• Contact us
  • About us
  • Digital edition
  • Online archive
Tuesday, July 8, 2025
Cumberland and Westmorland Herald
  • News
    Long-awaited go-ahead for A66 dualling scheme

    Long-awaited go-ahead for A66 dualling scheme

    Extinction Rebellion protest outside insurance brokers

    Extinction Rebellion protest outside insurance brokers

    Lake District mountain rescue volunteers called for missing man searching for lost phone

    Lake District mountain rescue volunteers called for missing man searching for lost phone

    Man arrested after assault in Penrith town centre

    Man arrested after assault in Penrith town centre

    Changes to lease accounting – how will this impact your financial statements?

    Changes to lease accounting – how will this impact your financial statements?

    Man fined £100 for using cashpoint in car park

    Man fined £100 for using cashpoint in car park

    Honour for man who devoted his life to Greystoke

    Honour for man who devoted his life to Greystoke

    Sheep breeder’s successful debut at Royal Highland Show

    Sheep breeder’s successful debut at Royal Highland Show

    Global engineering firm Babcock supports Eden charity

    Global engineering firm Babcock supports Eden charity

  • Sport
    Penrith skipper Nicky Burns calls on team to keep winning

    Penrith skipper Nicky Burns calls on team to keep winning

    £100,000 target for new changing rooms extension

    £100,000 target for new changing rooms extension

    Medal success for Upper Eden tug-of-war team

    Medal success for Upper Eden tug-of-war team

    Eden man competes in Hyrox World Games

    Eden man competes in Hyrox World Games

    Double national triumph for Stuart Robinson

    Double national triumph for Stuart Robinson

    Patterdale’s Eden Eagles make history

    Patterdale’s Eden Eagles make history

    Penrith teen crowned British vault champion

    Penrith teen crowned British vault champion

    Penrith gymnasts represent North of England in finals

    Penrith gymnasts represent North of England in finals

    New boss revealed for Penrith AFC

    New boss revealed for Penrith AFC

  • Obituaries
  • Nostalgia
  • Online archive
  • Buy Photos
  • Buy your paper
  • North Lakes Living
No Result
View All Result
Cumberland and Westmorland Herald
  • News
    Long-awaited go-ahead for A66 dualling scheme

    Long-awaited go-ahead for A66 dualling scheme

    Extinction Rebellion protest outside insurance brokers

    Extinction Rebellion protest outside insurance brokers

    Lake District mountain rescue volunteers called for missing man searching for lost phone

    Lake District mountain rescue volunteers called for missing man searching for lost phone

    Man arrested after assault in Penrith town centre

    Man arrested after assault in Penrith town centre

    Changes to lease accounting – how will this impact your financial statements?

    Changes to lease accounting – how will this impact your financial statements?

    Man fined £100 for using cashpoint in car park

    Man fined £100 for using cashpoint in car park

    Honour for man who devoted his life to Greystoke

    Honour for man who devoted his life to Greystoke

    Sheep breeder’s successful debut at Royal Highland Show

    Sheep breeder’s successful debut at Royal Highland Show

    Global engineering firm Babcock supports Eden charity

    Global engineering firm Babcock supports Eden charity

  • Sport
    Penrith skipper Nicky Burns calls on team to keep winning

    Penrith skipper Nicky Burns calls on team to keep winning

    £100,000 target for new changing rooms extension

    £100,000 target for new changing rooms extension

    Medal success for Upper Eden tug-of-war team

    Medal success for Upper Eden tug-of-war team

    Eden man competes in Hyrox World Games

    Eden man competes in Hyrox World Games

    Double national triumph for Stuart Robinson

    Double national triumph for Stuart Robinson

    Patterdale’s Eden Eagles make history

    Patterdale’s Eden Eagles make history

    Penrith teen crowned British vault champion

    Penrith teen crowned British vault champion

    Penrith gymnasts represent North of England in finals

    Penrith gymnasts represent North of England in finals

    New boss revealed for Penrith AFC

    New boss revealed for Penrith AFC

  • Obituaries
  • Nostalgia
  • Online archive
  • Buy Photos
  • Buy your paper
  • North Lakes Living
No Result
View All Result
Cumberland and Westmorland Herald
No Result
View All Result
Home Expert advice
This article appears as part of a paid partnership with Armstrong Watson

Budget hits employers with National Insurance and minimum wage increases

By Karen Thomson, head of payroll, Armstrong Watson

by CWH
9 November 2024
in Expert advice, News, Sponsored
A A
Share on FacebookShare on Twitter
Karen Thomson

Employers are urged to prepare ahead of significant changes to National Insurance Contributions and the National Minimum Wage – both of which will impact heavily on their wage bills.

