Vantage Accounting’s Post

Business owners and HR Directors. I had the privilege of watching my dad try to attract and retain employees for 15 years as the CEO of a pretty successful community bank. Was he perfect? Nope. Did he care? Oh yes. He was constantly looking for ways to improve his employees lives. I imagine you are similar and are looking for different benefits that take some stress off of your employees (things like term life insurance, disability, etc). So how can you stand out and keep evolving your benefit package? Have you considered Group Long Term Care Insurance (LTCi)? Here's why you might give it some thought: -There's over 50 million family caregivers across the country. Some of them probably work for you. -LTCi is a unique employee benefit. Few businesses are offering this to their employees. -LTCi is growing in demand as more employees become caregivers. -Only groups can currently access LTCi with no health underwriting. Thats right, there are Guaranteed Issue options. -Many states (including Utah) are considering a LTC payroll tax that allows an LTCi exemption. If your employees have group LTCi, then they could be exempt from that potential payroll tax. Long Term Care is on your employees minds. By providing access to LTCi you'll equip them with a sense of security and peace of mind, knowing they have a financial safety net in place should they ever need Long Term Care.

So, Employers National Insurance is changing. Not new news! However, have you had any discussions or carried out any investigation into how much of an impact this could have on your business? I recently carried out a review for a client who was in their words "confused with some of the online calculators and drifting between terrified and mild panic" with the results they were getting. We will, over the next week or so, complete this exercise for all of our clients as we know it is important to offer as much support as possible with payroll related changes that can cause impact to businesses. This is a potentially confusing/costly change and now is the right time to be having conversations about the impact this will have on business in the coming year to be able to recognize what, if any, actions should be taken. If you do have any questions regarding this obviously reach out to your payroll team/provider for clarity. Or failing that, give us a shout and we will be happy to offer help with forecasting the effect going forward if we can. Email: [email protected]

Staying Relevant to Candidates in the UK Loss Adjusting Market: Which Benefits Matter Most? 💷 Financial Rewards: Settlement bonuses remain lucrative to applicants. ⚖️ Evolving Priorities: Candidates are increasingly prioritising work-life balance. 🏥 Traditional Benefits: Corporate benefits like private medical insurance, death in service, and pension contributions are becoming less of a priority. Enable Recruitment, a B Corp™, supports our clients with live analytics powered by our Candidate Voice platform. See our latest article below: 👇 https://lnkd.in/eJnRbinu

❓ Thinking about growing your UK team? Or is it time to rethink your strategy? From April 2025, UK employer National Insurance Contributions (NICs) will rise to 15%, and the threshold for contributions will drop to just £5,000. For small businesses, this means higher costs for every new hire. For European companies looking at the UK market, this raises an important question: 💡 Why hire directly in the UK when outsourcing could be a smarter, more cost-effective alternative? At Phase 2 Growth, we help businesses: Establish a UK presence without the risks of direct hiring. Enjoy predictable costs without additional tax burdens. Leverage scalable solutions that match your growth goals. If you’re curious about the exact changes to National Insurance, check out this breakdown: https://lnkd.in/enJedXiA 📅 Book a call here: https://lnkd.in/ea9TWgti – It’s a chance to see if we’re a fit for your plans. #UKExpansion #OutsourcingSolutions #NationalInsurance #BusinessGrowth #UKMarketEntry #SmallBusinessSupport #BusinessStrategy #CostSaving #Phase2Growth

I'm sharing an excellent perspective on the upcoming National Insurance changes in the UK and what they mean for businesses. At Phase 2 Growth, we’re already working with companies across Europe to explore smarter, cost-effective options like outsourcing to establish a UK presence. If these changes might affect your plans, check out Phil’s post—it’s a must-read for business leaders thinking ahead to 2025

Many organizations don’t believe they have any control over their Experience Modification or how its calculation affects their Workers' Compensation premium. On the contrary, actively engaging in an experience modification review could yield potential savings ranging from 5% to 20% in the first year and, in some cases, more in subsequent years. USI’s thorough Experience Modification Analysis sheds light on how classification codes, payroll audits, and claims management affect Workers’ Compensation costs. Understanding these factors is key to optimizing premiums and enhancing cost-containment strategies. #WorkersCompensation #ExperienceModifications #CostContainment #CashFlowBenefits USI Insurance Services

With open enrollment in full swing, I wanted to share this article highlighting a few key areas to consider when choosing benefits. It’s important to make sure your choices fit with your financial goals.

Did you know almost half of TCDRS employers choose this optional program to support their workforce? Find out how Group Term Life could be beneficial to your employees. https://lnkd.in/gGH28jgK

Are you adding new employees to your growing small business? It might be time to switch to a more comprehensive payroll, HR and benefits platform to meet your expanding needs. Gusto finds you the right health benefits plan or works with your existing insurance at no extra charge. Are you offering your team financial benefits? Gusto offers 401(k), 529 college savings, commuter benefits, life insurance, and more – all on one platform. Learn how Gusto can support your evolving team through the link below. https://lnkd.in/duZi4U7N #ExpertApproved #gusto #payrollsolutions #HRplatform #smallbusiness #payroll #humanresources

Another tip to reduce workers’ comp costs: Workers’ comp can be a financial drain and a source of constant frustration. But understanding compensability can change the game. Here’s the deal: • Injuries at and due to work are compensable. It’s that simple. • Documents matter. Witness reports and medical records can validate or disqualify a claim. • Be vigilant with pre-existing conditions to avoid fraud and overpayment. Applying these insights could slash your workers’ comp expenses. Remember, you’re in charge, not the insurance industry. The upside? Lower premiums and better resource allocation. “But wait, there’s more”….in my Ron Popeil voice… Most states require reporting and payments before confirming compensability. Manage this using the following strategy: 1. Report immediately to avoid compliance issues. 2. Start payments to prevent penalties. 3. Quickly investigate the claim. 4. Document everything thoroughly. 5. If it’s not compensable, stop payments and retrieve what you can. Listen, if the claim is valid, we want and you should want your employees to get everything they are entitled to. We are simply saying if the claim is not legit, then you have to know how to manage that! We never want our clients being in the dark and never want them to pay more than they have to. When you only pay claims that are legitimate then you end up with happier employees and cheaper premiums—a win-win for all!! Your broker doesn’t know, but John knows! #WorkersCompWisdom #InsuranceInsight #Staffing #PEO