www.brighthr.com
Open in
urlscan Pro
2606:4700:20::ac43:48b5
Public Scan
Submitted URL: https://go.brighthr.com/MjE3LU1JQy04NTQAAAGWgfZRLqlDuy2T4UHK55KuI6GTlMg7vmhSMTAUcX4CGVCNkHTVGo-xXuBpzT2S3mb2dVcYXPQ=
Effective URL: https://www.brighthr.com/blog/workplace-challenges/what-does-the-autumn-budget-mean-for-small-business-owners/?utm_campai...
Submission: On October 31 via manual from IN — Scanned from DE
Effective URL: https://www.brighthr.com/blog/workplace-challenges/what-does-the-autumn-budget-mean-for-small-business-owners/?utm_campai...
Submission: On October 31 via manual from IN — Scanned from DE
Form analysis 7 forms found in the DOM
<form>
<div class="flex max-w-full gap-4 mb-4 md:justify-center flex-col gap-3 justify-start">
<div class="md:mb-0 md:flex-auto"><input aria-label="Email" data-cy="newsletter-email" class="w-full rounded border border-gray-400 px-4 py-2 text-gray-800" placeholder="Email address" type="email" value="" name="Email"></div><button
type="submit"
class="rounded font-bold flex items-center justify-center transition-colors cursor-pointer disabled:cursor-default px-3.5 py-1.5 text-base text-white border-2 focus:outline focus:outline-2 focus:outline-offset-2 disabled:border-neutral-300 disabled:bg-neutral-300 bg-accent-500 border-accent-500 hover:border-accent-600 hover:bg-accent-600 focus:outline-accent-500 focus:hover:outline-accent-600 disabled:border-neutral-300 disabled:bg-neutral-300"
data-cy="newsletter-sign-up" data-footer-link="newsletter-sign-up">Sign up</button>
</div>
<p class="text-left text-xs ">View our privacy notice <a rel="noopener noreferrer" class="underline" href="/terms/">here<span class="sr-only">view our privacy notice</span></a></p>
</form><form>
<div class="flex max-w-full gap-4 mb-4 md:justify-center flex-col lg:flex-row">
<div class="md:mb-0 md:flex-auto"><input aria-label="Email" data-cy="newsletter-email" class="w-full rounded border border-gray-400 px-4 py-2 text-gray-800" placeholder="Email address" type="email" value="" name="Email"></div><button
type="submit"
class="rounded font-bold flex items-center justify-center transition-colors cursor-pointer disabled:cursor-default px-3.5 py-1.5 text-base text-white border-2 focus:outline focus:outline-2 focus:outline-offset-2 disabled:border-neutral-300 disabled:bg-neutral-300 bg-accent-500 border-accent-500 hover:border-accent-600 hover:bg-accent-600 focus:outline-accent-500 focus:hover:outline-accent-600 disabled:border-neutral-300 disabled:bg-neutral-300"
data-cy="newsletter-sign-up" data-footer-link="newsletter-sign-up">Sign up</button>
</div>
<p class="text-left text-xs ">View our privacy notice <a rel="noopener noreferrer" class="underline" href="/terms/">here<span class="sr-only">view our privacy notice</span></a></p>
</form><form id="mktoForm_2796" novalidate="novalidate" class="mktoForm mktoHasWidth mktoLayoutLeft" style="display: none; font-family: Helvetica, Arial, sans-serif; font-size: 13px; color: rgb(51, 51, 51); width: 1px;">
<style type="text/css">
.mktoForm .mktoButtonWrap.mktoSimple .mktoButton {
color: #fff;
border: 1px solid #75ae4c;
padding: 0.4em 1em;
font-size: 1em;
background-color: #99c47c;
background-image: -webkit-gradient(linear, left top, left bottom, from(#99c47c), to(#75ae4c));
background-image: -webkit-linear-gradient(top, #99c47c, #75ae4c);
background-image: -moz-linear-gradient(top, #99c47c, #75ae4c);
background-image: linear-gradient(to bottom, #99c47c, #75ae4c);
}
.mktoForm .mktoButtonWrap.mktoSimple .mktoButton:hover {
border: 1px solid #447f19;
}
.mktoForm .mktoButtonWrap.mktoSimple .mktoButton:focus {
outline: none;
border: 1px solid #447f19;
}
.mktoForm .mktoButtonWrap.mktoSimple .mktoButton:active {
background-color: #75ae4c;
background-image: -webkit-gradient(linear, left top, left bottom, from(#75ae4c), to(#99c47c));
background-image: -webkit-linear-gradient(top, #75ae4c, #99c47c);
