2023 UK businesses face increased costs due to higher National Insurance contributions and minimum wage rises.
From Apr 2023, UK businesses will face increased costs due to higher National Insurance (NI) contributions and minimum wage rises. Employers will have to pay more in tax due to unchanged tax thresholds, resulting in additional costs for businesses. According to The Accountancy Partnership, employees working 35 hours per week and receiving the minimum wage for their age group will cost employers an additional £2,316 per year compared to the 2023/24 tax year. This increase in costs will significantly affect the retail and hospitality sectors, which have already faced extreme difficulty in recent years.
March 28, 2024
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