National Insurance

For employees, there are no changes to National Insurance Contribution (NIC) rates and a slight increase to the Lower Earnings Threshold (used for determining statutory payment entitlements) to £125 per week from £123 per week.

However, employers face significant changes.

While an increase in employer NICs in the Autumn Budget was expected– and an increase from 13.8% to 15% confirmed – businesses were not expecting the announcement that the threshold for which employers pay NICs will reduce from £9,100 to just £5,000 per annum until 2028, and then will uprate with CPI thereafter.

Figures show this will increase the treasury coffers by £23,770 million next year and roughly this amount every year after until 2029/2030.

Investment zones and freeports will continue to offer National Insurance (NI) relief, and the Veterans relief has been extended for another year.

The Employment Allowance will increase from £5,000 to £10,500 annually, with the £100,000 eligibility threshold removed.

The Chancellor stated this would mean some 800,000 businesses better off, with others equal to now, but larger businesses will feel the impact as will their employees if this results in lack of pay increases or other benefits.

For example, for an employee on the average UK wage of around £30,000, this will see an increase of just under 3% on their employer’s salary cost.

National Minimum Wage

The National Minimum Wage rates will increase across all age groups from April 2025.

For those aged 21 and over, the rate will rise to £12.41 per hour. The rate for 18 to 20-year-olds will increase to £10 per hour, apprentices and those under 18 will see the largest hike to £7.55 per hour.

While this will be welcomed by lower earners, this could result in more individuals earning over the personal allowance threshold and therefore suffering income tax, with the Chancellor maintaining the current income tax thresholds and personal allowance.

There is however a slight increase in the thresholds for the Married Couple’s Allowance for those born before April 6, 1935, and for the Blind Person’s Allowance.

Changes to employer National Insurance Contributions and National Minimum Wage will impact on wage bills potentially discouraging any expansion in workforce and/or reducing the opportunity for salary increases if additional costs have to be absorbed.

With the changes due to come into force from April 2025, businesses will need to start planning how they will navigate the challenges ahead of them.

For support and advice please get in touch. Call 01768 222030 or email help@armstrongwatson.co.uk

Related Posts

Long-awaited go-ahead for A66 dualling scheme
Latest

Long-awaited go-ahead for A66 dualling scheme

8 July 2025
Extinction Rebellion protest outside insurance brokers
Latest

Extinction Rebellion protest outside insurance brokers

7 July 2025
Lake District mountain rescue volunteers called for missing man searching for lost phone
Latest

Lake District mountain rescue volunteers called for missing man searching for lost phone

7 July 2025
Man arrested after assault in Penrith town centre
Latest

Man arrested after assault in Penrith town centre

6 July 2025
Changes to lease accounting – how will this impact your financial statements?
Expert advice

Changes to lease accounting – how will this impact your financial statements?

6 July 2025
Man fined £100 for using cashpoint in car park
News

Man fined £100 for using cashpoint in car park

4 July 2025
No Result
View All Result

Stay connected

Facebook Twitter Instagram

Most popular

Man fined £100 for using cashpoint in car park

Man fined £100 for using cashpoint in car park

4 July 2025
Memory lane – a look at the Herald’s archive photos

Memory lane – a look at the Herald’s archive photos

4 July 2025
Man arrested after assault in Penrith town centre

Man arrested after assault in Penrith town centre

6 July 2025
Lake District mountain rescue volunteers called for missing man searching for lost phone

Lake District mountain rescue volunteers called for missing man searching for lost phone

7 July 2025
Anti-social residents move out after threatened with police order

Anti-social residents move out after threatened with police order

3 July 2025
Penrith Lions mark 50 years of serving community

Penrith Lions mark 50 years of serving community

4 July 2025
Cumberland and Westmorland Herald Logo

33 Middlegate
Penrith
Cumbria
CA11 7SY

Phone: 01768 862313
Email: news@cwherald.com

Registered in England as Barrnon Media Limited. No: 12475190
VAT registration number: 343486488

Explore

  • News
  • Sport
  • Farming
  • Property
  • Obituaries
  • Nostalgia
  • Your view

Useful links

  • Contact us
  • Photosales
  • Online archive
  • Buy your paper
  • Digital edition
  • North Lakes Living
  • Advertise
  • About us

Follow us on

© Barrnon Media Limited 2025

Terms & Conditions / Privacy Policy / Cookie Policy

This website and its associated newspaper are members of the Independent Press Standards Organisation
Review Your Cart
0
Discount
Add Coupon Code
Subtotal
Total Installment Payments
Bundle Discount
Checkout

 
0
No Result
View All Result
  • Home
  • News
  • Sport
  • Obituaries
  • Nostalgia
  • Online archive
  • more
    • North Lakes Living
    • Buy Photos
    • Buy your paper
    • About us
    • Contact us

© 2020 Cumberland & Westmorland Herald