April N.I increases

[k4mrc]

n April the rate of employers' NICs is set to rise sharply from 13.8% to 15%, as Chancellor Rachel Reeves announced in the 2024 Autumn Budget. Not only that, but the level at which employers start paying NICs will reduce from £9,100 to £5,000 per year, while higher minimum wage bills and new  employee rights requirements are set to put further financial pressure on businesses. All this considered, there looks to be a tough road ahead for employers this year and beyond.

2% ESTIMATED AMOUNT  THE CHANGES WILL ADD TO EMPLOYERS' PAYROLL COSTS Office for Budget Responsibility (OBR)

[grahamparker]

Already increased my prices to cover this when implemented.

[k4mrc]

18 hours ago, grahamparker said:

Already increased my prices to cover this when implemented.

thats a good idea, percentage or ?

[grahamparker]

10% or slightly higher on some of the more technical jobs (double bit safe keys, Ultions mul.t.lock etc Re pinning charges for cylinders), covers a slight pay rise as well for my employee who is about to hit 40 years working for us.

Had a few moans but most seem to understand, trade has been well up so far this year so pleased i did it.

Timpsons new pricing has been a godsend for us as they are who we are mostly price matched against now.