/27 and what they mean for both employers and employees. From increases in National Minimum …
The National Minimum Wage is increasing from 1 April 2024, impacting both employees and businesses. Here’s what you need to know: New Rates 2024/2025 Age Category 2023/2024 Rates 2024/2025 Rates % Increase 23 Years and Above (National Living Wage 23/24) £10.42 N/A 21 Years and Above (National Living Wage 24/25) N/A £11.44 9.80% 21 – …
The government made a commitment in 2019 to enhance workers rights and provide better support. The legislation has made significant improvements which will come into place from Spring 2024 to help new parents, unpaid carers and giving all employees better access to flexible workings. We have summarised the changes below. Protection for Expecting and New …
HMRC have extended the deadline for making voluntary National Insurance contributions (which can date back to 6 April 2006), to 31 July 2023. What is National Insurance? National Insurance is a tax paid by individuals who are employed or self-employed, based on how much they earn then determines how much National Insurance is contributed from …
The National Minimum Wage is increasing from 1 April 2023. With the Cost of Living crisis fully apparent, the increase will be welcomed by many. Below we detail the increases and what they mean for you, your employees and your business. National Minimum Wage Rate Increase from 1 April 2023 Category of Worker Hourly Rate …
Today, Thursday 17 November 2022, Chancellor Jeremy Hunt delivered his Autumn Statement. Many were hoping his announcements would help individuals and businesses in the face of increasing costs, with inflation at a 40 year high coming in at 11.1%. Instead Hunt delivered a bleak outlook for the next few years blamed on the fallout from Global factors, …