background-image: -moz-linear-gradient(top, #75ae4c, #99c47c);
background-image: linear-gradient(to bottom, #75ae4c, #99c47c);
}
</style>
<div class="mktoButtonRow"><span class="mktoButtonWrap mktoSimple" style="margin-left: 120px;"><button type="submit" class="mktoButton">Submit</button></span></div><input type="hidden" name="formid" class="mktoField mktoFieldDescriptor"
value="2796"><input type="hidden" name="munchkinId" class="mktoField mktoFieldDescriptor" value="217-MIC-854">
<style type="text/css">
.mktoForm .mktoButtonWrap.mktoSimple .mktoButton {
color: #fff;
border: 1px solid #75ae4c;
padding: 0.4em 1em;
font-size: 1em;
background-color: #99c47c;
background-image: -webkit-gradient(linear, left top, left bottom, from(#99c47c), to(#75ae4c));
background-image: -webkit-linear-gradient(top, #99c47c, #75ae4c);
background-image: -moz-linear-gradient(top, #99c47c, #75ae4c);
background-image: linear-gradient(to bottom, #99c47c, #75ae4c);
}
.mktoForm .mktoButtonWrap.mktoSimple .mktoButton:hover {
border: 1px solid #447f19;
}
.mktoForm .mktoButtonWrap.mktoSimple .mktoButton:focus {
outline: none;
border: 1px solid #447f19;
}
.mktoForm .mktoButtonWrap.mktoSimple .mktoButton:active {
background-color: #75ae4c;
background-image: -webkit-gradient(linear, left top, left bottom, from(#75ae4c), to(#99c47c));
background-image: -webkit-linear-gradient(top, #75ae4c, #99c47c);
background-image: -moz-linear-gradient(top, #75ae4c, #99c47c);
background-image: linear-gradient(to bottom, #75ae4c, #99c47c);
}
</style>
<div class="mktoButtonRow"><span class="mktoButtonWrap mktoSimple" style="margin-left: 120px;"><button type="submit" class="mktoButton">Submit</button></span></div>
</form><form novalidate="novalidate" class="mktoForm mktoHasWidth mktoLayoutLeft"
style="display: none; font-family: Helvetica, Arial, sans-serif; font-size: 13px; color: rgb(51, 51, 51); visibility: hidden; position: absolute; top: -500px; left: -1000px; width: 1600px;"></form><form novalidate="novalidate" class="mktoForm mktoHasWidth mktoLayoutLeft"
style="display: none; font-family: Helvetica, Arial, sans-serif; font-size: 13px; color: rgb(51, 51, 51); width: 1600px; visibility: hidden; position: absolute; top: -500px; left: -1000px;"></form><form novalidate="novalidate" class="mktoForm mktoHasWidth mktoLayoutLeft" style="font-family: Helvetica, Arial, sans-serif; font-size: 13px; color: rgb(51, 51, 51); visibility: hidden; position: absolute; top: -500px; left: -1000px; width: 1600px;">
</form><form novalidate="novalidate" class="mktoForm mktoHasWidth mktoLayoutLeft" style="font-family: Helvetica, Arial, sans-serif; font-size: 13px; color: rgb(51, 51, 51); visibility: hidden; position: absolute; top: -500px; left: -1000px; width: 1600px;">
</form>Text Content
United Kingdom Ireland Australia Canada New Zealand CareersSupportBlog Login 0800 470 2432 BrightHR logo Products Resources Who we serve Pricing CareersSupportBlog 0800 470 2432Book your free demo JOIN OUR WEBINAR ON NAVIGATING NEW SEXUAL HARASSMENT LAWS: EVERYTHING BUSINESS OWNERS NEED TO KNOW Join our HR experts to learn about the new duties, enforcement powers, and steps to protect your workforce Hosted by Katie McLaughlin. Tuesday, November 5, 2024 Save my seat JOIN OUR WEBINAR ON NAVIGATING NEW SEXUAL HARASSMENT LAWS: EVERYTHING BUSINESS OWNERS NEED TO KNOW Join our HR experts to learn about the new duties, enforcement powers, and steps to protect your workforce Hosted by Katie McLaughlin. Tuesday, November 5, 2024 Save my seat * Blog * > * Workplace challenges * > * > * ... * > * What does the Autumn Budget 2024 mean for small business owners? WHAT DOES THE AUTUMN BUDGET 2024 MEAN FOR SMALL BUSINESS OWNERS? LEARN THE KEY IMPACTS OF THE AUTUMN BUDGET 2024 FOR YOUR BUSINESS AND HOW TO HANDLE THE CHANGES EFFECTIVELY... First published on Wednesday, October 30, 2024 Last updated on Thursday, October 31, 2024 1 min