Is your business sustainable after 6 April 2025? Are you addressing the issues head on or “hoping for the best”?
The recent increases in National Insurance (NI) contributions and the minimum wage in the UK have posed significant challenges for small businesses. The rise in employer NI contributions from 13.8% to 15% and the lowering of the salary threshold for contributions have increased staff costs. Coupled with the minimum wage hike mean businesses face tighter profit margins. What can you do? Reduce Hiring and Hours: Many small businesses, especially in sectors like retail and hospitality, should consider reducing staff hours or delaying hiring plans to manage the financial strain. Opening hours should also be considered. When do you make your [...]