?? Autumn Budget 2024 key takeaways ??
Welcome to the October edition of our mywage newsletter and Happy Halloween!???
As the nights get darker, let us shed some light on all things payroll and HR! ??
Here’s what’s brewing in this issue:
?? Hauntingly good industry news - we share some spine-tingling top industry news; from payroll to HR to money hacks!???
?? Autumn Budget 2024 key takeaways - yesterday's budget brought several significant changes that will affect both workers and employers across the UK; we've boiled down the top points for you!
??? Upcoming LinkedIn live audio event - don’t ghost us ??- join our live event!
?? Rec Expo recap - missed us at the rec expo Birmingham? We've resurrected the best insights just for you!???
Enjoy this month’s content... if you dare! ????
Top industry news...
Key takeaways from the Autumn Budget 2024
The latest Autumn Budget has brought several significant changes that will affect both workers and employers across the UK. Here’s a detailed breakdown of the key updates:
Minimum wage increases: The minimum wage will rise by 6.7%, bringing it to ￡12.21 per hour. Notably, for workers aged 18 to 20, the minimum wage will see a substantial 16.3% increase, reaching ￡10 per hour.
National Insurance changes: From April 2025, the rate of National Insurance contributions for employers will increase from 13.8% to 15%. Additionally, the threshold at which businesses must begin paying National Insurance on employees’ earnings will drop from ￡9,100 to ￡5,000.
Capital gains tax adjustments: The government has decided to raise the lower rate for capital gains tax from 10% to 18%, while the higher rate will increase from 20% to 24%. This change is part of a broader strategy to ensure a fairer tax system.
Healthcare funding: There will be a ￡22.6 billion boost to the day-to-day health budget, along with a ￡3.1 billion increase in the capital budget for the current year and next. This funding is crucial for enhancing healthcare services across the UK.
Education investment: The Department for Education will receive a ￡6.7 billion capital investment, including ￡1.4 billion earmarked for the rebuilding of over 500 schools. Additionally, the core schools budget will see an increase of ￡2.3 billion, and there are plans to triple investment in school breakfast clubs.
Private school fees and VAT: Starting in January 2025, a VAT will be implemented on private school fees. This move aims to balance educational funding across the public and private sectors.
Regional funding: The budget allocates an extra ￡3.4 billion for the Scottish government, ￡1.7 billion for the Welsh government, and ￡1.5 billion for Northern Ireland, supporting various regional initiatives.
Housing investments: There is a commitment of ￡5 billion towards housing, including a ￡3.1 billion increase in the Affordable Homes Programme. This investment is critical for addressing the housing crisis.
Abolition of the non-dom tax regime: The government has decided to abolish the non-domiciled tax regime, which allows wealthy individuals to reduce their tax liabilities. This change is intended to promote fairness in the tax system.
Fuel duty and inheritance tax: Fuel duty will remain frozen for the coming year, and the inheritance tax thresholds will be maintained until 2030, helping to support families during a challenging economic climate.
Compensation for infected blood: The government will allocate ￡11.8 billion to compensate individuals infected and affected by contaminated blood products.
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These budget measures reflect the government’s focus on addressing economic pressures, supporting essential services and improving financial fairness.
LinkedIn live audios
Every month, we host a LinkedIn live audio event on the hottest topics in payroll, staffing, employment and more!?
In November we will be discussing?'Efficiency through innovation.?The future of tech for middle and back office recruitment operations' with Dries De Coster from Chat Automation Ltd . This is for sure going to be an interesting one - register for FREE here.
Missed out on previous episodes? Don’t worry! We keep all our highlights on the mywage website and our YouTube channel. Click 'Watch now' below to view all our recent clips to discover key insights from our?experts.
If you're interested in featuring in one of our next LinkedIn live events,?please contact us at [email protected].
Recruitment Agency Expo
If you didn’t get a chance to see mywage in action at the Recruitment Agency Expo , Birmingham 2024, we’d love to show you how our platform can streamline your recruitment operations and drive growth.
Speaking with agencies highlighted there is opportunity to reduce costs and make internal improvements and showcasing how mywage optimises middle and back-office processes was a game changer.
We’re all about empowering agencies to work smarter, not harder!
Our solutions bring onboarding, HR, payroll and invoicing together into a seamless experience, customised for your specific needs. With automation at the core, we help agencies reduce manual tasks, improve compliance and gain real-time insights; all from one integrated platform.
One standout example was showing how we helped a client reduce their payroll process from 2 days to just 2 hours for thousands of workers. This level of efficiency and transformation is exactly what agencies need to stay competitive in today's fast-paced and challenging market.
Ready to see mywage in action?
If you're struggling with manual processes and multiple systems to manage your back office processes; let’s book a demo to explore how our platform can be tailored to meet your agency’s goals and help you stay ahead in today’s market.
We hope you enjoyed our Spooktacular October edition of mywage news! ??