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WW Blog
Using Salary Sacrifice to Offset the increase in Employers’ National Insurance Contributions
As employers prepare for the substantial increase in Employers' National Insurance Contributions (NIC) effective from 6 April 2025, Ward Williams emphasises the importance of strategic financial planning. The NIC rate will rise from 13.8% to 15%, and the threshold for contributions will decrease from £9,100 to £5,000, leading to an estimated additional cost of £615 per employee. In this context, salary sacrifice pension arrangements emerge as a viable solution. This approach allows employees to exchange a portion of their salary for enhanced employer pension contributions, resulting in significant tax and NIC savings for both parties. The article illustrates how a salary sacrifice scheme can save an employer approximately £55,000 annually while also improving employee retention and providing greater flexibility. It also outlines essential considerations for implementation, such as compliance with National Minimum Wage regulations and the potential impact on employee benefits.
Remembrance Day
In this article, we explore the often-overlooked contributions of accountants during World Wars I and II. From managing war bonds to advising on complex taxation issues, accountants were pivotal in supporting both the war effort and the home front. We also reflect on how their legacy influences today's financial landscape amidst modern conflicts. Join Ward Williams, Chartered Accountants as we honour these unsung heroes with a two-minute silence at 11 am today on Remembrance Day
OUT NOW: Autumn Budget 2024 Breakdown booklet
Chancellor Rachel Reeves presented her inaugural Labour Budget on 30 October 2024, outlining a comprehensive plan to tackle a £22 billion fiscal deficit while enhancing public services. Key measures include raising the National Living Wage to £12.21 per hour from April 2025 and increasing National Insurance contributions, which are expected to create financial pressure on businesses, especially small and medium-sized enterprises (SMEs). The Budget also introduces significant revisions to Capital Gains Tax rates and a new surcharge on Stamp Duty for second homes.Concerns have been raised among high-net-worth individuals regarding increased scrutiny and compliance requirements. Businesses face challenges due to rising employment costs stemming from these changes, which could hinder growth and investment. Overall, the Budget reflects a cautious approach to fiscal management amid rising living costs and stagnant public services. As stakeholders navigate these changes, Ward Williams is poised to provide expert guidance to help individuals and businesses adapt their financial strategies effectively in this evolving landscape.