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Sep 201126

Introduction

general business, introduction, cross accounting news

This blog has been requested by some of our clients who from time to time have asked us questions relating to the development of their companies.

As we are from a commercial background, we are a little bit different from the conventional accountancy firm.

Yes we will keep you up to date with legislation and offer tax advice to make you aware of tax savings and reliefs available to you personally and for your business.

But also offer advice for the development of your business.

Here are a few tips that can be shared and applied to many types of business industries.

I hope you like them.

Thank you
Nicola Cross

This blog is intended for information purposes only and is only advice from past experience, you may have other suggestions of your own. It is not intended to be used to make all of your business decisions but as a guide only.

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Planning for the New Minimum Wage Increase
Home > News
Feb 202415

Planning for the New Minimum Wage Increase

business plan, tax planning

As the clock ticks towards 01 April 2024, businesses across the nation are bracing themselves for the significant minimum wage increase set to come into effect. With no accompanying support from governments in these challenging times, the burden falls on the shoulders of businesses to adapt and plan effectively.


The Rise of Minimum Wage

As with every year, April 1st marks a pivotal moment as the minimum wage sees a substantial increase. Workers aged 21 and over will be entitled to the National Living Wage where currently it was workers aged 23 and over. While the intention behind such adjustments is to uplift low-wage workers and tackle income inequality, the reality for businesses is starkly different. For many, this hike presents a formidable challenge, with limited government assistance.

 

23 and over

21 to 22

18 to 20

Under 18

Apprentice

Current rate

£10.42

£10.18

£7.49

£5.28

£5.28

01 April 2024

£11.44

£8.60

£6.40

£6.40

For small and medium-sized businesses already grappling with rising costs, the wage increase poses a significant threat. Increased labour costs can directly translate into higher operational expenses, potentially squeezing already tight budgets.

The Importance of Planning

In these challenging times, proactive planning becomes paramount. Businesses must undertake a comprehensive assessment of their current financial standing, identifying areas where cost-saving measures can be implemented without compromising on quality. From optimising operational efficiencies to exploring alternative revenue streams, every avenue must be explored to mitigate the impact of the wage hike.

 

Conduct a thorough review of existing processes and workflows to identify inefficiencies. Planning is key more than ever and will help you weather the storm and emerge stronger on the other side.

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