read Today, the Chancellor, Rachel Reeves, delivered the first Labour budget in 14 years. The budget presents several key pay and tax changes that will significantly impact business owners, including increases to the National Minimum Wage, the National Living Wage, and Employer National Insurance contributions. But how will this impact you as a business owner? To help you manage the changes effectively, we’ve compiled a list of the most important things you can do to reduce the impact of the tax hikes announced in the Autumn Budget. HOW WILL THE AUTUMN BUDGET 2024 IMPACT MY BUSINESS? INCREASED COSTS The increase in Employer Contributions (NICs) by 1.2% from 13.8% to 15% from April 2025, and higher National Minimum Wage and National Living Wage will add immense financial pressures on businesses, as they will need to absorb higher payroll costs. Many small businesses are still recovering from the Pandemic and managing rising costs in their business, including high supplier and manufacturing costs. While higher minimum wages align with inflation adjustments and traditionally rise every year, the combined impact of wage changes and NIC increases will challenge companies with tight margins, like those in hospitality and retail. HR will likely play a pivotal role in helping businesses navigate these challenges by focusing on automation and streamlining HR and pay processes for efficiency. Use our Payback Calculator below to see how streamlining your HR processes with BrightHR can help you deal with the additional tax burden. HOW COULD THIS LOOK FOR YOUR BUSINESS? Discover your savings with BrightHR’s payback calculator No. of employees1-56-1011-1516-2021-2526-3031-4041-5051-7576-100101+ RETURN ON YOUR INVESTMENTS for every £1 you spend £ — Sources: The cost of HR documentation, recording staff lateness and absence to recording staff overtime is based on... View more Watch a short video See full calculations RECRUITMENT AND RETENTION HR teams across industries will need to adjust their hiring and workforce strategy to account for rising costs. With rising wage and operating costs, HR teams may need to consider non-monetary benefits and flexible working options to retain talent. Staff retention will be key, and businesses will need to consider how they can improve their employee benefits package and performance management strategy to retain top talent, including by focusing on employee praise, e-learning, and professional development opportunities. > “Small businesses may have to limit recruitment as the cost of employing > someone will rise significantly due to wage and Employer National Insurance > contribution increases.” > > Janine Lennon, Head of Payroll Services at BrightHR Upskilling will also be key to reducing the impact of these changes. Small businesses will need to focus on skills initiatives like e-learning to keep high-performing talent engaged. PAYROLL UPDATES MUST BE MADE Rising employer NICs and an increased minimum wage will add to mounting payroll and tax pressures on small business owners. Business owners will need to ensure their payroll accurately reflects the rate changes and tax hikes announced in the Budget before April 6th, 2025, to avoid both further costs in the form of financial penalties and enforcement from HMRC. Having a reliable and compliant payroll software will be essential for business owners to ensure they account for the changes and avoid costly penalties and enforcement from HMRC. > “Businesses who managed to navigate wage hikes last year are now expected to > swallow another huge rise to National Minimum and Living wages. On top of > this, all small businesses may have to curb the amount of salary increases and > profit share they can offer to their employees.” > > Janine Lennon, Head of Payroll Services at BrightHR TOP TIPS FOR MANAGING AUTUMN BUDGET CHANGES EFFECTIVELY FAMILIARISE YOURSELF WITH THESE