Budget changes that affect employers

National Insurance

As revealed in the Budget on 6 March 2024, there will be an additional reduction in National Insurance rates starting from 6 April 2024. This adjustment lowers the rate from the existing 10% to 8%, resulting in savings of £18.72 per month for an employee on the National Minimum Wage (effective April 2024) working 40 hours a week.

Pension

The UK Government also confirmed it’s moving forward with its proposals for pension pot-for-life, granting savers the choice to request their employers to direct pension contributions into an existing pot. More will be shared on this when it has been released.

Need help?

If you’d like to discuss this in more detail, please get in touch with your usual Larking Gowen contact. You can find contact details in the Our People section of our website. Alternatively, call 0330 024 0888 or email enquiry@larking-gowen.co.uk.

Dannielle Chapman