Nathan Harrington PGDip MCIM’s Post

🚀 Tomorrow’s Budget: A Wake-Up Call for Small Business Owners! 🚀 As we approach the Labour Party’s first budget do you think they realise that , 93% of businesses in the UK are small, employing fewer than 50 people. Businesses just like yours and mine. Yet, it often feels like the conversation revolves around large corporations, leaving us concerned about potential tax increases and regulations. It’s vital that we remember: as small business owners, we are also “working people.” Will the government truly understand the impact of its decisions on small businesses? The reality is that when Labour talks about not wanting to add to the tax burden of “working people,” they often overlook the fact that small business owners are working people, too. Our businesses fund our lives and livelihoods. Just like you I have some worries about the impact of National Insurance increases and potential costs on pension contributions. But here’s the thing: history shows us that whatever the Chancellor does on Wednesday will not determine your success or failure. Yes, we may face increased costs and extra regulations like the Workers Rights Bill, but we are resilient. We’ve overcome challenges before, and we will continue to do so. Remember, your success is in your hands! If you’re looking for support to protect your business, feel free to reach out for a call!

What does today's budget mean for you and your business. Here are our initial thoughts:

Exciting insights on UK Budget 2024 for business resilience! The UK Budget 2024 signifies significant tax increases, necessitating strategic planning for businesses. Notable changes include capital gains tax rates rising to 18% and 24%, a 6.7% increase in the national minimum wage to £12.21 per hour, and a 15% rise in Employer National Insurance contributions. To thrive amidst these changes, businesses must align goals with the new budget reality, review financial objectives, and craft flexible strategies. Key to resilience is adept change management, stakeholder engagement, and innovation. Emphasize transparent communication, team understanding, innovation investment, and technology utilization to offset rising costs. With an economic growth forecast of 1.1% this year to 2% next year, businesses must strategically plan, analyze, and adapt to ensure success in the evolving economic landscape. Share your thoughts on the impact of UK Budget 2024 on businesses and how you're preparing for these changes!

When you add personal funds to your business, it’s not taxable income,it’s an owner’s investment. Similarly, when you take money out of the business without running payroll, it’s considered an owner’s draw, not a business expense. Remember, only payroll is a deductible business expense. Misclassifying these transactions can lead to overstating your income and expenses. Properly classifying these transactions keeps your financials accurate and helps you avoid unexpected tax issues down the road! #WiggsCPA #BusinessOwner #TaxSmart #OwnerDraw #PayrollTips

Just in case you missed it 👀 here are our four key takeaways from the budget last week. #smebusiness #budget2024

The good and bad of Budget 2025 for your business

Withdrawing funds from a Limited Company is something that can confuse business owners. It is important to take money from your company as tax-efficiently as possible. It’s great to be in charge of your own salary! But what does this involve? Read our blog to find out more about this topic and call us if you need any help. https://lnkd.in/eSuFgw85 #LimitedCompany #BusinessFinance #TaxEfficiency #EntrepreneurTips #BusinessOwner

📊 Building a budget for your small business is key to staying financially healthy and growing sustainably! Here are 6 essentials to include in your budget: 1️⃣ Fixed Costs– Rent, utilities, and insurance that stay consistent month to month. 2️⃣ Variable Expenses – Materials, shipping, or production costs that fluctuate based on demand. 3️⃣ Payroll – Your employees (and don’t forget to pay yourself too!). 4️⃣ Taxes – Set aside funds for taxes to avoid surprises at year-end. 5️⃣ Savings & Emergency Fund – A cushion for unexpected expenses or downturns. 6️⃣ Marketing & Growth– Invest in getting your name out there and expanding your reach! Don’t forget—budgeting is about planning for success, not restricting your business. 💪 What's in YOUR business budget? Let’s chat! 👇 #SmallBusinessFinance #BusinessBudgeting #FinancialCoach #EntrepreneurLife #MoneyMatters

I’ll do the boring stuff - you reap the benefits! Nobody wants to talk about tax relief and expensing. But don’t switch off just yet. If you want to keep more money in your business and your pocket, you have to know how important it is and how much of a lifesaver it can be. There are savings to be made no matter the size of your business. Sorting out your taxes and expenses can benefit everyone. 👉 Paying towards your pension for tax efficiency. 👉 Capital allowances. 👉 Your remuneration strategy is a way you can make your business more tax efficient - fast. Planning the right combination of salary, bonuses or dividends can make a huge difference to personal and business taxes. Of course, this varies from business to business and case to case, so you should always talk to a professional. 🤓 DM me if you’re looking to keep more of your cash in your business, rather than lining the taxman’s pocket unnecessarily. 📥

💼📢 Today's Budget summary and how it affects small business owners & employers 💸 Here's our breakdown of 4 key points that may affect you and your business: 👇👀 1️⃣⬆️ VAT THRESHOLD INCREASED - The threshold at which a business must register for VAT has been raised from £85,000 to £90,000, from April. 2️⃣✂️ NATIONAL INSURANCE RATES CUT - For self-employed: a further 2% cut from 8% to 6%, from April. For employees: a 2% cut from 10% to 8%, from April. 3️⃣👶 CHILD BENEFIT HIGH INCOME CHARGE THRESHOLD INCREASED - Full child benefits will now be paid to households where the highest-earning parent earns up to £60,000, up from £50,000 before. 4️⃣📈 CGT CUT ON UK RESIDENTIAL PROPERTY GAINS - The higher rate of Capital Gains Tax paid on profits from selling residential property will be reduced from 28% to 24%. Planning ahead is key to optimising your financial position as a business owner, and in ensuring the best chance of reaching the full growth potential of your business 🔓💯 Reach out to one of our team today to discuss how we can help you and your business 💬☕ #SmallBusiness #Employers #Budget2024 #UKBusiness #TaxUpdates 🌱💰