TOPICS STRAIGHT AWAY If you haven’t already familiarised yourself with topics such as employer National Insurance contributions, you can read our article 'What is employer National Insurance?', to further understand the impact on your business and workforce. A better understanding will help you minimise the impact of the changes on your business. UNDERSTAND THE IMPLICATIONS OF FAILING TO MANAGE THE CHANGES Failing to manage the increases to National Insurance Contributions (NIC) and the National Minimum Wage (NMW) correctly could result in significant financial penalties of up to £20,000 per worker for underpayment. Employers may also need to make back payments at current NMW rates, face additional charges for PAYE/NIC and the Apprenticeship Levy, and risk criminal prosecution for persistent non-compliance. “Plus, businesses could suffer reputational damage from being publicly named and shamed by HMRC. Understanding these risks is important when seeking to navigate the Autumn Budget effectively.” Seek expert support from qualified experts to help understand what steps you need to take to remain compliant and minimise costs. OPTIMISE EFFICIENCY IN YOUR HR AND PAYROLL With several sweeping changes set to impact how you pay your staff, efficiency is king when trying to minimise costs and administrative burden. Business owners must ensure they have accurate and efficient payroll processes in place to handle significant adjustments to wages, NI contributions, and sick pay, among other pay and tax changes announced in the Budget. By conducting payroll in-house without external expertise, business owners risk being hit by additional payroll costs at a time when financial control will be paramount. Payroll mistakes are very easy to make, especially when rates change, putting businesses at risk of costly penalties and enforcement actions from HMRC. By utilising an integrated payroll and HR solution with full support from CIPP-qualified professionals, business owners can ensure they are fully prepared for the tax increases coming in April next year and avoid additional costs from fragmented and inaccurate payroll processes. BrightHR Payroll helps you stay compliant by automatically accounting for statutory rates of tax and pay rates, combining your HR and Payroll processes to maintain a single source of truth and minimise time spent on admin. NEED MORE SUPPORT NAVIGATING THE AUTUMN BUDGET 2024? With so many changes announced, understanding the impact of the budget can be difficult at first glance. BrightAdvice is a 24/7 advice line offering expert employment law advice to help you stay on top of evolving rules and changes. Book a free demo today or call 0800 470 2432 for advice on the Autumn Budget and much more. Or for instant answers on over 11,000 HR and health & safety questions, feel free to ask our superfast AI tool Bright Brainbox: * ‘What was included in the budget 2024 from an HR perspective?’ * ‘What did the Chancellor announce in the Budget 2024 that affects HR?’ * Has the new national living wage for 2024 been confirmed? -------------------------------------------------------------------------------- Lucy Cobb Employment Law Specialist View profile SHARE THIS ARTICLE Back to Workplace challenges SUBSCRIBE FOR UPDATES Looking for the latest in HR, advice and tips? Get our latest news, articles, webinars and podcasts right in your inbox. Sign up View our privacy notice hereview our privacy notice Ready to join over 100,000 companies around the world loving BrightHR? See it in action Book your demo RELATED POSTS IN WORKPLACE CHALLENGES Workplace challenges WHAT DO NEW SEXUAL HARASSMENT RULES MEAN FOR THE CHRISTMAS PARTY? Tuesday, October 22, 2024 Workplace challenges ARE WORKERS ENTITLED TO AN EXTRA DAY'S PAY IN A LEAP YEAR? Thursday, January 18, 2024 Workplace challenges TIPS FOR MANAGING FESTIVE STRESS Monday, November 27, 2023 