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Businesses - how does the budget affect you?

Journalist: Jon Brady, Daily Mail

ended 30. October 2024

Do you run a business that will pay more or less NI contributions under the new proposals unveiled by the Chancellor?

The threshold at which NI is paid by employers has been slashed from £9,100 to £5,000 - but the employment allowance SMEs can claim back has been doubled from £5,000 to £10,000.

If this is going to affect you, for better or worse, I want to hear from you ASAP: get in touch on 020 3615 2819 or jon.brady@mailonline.co.uk or leave me a response below!

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Alex Cross
FD at BEAR
The combination of a National Insurance rate increase and a sharp drop in the contribution threshold will cost BEAR over £100,000 annually.

While both changes are impactful, it’s the reduction of the threshold from £9,100 to £5,000 that’s hitting hardest.

Measures like these place added pressure on small businesses already navigating rising costs and wage demands, making it harder to grow and create jobs. Will this simply push inflation up, as these costs inevitably impact businesses, their supply chains, and ultimately consumer pricing? For many of us in the SME sector, this creates significant challenges in an already complex economic environment!