Workplace challenges FIVE WAYS TO TACKLE WORKPLACE BULLYING Thursday, November 16, 2023 Workplace challenges AN EMPLOYER’S GUIDE TO OVERCOMING SKILL AND STAFF SHORTAGES Friday, November 10, 2023 Workplace challenges NOT TODAY, CUPID: AN EMPLOYER’S GUIDE TO NAVIGATING ROMANCE IN THE WORKPLACE Monday, February 13, 2023 STAY IN THE KNOW WITH HR UPDATES, EXCLUSIVE OFFERS, AND NEW PRODUCT LAUNCHES YOU DON'T WANT TO MISS. Sign up View our privacy notice hereview our privacy notice Smart HR software that transforms the way you manage your staff. GENERAL * Get Help * Webinars * Partners * Login PRODUCTS * HR software * Health & safety software * Clocking-in * Employment law advice * HR guides & templates * Payroll software * Wellbeing & Employee support * Expense tracker COMPANY * About Us * Blog * Careers * Carbon Reduction Plan (PDF) * Complaints Procedure (PDF) * Slavery & Human Trafficking Statement * Contact us * Security * Terms and Privacy * Treating Customers Fairly (PDF) * Gender Pay Gap Report * Visit Peninsula Group Global BRIGHTHR IN YOUR REGION * United Kingdom * Ireland * Australia * Canada * New Zealand DOWNLOAD OUR MOBILE APP BRIGHTHR'S INDUSTRY AWARDS & RECOGNITIONS WE’VE RECEIVED MANY PRESTIGIOUS AWARDS FOR OUR INNOVATIVE SOFTWARE AND EXCEPTIONAL SERVICE. Registered Office (UK): Bright HR Limited, The Peninsula, Victoria Place, Manchester, M4 4FB. Registered in England and Wales No: 09283467. Tel: 0800 783 2806. Bright HR Ltd is an appointed representative of Peninsula Business Services Ltd which is authorised and regulated by the Financial Conduct Authority in respect of non-investment insurance products. FCA Number: 911675 Copyright © 2024 BrightHR Submit Submit COOKIES NOTICE By clicking “Accept all”, you agree to the storing of our own and 3rd party cookies on your device to enhance site navigation, analyze site usage and advertising. Accept all Cookies settings PRIVACY PREFERENCES * YOUR PRIVACY * STRICTLY NECESSARY COOKIES * SOCIAL MEDIA COOKIES * TARGETING COOKIES * FUNCTIONAL COOKIES * PERFORMANCE COOKIES YOUR PRIVACY When you visit any website, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences or your device and is mostly used to make the site work as you expect it to. The information does not usually directly identify you, but it can give you a more personalized web experience. Because we respect your right to privacy, you can choose not to allow some types of cookies. Click on the different category headings to find out more and change our default settings. However, blocking some types of cookies may impact your experience of the site and the services we are able to offer. More information STRICTLY NECESSARY COOKIES Always Active These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work. These cookies do not store any personally identifiable information. SOCIAL MEDIA COOKIES Social Media Cookies These cookies are set by a range of social media services that we have added to the site to enable you to share our content with your friends and networks. They are capable of tracking your browser across other sites and building up a profile of your interests. This may impact the content and messages you see on other websites you visit. If you do not allow these cookies you may not be able to use or see these sharing tools. TARGETING COOKIES Targeting Cookies These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising. FUNCTIONAL COOKIES Functional Cookies These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly. PERFORMANCE COOKIES Performance Cookies These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we will not know when you have visited our site, and will not be able to monitor its performance. Back Button BACK Filter Button Consent Leg.Interest checkbox label label checkbox label label checkbox label label Clear checkbox label label Apply Cancel Confirm my choices Reject All Allow all